Mike Michalowicz's Blog, page 29

How to Create Passive Income That Could Save Your Business

This week, I want to remind you that challenges provide opportunities.

No matter where you are in the world, you’re going to have challenges, and it’s not lost on me that some are far more dire than others. But, I want to talk strictly from a business perspective for now. 

When challenges come knocking on the door of your business, you have two choices: Dig your heels and hang on to what you have for dear life, or actively look for strategies to sustain your business. 

I won’t purport to have 99.9% of the answers, because I’m no poli sci major or expert in global economics. What I can do is offer some ideas to strengthen your business during an incredibly turbulent time. I hope you consider them. While challenges can be scary, they’re opportunities nonetheless. Anyone can shine in the nexus of a burgeoning economy and lesser charged political climate. Imagine how much more you’d stand out if you succeed in scaling during a crisis? (Yes, this is me looking for hay where the sun may not be shining, but stick with me.)

If you haven’t already, consider creating some passive income offerings. You may feel like this is poor timing. Or, perhaps you have a local, service oriented storefront or shop that you feel locked into. But if you own a business, it’s because you’re an expert in your industry. Being that expert in your industry, you have knowledge to share. That knowledge is a valuable commodity, and there are people out there looking for the wealth of industry knowledge you have so they can level up their own company or start their own businesses. Not only will you create passive income for your small business, but have the ability to sell your offering internationally at the same time.

Can I create passive income with my local business?

If you have a computer, most of you can create passive income and sell internationally. I know some folks who have restaurants, auto shops, barber shops, and the like, and may feel that a local service industry isn’t internationally relevant. Some of you are in real estate and law, or businesses that abide by certain regulatory dynamics  that won’t transfer globally. 

I’m a true believer in the old adage, “Knowledge is power”. Access your wealth of knowledge that landed you in the position you’re in and provide it to others. 

Passive income – where to start:

First to note: When you start your passive income and international business plan (no matter what scale the offering), be sure to recognize that not all countries operate the same way. This will impact the type of product you offer.

Here’s where I drop some trade secrets on you (am I supposed to divulge this much information?) so you can reach your financial goals. The easiest way to make passive income is to create and sell online services. You can provide a training program to train anyone, anywhere. You have access to a global community simply by sharing your knowledge (with a fee!). If you feel your business model in Australia won’t work in say, India, there is still an opportunity to share your knowledge and experience. Think about your journey so far, your skillset, trade, mindset, books you’ve read, and any other resources that have been effective in growing your business. Here are a few ideas that we’ve actually implemented in my company:

Create “How To” training modules – Think about the transformations you’ve undergone and then create step by step modules to provide fellow business owners or tradies with all the things you wished you knew and learned the hard way.  What are some services you offer that people usually need training for, or have questions about? You can create multiple recordings of a specific skill you have and roll it all up in an online training. If I could fix a furnace you better believe I’d have created a training and sold it by now. Are you a chef? Create some culinary related training. I even know of a private chef in Mexico who created an international food tour business – from her couch. Get inventive.Create an online course – What are the crucial steps that you, yourself, took to make your business a success? Did you employ a certain system for sustainability in your business? Perhaps you adopted  a mindset that leveled up your personal life and/or your company. We’ve created courses around confidence – which I found is the foundation required for all business owners. We have a course on selling authentically, because sales can feel gross otherwise. We have a course about company culture, too. All of these were born out of our hard earned experience and are completely based on thought leadership and sharing knowledge we implemented that lead to success in our business.Create an online merchandise shop – If you have access to the internet, you can create merchandise that relates to your business and sell it online. If you have a logo slogan, or inspirational statement related to your business, you can sell them on t-shirts, mugs, totes, wall hangings, or day planners. You decide, and get creative. Check out sites like Shopify for charging, and online print on demand and fulfillment sites similar to Printful. Besides, your marketing game is kicked up a notch when someone sees your merchandise. Write a book – While not online, writing my first book was a turning point for me, my family,  and my business. Yes, it takes time and effort to get your book out there, but there’s no better way to establish yourself and an authority in your industry. Not only will you be viewed as the expert, but you’ll also be helping potentially millions of people overcome challenges and grow stronger businesses and skill sets through what you share. Additionally, your book(s) will act as a lead generator for your own business. 

If the idea of creating more business based on passive income feels overwhelming, that’s ok. Most bold moves do.  It’s relatively new to us too. If you’re concerned about cost effectiveness, note that my business created all of the above offerings. Each process was fairly easy and not expensive or demanded much time, aside from the time it took my team and I to record or create the initial products. Our courses consist of multiple recorded modules that when put together, create one large course. Sometimes I have webinars that are free, to drive sales for a larger one or two day seminar. I never pressure folks, and I am sure to be transparent and authentic in my desire to share what I have learned with others so they can benefit too. And, this all acts as passive income and requires little upkeep.

