Mike Michalowicz's Blog, page 32

Don’t Be Afraid to Get Different -Your Marketing Will Flourish

You need to get different marketing and you need it now. It’s your company’s first impression, so it must stand out so that qualified prospects are drawn to you. For good.

The only surefire way to do this? Get different. Otherwise, you’re not going to get noticed.

The human mind is designed for efficiency, and to spend as little energy as possible. We reserve energy only for the unknown, and then quickly qualify it as a threat or an opportunity. We’ve been designed like this since we were cavemen. Now, it’s a different type of survival your company needs to focus on.

There are hundreds of messages in front of us every day, most of which go ignored. How does your company’s message cut through the never ending static?

You have to differentiate yourself from your competition. It’s certainly not the first time you’ve heard me say it and it won’t be the last, because it’s just that true. (I’ve been saying this for almost a decade.)

When you are different, you get noticed. And that’s how you out market your competition, and position yourself as the industry authority.

I’ve shared The D.A.D Method before, which stands for Differentiate, Attract and Direct. It’s the simple method to outthink, outperform and out deliver your competition.Those are the three key components of successful marketing. The first one, differentiate? This is where I see most entrepreneurs getting stuck. Why? Because:

Getting different is scary – Different is something that no one else in that room does. It is remarkable. It is noticeable. And it is scary. It better be scary, otherwise everyone else will do it.

You think getting different will be isolating – As humans we tend to think that if we are the same, there is more togetherness. If we are different, we will be alone.

Get different – but in one strong area – Pick the one thing. A suit with a single rose on the lapel may be enough. Or a yellow tux. But you don’t need to wear different underwear. Just the one thing that people will see and recognize.

Get different, but be authentic – This will be your secret sauce. Because no matter what you pick to be known for, no one is buying in if you’re not being yourself. Different is attractive when it is true to who you are. Be different in a way that amplifies an existing behavior of yours. When messaging your community, be it via social media, blogs or email, be sure to always use your voice and your sincerity, because that’s what people want from you – you.

Forget about feeling vulnerable, or worried about the risk of someone not liking your “different”. The world is starving for something authentic and different to come through the static. People need you show them something real that resonates and serves them. So give them that.

Be that different offering that can improve people’s lives or businesses. I know you can.

You’ve got this!

-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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Let’s Bust Another Profit First Myth

Here’s a friendly reminder from your buddy, Mike:

Profit First is not an accounting system. Many people think that it is, and they get protective. “I don’t want to change my accounting system! It’s mine!”

There, there. You can keep your accounting system, because Profit First is a cash management tool.

I’ve mentioned before that this tool will help you manage and channel your financial behavior. It’s incredibly empowering.

You don’t have to change your behaviors. You just have to leverage them.

For instance – Many entrepreneurs try to force themselves to become better at accounting and to become more disciplined in their fiscal management by pure willpower. But just like a muscle, willpower can be drained. And in a moment of financial stress or bigger than expected expenses the entrepreneur will break their own fiscal rules and spend the money they have.

The Profit First principle does not try to change your habits (that is nearly impossible to do). Profit First works with your existing habits. By first allocating money to different accounts, and then removing the temptation to “borrow” from yourself, your business will become fiscally strong and you will benefit from regular profit distributions.

Fiscally strong. Sounds good, right? That’s what following the Profit First system will do for you. I can’t wait to hear about your success!

You’ve got this!

-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 – Essential Books on Being an Entrepreneur from Yanik Silver and Dorie Clark

I’ve got some awesome additions for that toolkit of yours! These two books are essential reads in your entrepreneurial journey.

But enough about you. Let’s talk about my shoes. Yay? Nay? I mostly get the thumbs up. Point is, it’s good to have something that makes you stand out. It doesn’t have to be a crazy signature look, but just enough that you don’t look bananas. (It’s a delicate balance. Cool shoes or clown shoes?)”

Back to some awesome resources I know you’ll love. You’ve heard me talk about Yanik Silver and his influence on me when I first started on my journey of authorship. Well his book, Evolved Enterprise, continues to amaze and inspire me and my view of entrepreneurship. As we’ve discussed a lot lately, the face of the world is changing, and so must our businesses. In Evolved Enterprise, Yanik nails home that we as entrepreneurs need to focus on our businesses having a mission that has an impact on the world. Without it, our business won’t be sustainable. It’s not just about the cash flow. You need a mission to serve the world in order to create revenue for the long term. Reimagine your business. Serve society.
“I believe there is a shift going on, and I predict that businesses without a core IMPACT will be at a competitive disadvantage in 4-7 years (or less)” – Yanik Silver

Next up – my friend Dorie Clark. I am such a big fan of her books. In Entrepreneurial You, Dory also discusses how the face of business is changing. I cannot think of a more appropriate book for the times we are experiencing right now. It will serve you if you are just starting out, or are a seasoned business owner who needs to reinvent your game (which, by the way, you should always be doing!) This is a blueprint for entrepreneurship. You will get insights and advice on building your brand, monetizing your expertise, and extending your reach and impact online. This book will be your hands-on guide to building a portfolio of revenue streams, both traditional and online, so that you can liberate yourself financially and shape your own career destiny.
“In business, we learn how to leverage an organization’s assets to continually drive shareholder value until it becomes second nature. What Dorie Clark has done in her recent book, Entrepreneurial You is bridge what we instinctively learned about growing a business into how to practically apply it to ourselves to drive personal success…amazing!”
– Steven Rice, Chief Human Resources Officer, Bill & Melinda Gates Foundation

When we set out to become an entrepreneur, we have dreams of changing the world. Make these books a part of your repertoire for understanding entrepreneurship, and make your impact on the world.

