Mike Michalowicz's Blog, page 31

How Profit First Grows Your Business



 
If you think you can’t grow your business because you’re taking profit first, you’re wrong.

I know, I get it. From a mathematical standpoint it may not make sense. Until you do it. 

Hundreds of thousands of businesses have implemented and amassed incredible growth through Profit First. Something is working!

Some small businesses are afraid that if they take their profit first that they may impede their growth trajectory. This is a huge Profit First Myth.

The data doesn’t lie. Small businesses that implement Profit First grow faster than their contemporaries. This is because while it may not make mathematical sense immediately, it does make behavioral sense. 

Profit First is a cash management system, which forces new management of your behaviors, too. Instead of paying your expenses first, you allocate a portion of your money to your profit account. This restricts your spending, and you become more selective in how you spend and what on. You will become more aware of your return in investment and the choices you make.

Conversely, when all of the money in your business is available to spend, you will. And your profit account will sit empty. Ouch. 

Summary? Businesses that implement Profit First grow faster because they are more focused on how they use their money. Be like them!

If you need some guidance on where to start, check out this Profit First One Sheet, which has an awesome outline to get you started. And as always, working with a Profit First Professional can help ensure you’re doing Profit First right!

Wishing you all the profit!

You’ve Got This!

– Mike

 

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Taking Pause for a Better Business Mindset



 

Ah the hustle. When you’re a business owner, you can easily get caught up in the grind. Problem is, sometimes, it grinds your gears.

I believe the hustle mentality needs to shift. We need to take pause. This isn’t to say that we stop working on our business, but you do have to set time aside to break away from your business needs to make sure your personal needs are fulfilled. Because entrepreneurship is a human experience too.

The last year and a half has brought much reflection. Some of us haven’t made many changes, while some of us discovered “normal” was never really normal at all for us as individuals. Are other ways to live life more fully, and effectively?

A lot of this leaves people searching for mindset hacks. Bravo to you! It’s great to expand your mind and evolve. Just be sure you do you cover your personal needs first. You can’t start your engine with an empty tank.

Good vibes only – Only? I’m a pretty positive, grateful dude. I was even identified as an optimist during one of our morning huddles. But ONLY positive, ALL the time? Is this realistic? After a while, your “only good vibes” are going to start looking and feeling very fake. There are books upon articles upon courses regarding how to maintain a positive outlook and how to keep hustling. Some degree of that is great! But it can’t be all you practice or you’ll end up with entrepreneurial burnout. That’s not going to secure your impact, or your legacy.

Remember, as much as our entrepreneurial spirit wants to contribute to the world every moment, no one gets a badge of honor for driving themselves into the ground. And, if every there were a time to restructure your time for the betterment of you, it’s now.

What I’m doing:

Giving pause -My friend and someone I look up to, Darren Virassammy, taught me this. Don’t give up on your business or your goals, but do give pause. Giving pause allows you time to catch your breath and nourish who you are as a person, removed from your business. Do whatever relaxes you most. Reconvene with nature, spend time with family, work out, read, whatever feeds your soul. And for crying out loud, unplug when you’re doing this or it’s cheating. I mean really.

Want a mindset hack? You are your biggest asset. When you invest in yourself, you will have more to give.

Give yourself time to live. To catch your breath. Take time to decompress. Be gentle and kind with yourself. It will reflect in everything you do.

-Mike

 

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The Best Marketing I’ve Seen – In an Unexpected Place

You need new marketing. You must Get Different. (No, as a matter of fact, I won’t stop telling you!) The world is evolving at a rapid pace, so the demands of your business will evolve too.  No one is going to be looking for the same. Old. Thing. 

I conducted research for Get Different for years, because I wanted to give you a step by step marketing strategy that would forever level up your marketing and conversions. Then, the other day, I saw a prime example I wish I could have added to the book before it went to print.