Start taking notes and start here: What services do you provide, and how can you broaden your knowledge sharing in a valuable way to others in your industry?

If all of this feels a little out of reach, remember, I walk the walk. Most of these offerings are new to my business and created only in the last few years.

Creating an international business is a win/win. Not only will you improve the sustainability of your business, but just as importantly, you’ll serve the community in your industry in a way that they didn’t have access to before. The most important point I can drive home: We don’t know what the future holds for our local economies, so strengthen the sustainability of  your business by making it globally accessible. 

Share your knowledge. Everyone wants to consume that. 

I can’t wait to see what you create for your business.

Wishing you happiness, health, and wealth.

Mike

The post How to Create Passive Income That Could Save Your Business appeared first on Mike Michalowicz.

Making Your Small Business International

This week I want to remind you that challenges provide opportunities.

As I write this, many of us are feeling unsettled. The invasion of Ukraine has held yet another mirror up to the vulnerability of the world at large. All while we’re attempting to move through what we’re hoping is the tail end of a global pandemic. Are you digging in your heels and hanging on to what you have, or are you actively looking for coping strategies – both personally and in your business?

I won’t purport to have 99.9% of the answers, because I’m no poli sci major or expert in global economics. What I can do is offer some ideas to strengthen your business during an incredibly turbulent time. I hope you consider them. While challenges can be scary, they’re opportunities nonetheless. Anyone can shine in the nexus of a burgeoning economy and lesser charged political climate. Imagine how much more you’d stand out if you succeed in scaling during a crisis? (Yes, this is me looking for hay where the sun may not be shining, but stick with me.)

If you haven’t already, consider taking your business international. You may feel like this is poor timing. Or, perhaps you have a local, service oriented storefront or shop that you feel locked into. But if you own a business, it’s because you’re an expert in your industry. Being that expert in your industry, you have knowledge to share. That knowledge is a valuable commodity, and there are people out there looking for the wealth of industry knowledge you have so they can level up their own company or start their own businesses. As a bonus, you’ll create passive income for your small business at the same time.

How to create an international business:

If you have a computer, most of you can sell internationally. I know some folks who have restaurants, auto shops, barber shops, and the like, and may feel that a local service industry isn’t internationally relevant. Some of you are in real estate and law, or businesses that abide by certain regulatory dynamics  that won’t transfer globally. 

I’m a true believer in the old adage, “Knowledge is power”. Access your wealth of knowledge that landed you in the position you’re in and provide it to others. 

How to create an international product. First to note: When you start your international business plan (no matter what scale the offering), be sure to recognize that not all countries operate the same way. This will impact the type of product you offer.

Here’s where I drop some trade secrets on you (am I supposed to divulge this much information?) The easiest way to make your business an international one is to create and sell online services. You can provide a training program to train anyone, anywhere. You have access to a global community simply by sharing your knowledge (with a fee!). If you feel your business model in Australia won’t work in say, India, there is still an opportunity to share your knowledge and experience. Think about your journey so far, your skillset, trade, mindset, books you’ve read, and any other resources that have been effective in growing your business. Here are a few ideas that we’ve actually implemented in my company:

Create “How To” training modules – Think about the transformations you’ve undergone and then create step by step modules to provide fellow business owners or tradies with all the things you wished you knew and learned the hard way.  What are some services you offer that people usually need training for, or have questions about? You can create multiple recordings of a specific skill you have and roll it all up in an online training. If I could fix a furnace you better believe I’d have created a training and sold it by now. Are you a chef? Create some culinary related training. I even know of a private chef in Mexico who created an international food tour business – from her couch. Get inventive.Create a course – What are the crucial steps that you, yourself, took to make your business a success? Did you employ a certain system for sustainability in your business? Perhaps you adopted  a mindset that leveled up your personal life and/or your company. We’ve created courses around confidence – which I found is the foundation required for all business owners. We have a course on selling authentically, because sales can feel gross otherwise. We have a course about company culture, too. All of these were born out of our hard earned experience and are completely based on thought leadership and sharing knowledge we implemented that lead to success in our business.Create an online merchandise shop – If you have access to the internet, you can create merchandise that relates to your business and sell it online. If you have a logo slogan, or inspirational statement related to your business, you can sell them on t-shirts, mugs, totes, wall hangings, or day planners. You decide, and get creative. Check out sites like Shopify for charging, and online print on demand and fulfillment sites similar to Printful. Besides, your marketing game is kicked up a notch when someone sees your merchandise. Write a book – While not online, writing my first book was a turning point for me, my family,  and my business. Yes, it takes time and effort to get your book out there, but there’s no better way to establish yourself and an authority in your industry. Not only will you be viewed as the expert, but you’ll also be helping potentially millions of people overcome challenges and grow stronger businesses and skill sets through what you share. Additionally, your book(s) will act as a lead generator for your own business. 