The best marketing ever – Behold, the Morris County Sheriff’s car. Wait, different marketing goes beyond business? Yep. Yes it does. And our Sheriff nailed this one. This isn’t any old car. Rightfully so, this isn’t any old sheriff. Sheriff James Gannon is different, and it seems his car ended up as one of his main identifiers in the community. Though, it should be noted that anyone who’s familiar with him would support him regardless of political affiliation, or car for that matter. Gannon has almost 40 years of law enforcement and security expertise, spanning from years as a police officer, to the FBI, to the Prosecutor’s Office, to our county Sheriff. He also just happens to be an exceptional human being.

Fantastic. However, what if you never heard of Sheriff Gannon before? If you saw this car cruising up Main Street, what would you think? Words such as classy, old school, bold, reliable and interesting may come to mind. Likely not a coincidence, these are all adjectives I happen to have heard Gannon described as. 

The perfect marketing recipe – My friends, this is the perfect marketing recipe. It’s subtle marketing. Maybe Sheriff Gannon just loves this old school car! But, from my marketing mind, I see a delicate balance between getting attention from prospective voters, while representing who Sheriff Gannon really is – that classy, old school, reliable person. 

It’s also a balance to get attention and not drive (pun intended) people away. The car, and Sheriff Gannon’s persona, does the opposite of driving people away. People gravitate to this car, and to him. It announces that he’s there. He is known for progressive leadership and security efforts in our community. When we see his car, some of our basic needs (see Mazlow’s Hierarchy of Needs) are met. We feel a sense of well being, and smile. We feel help is near should we require it. We feel safer, and more secure. We know he’s present. Fellow business owners, this is the Shangri La of marketing.

Find your “est” – I realize buying a new car and outfitting it with your company logo may not be the secret to your marketing success. You should, however, take a page out of Sheriff Gannon’s marketing book (whether he realizes he had one or not). What describes your business best? How can you serve your prospective customers in a way that no one else can? Can you fulfill their needs and make them feel secure in their transaction with you?

What is your “est”? Are you the smartest or the fastest? Are you the most progressive, analytical or reliable? Play off of the traits unique to your business that will tell people you can serve their pain points and needs better than anyone else. 

Stay visible for the best marketing – Just because you win business doesn’t mean your marketing disappears. You have to believe in your business and your marketing more than anyone else. Keep your marketing messaging out there to ensure the public you are confident in your offering and are there to serve for the duration. Just as Sheriff Gannon still drives his classic car, you want to be sure you’re letting people know you are still around, reliable, and here to stay.

It’s a time of regrouping. In that, necessary changes are happening in the world, the environment, the economy, people’s personal lives and in your business. Let the world know your business is there for it all by using authentic marketing techniques to fulfill the new needs of the world. 

I cannot wait to see what you achieve!

-Mike

PS – Get Different will launch on September 21st! You may preorder HERE.

In case you were wondering, yes, we will be releasing a video of us dancing to September, by Earth, Wind and Fire. Don’t judge us.

 

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Mike’s Likes – My favorite books by Don Miller and Chandler Bolt

How do you motivate your employees? Cold, hard cash, baby. Or in this case, cash and prizes.

When we returned to the office we started adding some fun things here and there. What can we say, we’re still in celebration mode after being apart for months on end. We have short daily meetings in which we share our goal for the day, if we crushed our goal the previous day, and a personal update. It used to be that if you got your “big one” the day before, we all nodded a “well done, you” and carried on. Yawn. This process needed a little more fun. 

Behold, the “Automaton” wheel. Now, when we accomplish a goal, our names go into a lottery and whoever wins gets to spin the wheel. Prizes can be anything from choosing the music for the day, to the money jar (funny, I’m the only one adding to this sucker) to choosing someone to wear a nylon tattoo sleeve. Oh, look who got the tattoo sleeve this time?

I don’t know if this really prompts us to work harder than we normally would, but it’s a few minutes of extra fun and we can all use that.

Now for some more books I’m into this week. If you’re a small business owner, you likely seek small business books to supplement your insight. There are two things I have learned through small business that I wish I knew sooner. One, writing a book is awesome for your business. Two, marketing your business the right way will make or break it. Which leads me to:

Chandler Bolt  – he’s the CEO of Self Publishing School. His most recent book, Published is THE book you need to read first if you’re considering self publishing. Chandler has become not just a colleague, but a friend. He preaches what I’ve always believed, “Nothing helps you grow your income, authority and business more than writing a book”. And, I love how authentic he is, and how his true desire for others to flourish comes through in this book. Published gives you the guidelines for self publishing, should it be the path you choose to take. If you are thinking about writing a book or have one in the works, this book will provide you with the map so you can take your journey from your first page to being published to your launch. 

Don Miller. You know him, you love him. Don’s written some awesome books, and Marketing Made Simple is one of them. This book delivers on the promise to make your marketing simple and is chock full of marketing wisdom to help you convert your prospects. You will learn how to cultivate customer relationships, develop your sales funnels and campaigns, and learn the secrets to commanding an audience on your website. Most people go to school for this, you know? One quick pro tip and quote I loved: “If you want to be remembered, associate your product or service with the solution to a problem.” ― Donald Miller

That’s it in a nutshell. Give people a solution to their problem. After all, what’s better than serving others?

Until next time!

-Mike

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Mike’s Likes – More Can’t Miss Business Books to Help Your Business Succeed

How do you motivate your employees? Cold, hard cash, baby. Or in this case, cash and prizes.

When we returned to the office we started adding some fun things here and there. What can we say, we’re still in celebration mode after being apart for months on end. We have short daily meetings in which we share our goal for the day, if we crushed our goal the previous day, and a personal update. It used to be that if you got your “big one” the day before, we all nodded a “well done, you” and carried on. Yawn. This process needed a little more fun. 

Behold, the “Automaton” wheel. Now, when we accomplish a goal, our names go into a lottery and whoever wins gets to spin the wheel. Prizes can be anything from choosing the music for the day, to the money jar (funny, I’m the only one adding to this sucker) to choosing someone to wear a nylon tattoo sleeve. Oh, look who got the tattoo sleeve this time?

I don’t know if this really prompts us to work harder than we normally would, but it’s a few minutes of extra fun and we can all use that.

Now for some more books I’m into this week. If you’re a small business owner, you likely seek small business books to supplement your insight. There are two things I have learned through small business that I wish I knew sooner. One, writing a book is awesome for your business. Two, marketing your business the right way will make or break it. Which leads me to:

Chandler Bolt  – he’s the CEO of Self Publishing School. His most recent book, Published is THE book you need to read first if you’re considering self publishing. Chandler has become not just a colleague, but a friend. He preaches what I’ve always believed, “Nothing helps you grow your income, authority and business more than writing a book”. And, I love how authentic he is, and how his true desire for others to flourish comes through in this book. Published gives you the guidelines for self publishing, should it be the path you choose to take. If you are thinking about writing a book or have one in the works, this book will provide you with the map so you can take your journey from your first page to being published to your launch. 

Don Miller. You know him, you love him. Don’s written some awesome books, and Marketing Made Simple is one of them. This book delivers on the promise to make your marketing simple and is chock full of marketing wisdom to help you convert your prospects. You will learn how to cultivate customer relationships, develop your sales funnels and campaigns, and learn the secrets to commanding an audience on your website. Most people go to school for this, you know? One quick pro tip and quote I loved: “If you want to be remembered, associate your product or service with the solution to a problem.” ― Donald Miller

That’s it in a nutshell. Give people a solution to their problem. After all, what’s better than serving others?

Until next time!

-Mike

The post Mike’s Likes – More Can’t Miss Business Books to Help Your Business Succeed appeared first on Mike Michalowicz.