If the idea of creating a business that can operate on an international level feels overwhelming, that’s ok. Most bold moves do.  It’s relatively new to us too. If you’re concerned about cost effectiveness, note that my business created all of the above offerings. Each process was fairly easy and not expensive or demanded much time, aside from the time it took my team and I to record or create the initial products. Our courses consist of multiple recorded modules that when put together, create one large course. Sometimes I have webinars that are free, to drive sales for a larger one or two day seminar. I never pressure folks, and I am sure to be transparent and authentic in my desire to share what I have learned with others so they can benefit too. And, this all acts as passive income and requires little upkeep.

What service do you provide and how can you share your knowledge in a valuable way to others in your industry?

If all of this feels a little out of reach, remember, I walk the walk. Most of these offerings are new to my business and created only in the last few years.

Creating an international business is a win/win. Not only will you improve the sustainability of your business, but just as importantly, you’ll serve the community in your industry in a way that they didn’t have access to before. The most important point I can drive home: We don’t know what the future holds for our local economies, so strengthen the sustainability of  your business by making it globally accessible. 

Think globally. Share knowledge. Everyone wants to consume that. 

Wishing you happiness, health, and wealth.

-Mike

 

The post Making Your Small Business International appeared first on Mike Michalowicz.

How Leaders Can Empower Their Team and Avoid Their Own Great Resignation

There’s been a lot of talk about “The Great Resignation”. I’ll be blunt. Every time I hear the phrase I think about how it could have been so easily avoided. 

First, let me say that strictly from a business standpoint, what entrepreneurs and business owners everywhere have endured since the start of the pandemic is not lost on me. I personally know business owners who had to shutter their dreams – for good. It breaks my heart. 

If you made it, like I know many of you have, you still have some challenges to face. Let me help you eliminate one big one: The dissemination of your team. Your own company’s Great Resignation. 

Let’s back it up. When you’re forced to stop your routine for a prolonged time, it’s normal to reevaluate where you are in life. Thanks to the pandemic, we’ve been taking stock of every damn thing. Like New Year’s Day on steroids. Only far scarier. So when a large percentage of employees were removed from their daily environment and routine at an office, and sent home to work, their landscape changed. Literally and figuratively. Things started to look – different. 

Is The Great Resignation that big of a deal? According to the U.S. Bureau of Labor and Statistics, 33 million Americans quit their jobs since the Spring of 2021. Maybe you haven’t experienced this first hand, but the stats don’t lie. So who’s quitting? 

Just about, well, anyone who isn’t happy at work and has a better opportunity. Millennials have a little more wiggle room to design their life due to less outside responsibility. Millions of parents with secondary jobs who needed to stay home with their kids hit the bricks. Mid-career employees who were facing employee dissatisfaction decided to look for better, and found it. Some folks later in their careers decided they could retire early. Millions of employees realized they were working in a toxic environment and/or felt employee dissatisfaction. Everyone from millennials to baby boomers started asking, ‘What am I really doing with my life and what can I do about it?” Basically, if the pandemic didn’t paralyze you with fear, it gave you the stones to take big steps forward.

The summary? The Great Resignation has been born from a great reframing of our lives. And it’s forcing necessary conversations about work culture. 

Leaders may think they did everything they could to pivot their business when the pandemic hit. If your business allowed for it, virtual work became the norm. It used to be that when you heard the term, “work from home”, there was a little side eye attached. I think we all quickly learned that just because you don’t report to a workplace, the demands aren’t less. In fact, there were more hoops to jump through between getting a virtual arrangement coordinated overnight and finding a surface to work on at home if you didn’t already have an office. The dynamics of in person employee interaction changed. People often felt detached. Most of all, for your employees, boundaries between work and home life got blurred – real quick. Working from home didn’t offer much comfort (except for the ongoing jokes about the lack of pants during Zoom calls).

For years, it’s been accepted –  the hustle, burnout, long workdays, the unrelenting expectation of climbing the ladder, and the deterioration of mental health. Like an out of body experience, employees began to see how they had been spending their time, where they were giving their energy, and if any of it was really worth it. And when people start to evaluate if something is worth it, they already have one foot out the door. 