Mike’s Likes – Can’t Miss Business Books

How do you motivate your employees? Cold, hard cash, baby. Or in this case, cash and prizes.

When we returned to the office we started adding some fun things here and there. What can we say, we’re still in celebration mode after being apart for months on end. We have short daily meetings in which we share our goal for the day, if we crushed our goal the previous day, and a personal update. It used to be that if you got your “big one” the day before, we all nodded a “well done, you” and carried on. Yawn. This process needed a little more fun. 

Behold, the “Automaton” wheel. Now, when we accomplish a goal, our names go into a lottery and whoever wins gets to spin the wheel. Prizes can be anything from choosing the music for the day, to the money jar (funny, I’m the only one adding to this sucker) to choosing someone to wear a nylon tattoo sleeve. Oh, look who got the tattoo sleeve this time?

I don’t know if this really prompts us to work harder than we normally would, but it’s a few minutes of extra fun and we can all use that.

Now for some more books I’m into this week. If you’re a small business owner, you likely seek small business books to supplement your insight. There are two things I have learned through small business that I wish I knew sooner. One, writing a book is awesome for your business. Two, marketing your business the right way will make or break it. Which leads me to:

Chandler Bolt  – he’s the CEO of Self Publishing School. His most recent book, Published is THE book you need to read first if you’re considering self publishing. Chandler has become not just a colleague, but a friend. He preaches what I’ve always believed, “Nothing helps you grow your income, authority and business more than writing a book”. And, I love how authentic he is, and how his true desire for others to flourish comes through in this book. Published gives you the guidelines for self publishing, should it be the path you choose to take. If you are thinking about writing a book or have one in the works, this book will provide you with the map so you can take your journey from your first page to being published to your launch. 

Don Miller. You know him, you love him. Don’s written some awesome books, and Marketing Made Simple is one of them. This book delivers on the promise to make your marketing simple and is chock full of marketing wisdom to help you convert your prospects. You will learn how to cultivate customer relationships, develop your sales funnels and campaigns, and learn the secrets to commanding an audience on your website. Most people go to school for this, you know? 

One quick pro tip and quote I loved: “If you want to be remembered, associate your product or service with the solution to a problem.” ― Donald Miller

That’s it in a nutshell. Give people a solution to their problem. After all, what’s better than serving others?

Until next time!

-Mike

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Attracting Customers Part II – How to Find Out Who Your Customers Are

So you’ve taken the dive and gotten different in your marketing. Your company has commanded attention from your prospects. Now, how will you keep that attention and win their business?

Attracting is the second key phase in The D.A.D. Method. In Part I of Attracting Customers, I introduced the importance of attracting your customers and engaging them, keeping their attention. I even shared some attractor influencers. This concept is solid, but we need to dig deeper so you can ensure your marketing attracts customer engagement – for good. You in? Awesome.

Hold up. Before you go devising a new marketing strategy, I want you to do a quick exercise for me.

Right now, jot down exactly who your customer is.

Now, write down what would attract them to your offering.

It’s possible you’re not completely clear on these components. Here’s the deal. Your marketing is going to stink if you don’t know exactly who your customer is. Sure, you can be different and you can probably attract them. But for how long? Long enough to get them to that next step of signing up? Nope. They’ll move on to the next shiny object because your message didn’t speak to them personally. Ouch.

There’s a lot of talk about knowing your customer avatar – or your customer profile. People respond to what speaks to their identity, and we are attracted to images and messages that affirm that identity and who we are. Read that last sentence again, because this is the sweet spot. Once you identify your customer, their pain points, and how your offering can serve their needs, you will be able to engage them in your marketing long enough for them to become your next customer. Probably for good.

I can’t identify your customer for you. Your offering is likely different from mine. I will share that sure, we check reports and data to see how our marketing is performing. However, I like to go a little next level (I bet you knew that) so I often survey my customers and have a call to action in my books to create a path of communication. We receive personal responses to these invitations and people share their stories and exactly what their needs are. From there I am able to tailor our offering, and our marketing strategies naturally begin to speak to the identity of our customers. 

The word marketing can get a bad rap. So as you are upgrading your marketing plan, make sure that what you’re really doing is responding to what you hear potential customers need. Listening to those needs will allow you to steer your offering, and therefore marketing, in an authentic and integral way. And that’s something that will win every time.

-Mike

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Want to Find the Best Entrepreneurial Mindset Hack? Find the Kid in You



I bet your check your accounts daily. But do you check your head?

It’s been said that 95% of your business success relies on a healthy mindset. 95%! Each day, we are faced with challenges. You’re a business owner, dangit! You’re a powerhouse. Your business didn’t build itself overnight. I get it. But. In the spirit of keeping it real, let’s admit this: No matter how positive and productive you are, no matter how much you do ALL the things, the walls will start to close in from time to time (#normal!). Your confidence can be shaken, and because you’re human, you could use a mindset hack to stay positive and aligned with your business goals.

Search “business mindset” online and you will find mindset hacks from doing the hardest thing first to journaling. But there’s one we hadn’t seen yet that works.

Here’s a mindset hack for entrepreneurs that will get you grounded when you’re losing your grip:

1. Find a childhood photo of you
2. Now ask yourself, what do you want for that child?

Any light bulbs going off? Are you living the life you’d want for that kid in the photo? How’s your self talk? Are you treating yourself the way you would want that child treated? I know. Deep. But stick with me.

We have a fast paced office. Ideas are flying. Changes are happening. We’re all in, and we love it. We’re a pretty healthy bunch, physically and mentally. We have decent self awareness and if you ask us, we’ll say our mindsets are usually in check. But we’re also human, so from time to time we need to reign ourselves in. Something our Pres, Kelsey, conjured up, was to collect some of our childhood photos. This project was eye opening. It was also mostly hilarious, because naturally we offered up highly embarrassing photos to get the laugh (watch this to see one of my better looks).

This exercise was also highly cathartic. For any Type A perfectionist folks who work here, it’s easy to lose confidence if we feel our expectations are farther out of reach than we thought.

By nature, people want to perform well. And, by nature, people tend to be hard on themselves when they don’t. If you start to feel derailed, look at that childhood photo of yourself. What would you tell that kid? Is how you’re leading your life now good enough for that child?

If it’s not good enough for that kid, then it’s not good enough for you. BOOM.

Sometimes the person standing in your way the most – is you. So keep visual reminders nearby, so you can tune into your positive mindset and move more confidently through your day.

<You’ve got this.

I mean it!

-Mike

For more mindset hacks, check out The Confidence Course for tools to crystalize your entrepreneurial vision.

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Marketing to Attract Customers – Part I



Your marketing needs some demo followed by some solid remodelling. How do I know? Because it’s true for every business.

The world and the economy are always evolving. Heck, we’re evolving. At least I hope. It’s not the same world it was when you started your business (even if it’s new). Your clients and future prospects are going to have new needs and concerns and you need to be ready to serve them.

The D.A.D. Method is the cornerstone to my next book, Get Different. I’ve already been on my soapbox about the first element, which is, you guessed it, about getting different in your marketing. Do you have that down pat? Feeling confident? Then it’s on to the next step: attracting your customers. For good.

Once your marketing is different and getting noticed, you must engage and attract your audience. Attraction is what holds that attention you garnered from being different. Now, you can show a shiny object and get attention, but that’s not the same as attracting. At least not successfully. Successful attraction engages your prospects for the long term. The Attract stage of the D.A.D. marketing method is designed to hold your prospect’s attention, and dominate that attention in your industry or niche. 

Most importantly, you need to understand what resonates best with your audience. It’s of utmost importance to know who your customer is. You want to ensure that your approach will appeal to the people you want to serve, not turn them off. How will you establish your marketing as an opportunity they will consider, instead of a threat they will avoid? Make how you are attracting works for who your community is.