What I’m getting at is that there are fifty factors off of the top of my head that could contribute to your own company’s Great Resignation. What’s stopping your team from taking that next step out of your company’s door? 

My simple solution? You. It starts with you, the business owner. You need to beat The Great Resignation with becoming a Great Leader. An evolved leader. The world economy is evolving, so your leadership needs to as well. Right now. (I’m serious. Now. Start taking notes and apply them today.)

Is your business worth it? I assume so. If you have a great team, you need to beef up your employee retention strategies. Your team needs to feel that they are:

ValuedFulfilledEmpoweredWell paidHave real (not lip service) work life balance

This all starts with you. It starts with you adapting leadership to the new needs of the economy and work culture that’s developing. While you may feel you already have this in the bag, I invite you to do the work – the real work.

Employers can avoid The Great Resignation, starting with ensuring employees feel valued. Employee engagement is just the tip of the iceberg, but crucial. By now, you’ve recognized just about everything is evolving. That evolution goes for your employees’ expectations, too. What was necessary for your team member to succeed and and out of work has likely changed since she or he was hired. Perhaps they have outgrown their role. Maybe they require more family time. Do you know what your employees need?

Start here: Run an audit of where your leadership stands in your business, and how you can reframe your leadership and avoid being a statistic in this Great Resignation. 

How to run the audit – Start with an anonymous survey. Be transparent about why you’re conducting it, and that you’re considering reframing your leadership for better employee satisfaction and fulfillment. Ask questions such as:

Are you fulfilled at work?Do you like your role?Would you like to take on other tasks?Would you like to eliminate some tasks?What would make you feel happier at work?Do you have life/work balance?Do you like your hours?How are your working relationships?What would you like to see improved overall in the business?What would temp you to accept an outside job offer?

Once you’ve collected your data, get real with yourself about how you can reframe your leadership style to accommodate the needs of your team, and increase employee retainment. Remember:

What’s the best leadership skill? Listening. The evolution in the workplace we’re experiencing calls for one big shift in leadership. Don’t be lazy about this. Seek and implement new systems, from daily meetings, to 1:1’s and anonymous surveys. Listen to what your employees are saying about their jobs, because your business relies on it.Empowerment – Empower your team members by giving them autonomy over their roles. They’ll be invested like owners. And, you as the owner, will do less micromanaging. I know, it may be hard to let go at first, but usually when you place your trust in your team members, they are far more dedicated.

You may find developing your leadership style is challenging at first, but look at it this way: Are you the same person you were in high school? Are you the same person as when you began your business? Heck, are you the same person you were a couple of years ago? Likely not. We are always evolving, growing, redirecting, and improving. The world is changing. Accept it, grow with it, and create an impactful leadership style that promotes positive change.

Stay tuned for more leadership topics. Be the new leader. Create a culture your employees would be crazy to leave. 

The post How Leaders Can Empower Their Team and Avoid Their Own Great Resignation appeared first on Mike Michalowicz.

Brainstorming for Small Business



When you start any project, do you expect your process to be linear?

Here’s the deal. No journey is completely straight. No new journey, anyway. And if you’re going to be a pioneer in your small business and stand out, you need to take that road less traveled. 

I initially learned this lesson when writing my books. 

Each book I write for small business is a multi-year project. In this video, you see the beginning stages. It shows the first hour of work, a lot of it, unused. (And clearly not environmentally friendly. I promise to recycle.)

This brainstorming session? And the ones after? Completely necessary, and not garbage. To get your next project right, you have to dig, extract what works, get rid of what doesn’t, then dig some more. While it may not feel like you’re clearing the finish line as fast as you want, this is the most integral part of the process. 

When it comes to strategizing and planning in your business, remember that it’s the exploration stage that leads you to your destiny. You must be open to the fluidity of the process. You may end up with an entirely different – and better – project. It can get messy, but please don’t ignore this critical exercise. Don’t devalue what doesn’t work. All of the ideas that you explore, but don’t use? Those ideas are almost as important as what you do use. What you discover doesn’t work is just as important as what does. 

 

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The Greatest Leadership Lesson I’ve Learned



The best leadership lesson I have learned as a small business owner is this:

When it comes to leadership, It’s not about me. (I know, shocking, right?)

The real job of a leader is to ensure the organization aligns with what the team is looking to achieve personally with what the company is looking to do. 

If this sounds too fluffy for you, stick with me for a couple minutes. 

A good leader nurtures the team. A good leader empowers the team. A good leader understands the goals and objectives of the employees. Why? Because a good leader knows that the happier and more supported employees are, the more profitable a business will be.