After years of research, I can say that gimmicks and talking without doing the walk only work for the short term. How will you keep customers engaged in your marketing?

The biggest component of attracting your customers is to establish attraction influencers (no, not social media influencers though there’s a similar idea here). Attraction influencers are the key attributes your business needs to attract and influence your audience for the long term. Let’s dive in to some of them: 

Authority – First, you want to be sure that your customers see you as the authority in your niche. This increases their trust in you, because they see you as the expert that can serve them best. And, it’s human nature that people want to be associated with the top dog.Trust – Speaking of trust, if you are already a trusted source in your field, people will already have established confidence in you. Repetition – Here is an interesting fact: The more something is repeated, the more likely it will ring true for people. So if you know your offering is life changing, yell it from the rooftops. Over and over. Social significance – Even the most humble of people want to feel they’re doing something important to serve their community (business or otherwise). Some prospects will be attracted to the idea of being elevated through association with you and/or your service.Alignment – Alignment validates us. When we relate to something, we are more likely to want to stay connected in that space. Letting your customers know your priorities are aligned with theirs creates familiarity and comfort.

Which of these influencing strategies are the best fit for what you know about your audience? That’s your secret sauce, right there. I cannot wait to hear what happens when you implement some of these!

I am wishing you tremendous success!

-Mike

PS – We’ve got some powerful courses for you so you can permanently implement change and make your business unstoppable. Check them out here.

PSS Like free stuff? Check out the free resources

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Mike’s Likes – Some of the Best Business Books

Confession.

I have an essential oil diffuser. I mean. Look at this thing. It makes me feel international. And my office smells amazing. My team loves it too. A little extra for ambiance can really set the tone in your office and home. Or as it may be, home office.

On to books. I’m sure you know we have derivatives of my books. The latest business books that have come out are going to serve their industries and communities – and elevate the game.

I’m thrilled to share that Profit First for Minority Business Enterprises by Susanne Mariga was released this week. If you own a MBE, or if you know an entrepreneur who is of color, this is (in my humble opinion) one of the best written business books of the year. Susanne, who is a CPA, certified Profit First Professional (at the Mastery Level), and a Black American, shares Profit First strategies specifically enhanced to meet the unique experiences and business demands for people of color. If this speaks to you, I invite you to check it out. Or if you do business with vendors, clients, etc. who would benefit from this book, I think it is a powerful gift.

Another awesome derivative that was released this week? Profit First for Dentists by Barbara Stackhouse & Drew Hinirchs. The launch hosted by Barb and Drew for this book was nothing short of remarkable – and all virtually! They shared some wisdom and wise words too. So here are my wise words: If you’re a dentist, this business book will bring permanent profit to your business. If you are not a dentist, this is an extraordinary gift to give to your dentist. Could you imagine your dentist struggling with profit, worrying about the need for more clients, as they drilled away at your teeth? No thanks. I want my dentist to be profitable and focused. This book delivers on it!

Launch, by Jeff Walker, is a cannot miss. Jeff Walker is the godfather of the process! If you haven’t read Launch, get it now. Whether you have an established business or not, you will always be in the planning phase of next steps. Launch will give you a roadmap to your success.
“The title of this book, LAUNCH, is uniquely appropriate because Jeff Walker is the pioneer innovator of online marketing launches, as well as the online marketing industry’s foremost teacher. The careers of thousands of successful online entrepreneurs have already been launched by Jeff’s extraordinarily practical concepts, structures, strategies, tools, and processes. LAUNCH is a must read for all marketers—the go-to handbook for making money selling anything on the Internet.” —Dan Sullivan, President and Founder of The Strategic Coach

I hope these resources serve you (or someone you know) in your entrepreneurial journey. As always, I am wishing you tremendous success!

-Mike

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