I wasn’t always the supportive leader that I am today. But, I love seeing my employees succeed, and if I can be instrumental in that, I am. Here. For. It. 

This doesn’t mean I have a line of employees outside of my office door waiting to discuss their challenges. It does mean that I, and the president of our company, Kelsey, have implemented several systems and visuals around the office for our colleagues to share their personal and professional goals. In response to their shared goals, we try to align the goals of the company to make space for, or financially support, employees’ goals. (This is also where profit sharing comes in, but that’s a whole other blog.)

So, how do we gather all of this goal alignment intel? Our Q1 meeting is made up mostly of my colleagues and me going over last year’s goals, and the new goals we want to achieve. Yes, we discuss sales and marketing strategies and profitability. But who is making that happen?

The team. 

The humans in your organization are the ones scaling your business. When they have fulfilled lives, your company’s efficiency increases. After all, your team is made up of the people who implement all of your grand plans, right? 

We spend about 10-15 minutes for each team member, discussing how their previous goals went, and what their new ones are. And, in each meeting we have during the week, each person has a turn to report on their professional and personal development. This gives us an opportunity to make suggestions, support them, and help them pivot if needed. 

We walk all of this talk too. When you enter our office you’re basically bombarded with evidence of goals everywhere you look. It kind of acts as one huge mood board. Everyone has their goals written on a poster at their desks. Heck I have a typewriter with my goals on a page sticking out of it. Representation of what we want to achieve and measurement of it is everywhere watch the video for the full monty). It may sound overwhelming at first, but even our most introverted employees are on board because they’ve seen how goal alignment works in their lives. 

Start understanding the goals and objectives that your colleagues have. Not just for the business, but for themselves. Then, you can align your business around their goals to help them meet those goals. It takes nothing away from you or your business. In fact, it will only enhance efficiency and productivity (read: profit).

What are your teams’ intentions for 2022? It’s not too late to find out. Hold a meeting with a personal goals exercise and see how you can align your business and your employees to meet personal and business goals all at once. 

Remember, a good leader marches the path with the team. 

The post The Greatest Leadership Lesson I’ve Learned appeared first on Mike Michalowicz.

My Greatest Leadership Lesson



The best leadership lesson I have learned as a small business owner is this:

When it comes to leadership, It’s not about me. (I know, shocking, right?)

The real job of a leader is to ensure the organization aligns with what the team is looking to achieve personally with what the company is looking to do. 

If this sounds too fluffy for you, stick with me for a couple minutes. 

A good leader nurtures the team. A good leader empowers the team. A good leader understands the goals and objectives of the employees. Why? Because a good leader knows that the happier and more supported employees are, the more profitable a business will be.

I wasn’t always the supportive leader that I am today. But, I love seeing my employees succeed, and if I can be instrumental in that, I am. Here. For. It. 

This doesn’t mean I have a line of employees outside of my office door waiting to discuss their challenges. It does mean that I, and the president of our company, Kelsey, have implemented several systems and visuals around the office for our colleagues to share their personal and professional goals. In response to their shared goals, we try to align the goals of the company to make space for, or financially support, employees’ goals. (This is also where profit sharing comes in, but that’s a whole other blog.)

So, how do we gather all of this goal alignment intel? Our Q1 meeting is made up mostly of my colleagues and me going over last year’s goals, and the new goals we want to achieve. Yes, we discuss sales and marketing strategies and profitability. But who is making that happen?

The team. 

The humans in your organization are the ones scaling your business. When they have fulfilled lives, your company’s efficiency increases. After all, your team is made up of the people who implement all of your grand plans, right? 

We spend about 10-15 minutes for each team member, discussing how their previous goals went, and what their new ones are. And, in each meeting we have during the week, each person has a turn to report on their profession and personal development. This gives us an opportunity to make suggestions, support them, and help them pivot if needed. 

We walk all of this talk too. When you enter our office you’re basically bombarded with evidence of goals everywhere you look. It kind of acts as one huge mood board. Everyone has their goals written on a poster at their desks. Heck I have a typewriter with my goals on a page sticking out of it. Representation of what we want to achieve and measurement of it is everywhere watch the video for the full monty). It may sound overwhelming at first, but even our most introverted employees are on board because they’ve seen how goal alignment works in their lives. 

Start understanding the goals and objectives that your colleagues have. Not just for the business, but for themselves. Then, you can align your business around their goals to help them meet those goals. It takes nothing away from you or your business. In fact, it will only enhance efficiency and productivity (read: profit).

What are your teams’ intentions for 2022? It’s not too late to find out. Hold a meeting with a personal goals exercise and see how you can align your business and your employees to meet personal and business goals all at once. 

Remember, a good leader marches the path with the team. 

The post My Greatest Leadership Lesson appeared first on Mike Michalowicz.

2 Leadership Myths (That Need to Go)



Once upon a time, there was a small business owner named, oh, say, Mike. Mike was caught in the common trap of thinking that to be an effective leader, he had to accomplish more (and more, and more!) to get more done. If Mike just taught more, created more, worked more to illustrate incredible work ethic, his business would be, well, more.

Not so much. I learned a huge lesson from my early leadership style experience and am going to share it with you. If you follow this, you will get off the hamster wheel and become an exceptionally effective leader in your business.

Here’s the deal: More is not more. Less is more.

I know you’ve been hearing this message from thought leaders. It sounds like a fairy tale. You may think they’re in a different position than you that affords them the luxury of doing less. But I’m here to tell you, it’s tangible for everyone. You just need to transform your leadership.

The most impactful leadership style is not what you think. Reflecting back to my first “real” job, leadership was old school (and not in that cool, old school way). Leadership tactics were intimidating, and instilled fear. The result? Sure, we took our jobs seriously and completed a ton of work (most of which I’m still unsure was effective). Analysts catching a couple hours of sleep under desks was common. I mean, what says commitment more than not leaving the building and working 24/7, am I right?

Did we get our jobs done? Sure. Because we felt our livelihoods were hanging in a very precarious balance based on what we produced, and the mood leadership was in when they received it.

That’s a harsh example. But even now, I know two types of small business leaders. One is the micromanager and uses a bit of intimidation to rule the roost. The other is the leader I have grown to become. A leader who not only does less, but just as importantly leads humans, as a human.

Myth 1: I used to think to be an effective leader I had to speak more, teach more, and give more input. I’ve discovered that what’s truly best for my company is if I speak less, and listen more. As I reflect on my own leadership style, it’s matured and evolved over the years (decades, cough, couch) since I started my own business. I used to think I had to be involved in every aspect of my business to ensure that everything ran the way I envisioned it. I thought if I produced more for my business, faster, I could find time to be with family and do the things that fed my soul.

You see where this is going. I started feeling that small businesses burn out and my employees felt like they were working under a microscope. My business just felt kind of “eh”. I talked, and taught, and was the one everyone came to with questions and looking for solutions. It was intense.

Something clicked along the way. I’m not sure where exactly. I began to listen more to what my employees were saying about their tasks and experience. The more I listened, the more I realized they may have the best solutions to any problems small businesses face because they were the ones in their roles. I decided to become less available and insert myself less in the business. The result? My team became more empowered to help me lead the business.

I invite you to listen more and do less. You can provide faster and more effective guidance when you fully understand what your team needs. Then you can focus on what feeds your mind and soul without getting pulled in several directions. For instance, I’m writing more these days, because I know my team’s got the rest covered.

Myth 2: More time spent in the business equals more money. This one. Ugh. Listen up: A good business is more effective if you do more with less time. Quit hustling. There is a season to hustle. The hustle shouldn’t be your leadership style or method to getting things done. If it is, there are likely inefficiencies in the way you’re running your business.

I’ve found that a good business is more effective in the utilization of time if you do more with less time. The mentality of “time for money” – that if you work more and more, you’ll make more and more money, is simply not true.

I used to think that to demonstrate the behavior and work ethic that you expect of others, you had to hustle. I thought that if I worked extraordinary hours, I could expect the same of others. In reality, that wasn’t necessary at all.

Here’s a tip on how to do more with less time (and we just did this in my company, so I’m speaking from experience): Have everyone track their time. You too! We used Toggl. Then, run an audit of that time to weed out inefficiencies. I guarantee you will find opportunities to have your colleagues do less, but bring greater results with the less they do. Another tip: Align roles so they are matched to your team’s talents. When people are aligned with what makes them tick, the work will flow more naturally, and take less time.

Remember, your leadership of your small business is mandatory for its success.

You’ve got this!

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Avoid Small Business Burnout – Create a Daily Routine



When was the last day you achieved everything you intended to do on that day?

There are thousands of articles and resources out there for small business owners about increasing productivity. There are almost as many telling us we’re moving too fast, we need to slow down, and to do less to avoid burnout. 

Here’s the deal. You can’t go full speed ahead forever. You also can’t drop everything. Are we talking about finding the holy grail of balance?

After decades of being a small business owner and attempting to balance a workaholic nature and my personal life, I can say I have almost arrived at the sweet spot – that place where I feel I am doing more than enough for my business, and truly enjoying life outside of it. What’s this you say? Work-life balance for a small business owner isn’t a myth after all?

“How Mike, HOW?”, you may ask. It’s eye-rolling-ly simple, but that doesn’t negate the immense impact. You are going to require some major stick-to-it-ness.

Every small business owner needs a daily routine.

If you, as a small business owner, can’t create a routine you can stick to, it’s going to be nearly impossible to follow through on all of the intentions you set for yourself daily. I learned this the (very, very) hard way. Things pop up, you get dragged into impromptu meetings, or your team has questions, you name it. Those intentions to scale your business, make calls, appear on webinars – all the things get jumbled. Then, we have family dinners, work outs, maybe some continuing ed courses (cough, cough) that don’t get attention because we’re working. It’s an easy rut for small business owners to get caught in. One that will leave you burnt out, and with less accomplished.

A daily routine blocks and protects your time. Each block is a time allotment to focus on that one thing. Eventually (talking years, here), I created a daily routine. Once I did – and stuck to it, big, and small goals were accomplished. 

To maintain my daily routine, I use my calendar. I know, I know. So simple. At the same time. I really use it. Ends up, to achieve everything you want to accomplish, even if it’s a nap, it needs to be scheduled – and you have to stay accountable to it. 

I don’t use a task manager, unless you want to call Erin, my scheduling manager, a task manager. Erin is the all time protector of my schedule, and she creates time for not only business tasks, but personal ones as well. 

Each block of time is scheduled for a priority – from workouts, to seeing my parents, to dinners, to business goals. One of my big goals is to carve more time out for creating small business systems and writing books about them. I could easily wake up every morning with that intention, but what would make me accountable?

Sprintapalooza – A prime example of how I have scheduled my time to increase productivity is Sprintapalooza. It’s a group of fellow writers who I join every morning for what we call a writing sprint. Every single weekday I write collectively with other authors and we are writing our books. We created this group to not only have the time available for us to write, but now, we’re accountable to each other. We have to show up, or be the one who doesn’t – who wants that? We log into Zoom, and we all see each other there. We check in every twenty minutes, report if we made progress, and then get back right to work. The results? Every single day, I get an hour of writing in and it never gets put to the side. It has immensely helped the quality and quantity of my writing, and it has had the greatest impact on my productivity and effectiveness as an author.

What is your daily routine that will move you forward? Remember, being a small business owner isn’t a sprint, it’s a marathon. You must build in blocks of time for your business and personal goals. And let nothing get in your way.

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5 Steps to Increase Your Profits This Month

When a new year or quarter begins, you likely search for (ALL of the) ways to improve your business. While I believe this exercise of recalibration and reinvigorating your business should be an ongoing process, I want to lend you five ideas to increase your profits. And I believe you can implement these THIS month.

In Fix This Next, I explain how for every business, there is a Business Hierarchy of Needs:

Notice how each level is dependent on the foundation of the level below it, meaning if you don’t have, say, a solid foundation of sales in your business, your profits are going to suffer. However, I want you to be aware of something that you will learn about further when you read Fix This Next. Sales are not always the answer. 

When your business begins to feel unsteady, what’s your first reaction? “Create more cash flow! Now!” Normal. We all do that, even with our personal finances. But by doing this, you’re not viewing your business holistically. What are you doing with that cash after there’s an influx? How are you managing your profit to sustain your business?

Let’s get into some strategies to manage your profit better. And look, you may feel apprehensive to implement these at first. But have I steered you wrong yet? Let’s do this.

Raising prices: Most businesses are terrified to do this because they think it will be complete death to sales. And, that’s just not true. I won’t get into it here, but it is very likely you can increase your prices at least a little bit, probably a lot.

Cutting expenses 10% overnight: Warning, very painful, but very doable. The first 5% is joyous, the last 5% will scare you. But after a few weeks you will adapt and you will wish you did it sooner.

Qualify your opportunities: We are so quick to say yes to work that is low $/hour margin for our businesses. Stop doing that, now, and don’t go back. Establish a minimum threshold of profit a project must achieve to be worthy of the precious resources your business must spend to deliver on it. If this means losing out on work, be happy, and use the time to solve the more difficult problem of finding high margin projects.

Engineer profitable alliances: So often competitive advantage focuses on having a better widget or happier customers. Those are essential elements, but we forget about building great relationships with other businesses and key influencers in our industry. This isn’t a mystery topic either. Yes, some people are natural at this but others need a framework. I’ve built one in Fix This Next if you want to see it.

The right people in and the wrong ones out: If one of your employees calling in sick actually makes you happy, you should have probably fired them a long time ago. One of the greatest profit sucking holes in a business is an employee who doesn’t fit the culture. Notice, I’m not talking about the expense of wages here, and that’s because it is peanuts to the negative ripple effect a bad employee fit has on the productivity of an organization. This is one of the most heart wrenching topics in all of business because nobody enjoys firing someone else, and if you do, you have problems: go get some therapy. Once it’s done, you and your company breathe again because you’ve been used to living with such tremendous weight on your chest.

Ok now for a confession: The above is an excerpt from the lost content of Fix This Next. If you would like to access more lost content, let me know by emailing support@mikemichalowicz.com.

Let’s make it an amazing year!

-Mike

For more business solutions to apply today, check out the free resources page I have created for you which includes systems from each of my books to scale and sustain your business. 

 

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5 New Years Resolutions for Business Owners



 

As a small business owner you’re probably always looking for the next best way to improve your business. With a new year upon us, I’m betting some of you are looking even harder to create New Year Resolutions in your business. But what will serve your company best? What will this year bring, after all.?

Resolution ideas for your business: There isn’t a plan that will work for every small businesses across the board. But, if we have learned anything over the last two years, it’s that your business needs to be strong, agile, and ready for anything. This year I am putting my money where my mouth is and taking some pointers from my books to reboot my business:

Refresh your marketing plan – So. Much. News. And commercials. And noise. And static. If your community sees the same old visuals and messaging from you, they will likely ignore it. To that end, we’ve been rebranding. Yup. You know from Get Different , that before you even think about creating sales, you need to create the kind of attention that attracts your prospects to you in a millisecond. Updates to your logo, communication, materials, website, offering, pricing – it’s all part of it. You don’t have to make major changes, but look at how you can make each aspect of your branding better, and different, than all the rest to ensure you receive the best prospect attraction to ultimately scale your business.Delegate more – Let it go, let it go…When you have a small business, it’s easy to get caught up on the micro-details of the day to day tasks. Alert! Trap! You’re wasting potential and valuable time in your business if you’re not delegating. You cannot grow your business if you don’t let go of the aspects of it that can easily be handled by a team member. Maybe there is business knowledge that you have, which no one else in your company does. Then share it! Knowledge sharing is the ultimate way to empower those you share it with. It may take a little time, but in the long run, you’ll save time and your business will run efficiently. Take a look at what you can do to create systems, eliminate linchpins and redundancies in your business. We had our entire team create a systems board for their jobs, videos and all. Now, we can all refer to those boards if someone is out. Our company will never be “stuck” when it comes to delegation. Not sure where to start? Clockwork is your go to for delegation in your business. Nurture your business relationships – Weed out your best clients. If you read The Pumpkin Plan , you know that I no longer waste time chasing ALL the customers. This will work for you too. Identify what you do best, and grow your company by doing that. Then, determine which customers add the most value, and provide them with the best opportunities for their sustained growth. Lastly, nurture! Once you figure out who your best customers are, blow their minds with care. Discover their unfulfilled needs, innovate to make their wishes come true, and over deliver on every single promise. Order, order! Look at the systems in your business. Are they working? Just because you’ve done something one way since the inception of your business, doesn’t mean you have to continue on the same path. It also doesn’t mean your way is the prime example of efficiency. In Fix This Next , I outline how sales, profit, impact and your legacy all hinge on how you create order in your business. If you don’t have systems for the execution of workflow better than anyone else, than you are going to be…everyone else. Sell better than anyone. Deliver better than anyone. Make that impact and legacy you imagined when you started your small business. Just remember that to get those real deal results (not the temporary fixes), that order in your business is what creates the sustainability of it all. Join a mastermind group – Isolation. That’s a recurring theme for small business owners. Sometimes it feels like you’re the only one with your specific set of challenges. If only there were other people in the same boat you could speak openly about those challenges with in a confidential and helpful space…See where this is going? If there is one thing I want you to do this year, it’s to seek out a mastermind group. Our current culture is creating extra isolation. An opportunity to rectify that and connect with like minded business owners is golden. Look into a mastermind that is the right fit for you. I know it will serve you and your business well.

A friendly reminder! If you want your business resolution to stick, you will need to be you have good habits in place. Look at what you’ve been doing, and see if there are any behavioral intercepts that need to be added in order to be truly successful in realizing your New Year’s resolutions.

I am so honored to be on this journey of small business ownership with you, and hope to serve you well. Here’s to a happy, healthy, and prosperous New Year!

-Mike

PS – Just so you know this wasn’t one big commercial, visit HERE for free, immediate resources, graphics, and worksheets.

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