Mike

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Profit First Myths about Profit Distribution

“I can take my profit distribution anytime, even early!”

Nah.

Look, I get it. Profit First works for you and now you know there will be a profit distribution. So why not take it when you need it?

Because! Profit First is a system you need to follow to break old financial habits and create new healthy ones. Do you eat cake because you might go to the gym next week? (If the answer is yes, I won’t scold you but really dude? How’s that working out for you?)

Taking your profit distribution early hurts the behavioral aspect. Profit First is a behavioral management system. It manages cash flow while working with our own embedded behaviors. The 90 day rhythm is one of the key elements to the system. It builds that profit strength, and momentum in your business.

As money accumulates in your profit account, it builds anticipation and the fortitude to wait for the payout. Most of all, waiting forces you to use what cash is truly available to you and your business.

That is when you’ve truly mastered Profit First, young Jedi.

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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Profit First Myths –

“I can take my profit distribution anytime, even early!”

Nah.

Look, I get it. Profit First works for you and now you know there will be a profit distribution. So why not take it when you need it?

Because! Profit First is a system you need to follow to break old financial habits and create new healthy ones. Do you eat cake because you might go to the gym next week? (If the answer is yes, I won’t scold you but really dude? How’s that working out for you?)

Taking your profit distribution early hurts the behavioral aspect. Profit First is a behavioral management system. It manages cash flow while working with our own embedded behaviors. The 90 day rhythm is one of the key elements to the system. It builds that profit strength, and momentum in your business.

As money accumulates in your profit account, it builds anticipation and the fortitude to wait for the payout. Most of all, waiting forces you to use what cash is truly available to you and your business.

That is when you’ve truly mastered Profit First, young Jedi.

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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The Behind the Scenes Recap – The Best Company Culture

In this video the team and I discuss my recent podcast interview with Paul Holland and what we took away from it. We also, as usual, do some fun trivia.

Paul Holland is a talented speaker, educator and coach. A principal of Solomon Coyle, Paul focuses on sales performance, financial growth, strategic planning and leadership development. He has deep experience in the dealer, manufacturer and consulting arenas and made an interesting connection between office furniture sales, the future of workspace, and the economy. Here’s something to consider: Where the furniture goes, so go the jobs!

How, when, and where people work is changing. Paul helped us unpack and discuss the future of work and workspace, and how the new work environments will be focused on people, effectiveness and safety. Listen In!

This podcast got us brainstorming about our own workspace and culture in this recap. When the pandemic began, all companies had to make some immediate changes – from safety, to technology, to culture. Our company quickly switched to working virtually for months, and luckily, most of us were already set up for that change. We use Google Drive so can pretty much work from anywhere. We have shared files and systems, and were able to maintain our meeting scheduled via Zoom.

But now, things are changing again. We have a small office, and we’ve been back in it while maintaining Covid safety standards. But what about larger companies?

More and more companies are looking at the effectiveness of their work environments. And when making decisions about how they will move forward, workspace and culture will be two of the top determinants of their success. In person, or virtual work, there are benefits to each. Especially now that the pandemic is winding down, we have seen an increase in flexibility in work hours and location.

There are benefits to hybrid, in person and virtual work. Some employees like working at home and feel they can get more accomplished there without interruptions. Some employees feel they rather be in the office, and feel they miss out on what’s happening in their periphery. While we recognize that not all companies are built for these options, it is becoming increasingly common. Will it stay that way?

Whatever a company decides, it needs to be congruent with their services. For us, a flexible hybrid model works best. And, we have found that through strong leadership and the systems we have in place, we have been able to enhance our company culture both in and out of our traditional workspace. Here’s how:

I talk a lot about company culture in our new leadership course, All In. This culture needs to be authentic to who you are as a company. We’ve seen companies with foosball tables, gyms, and meals brought in. What does that even represent? While this is meant to be cool and fun, a lot of employees see it as a red flag – that management would rather see them at work, than develop autonomy in their job along with real, healthy, work/life balance.

To develop and maintain a truly authentic workplace culture, you need a leader to walk the walk of the company mission. She or he must be sincere, and care about employees. You also need these key elements:

Shared vision – Every company has a mission. But is everyone on board? To get employees enthusiastic about the company mission, be sure each one knows how they add value toward that mission. And, create goals that help them work toward accomplishing tasks that benefit the mission. This way your employees feel their valuable time and energy they give your company is meaningful.

It’s important to remember that each individual employee has their own goals in life as well. In light of this, we like to create times during our meetings and retreats to discuss our personal objectives, and have found that our culture has strengthened through this. And, since we have quarterly profit sharing, we often work even harder, so we can get those quarterly bonuses up and support the needs and dreams of our staff. It’s a clear win win!

Communication – We love our meetings. But, we make sure they are never a waste of time by following a short agenda in which everyone gets an opportunity to share their accomplishments, road blocks, goals for the day/week, as well as a personal update. Knowing what’s on everyone’s plate has bolstered our company culture – and performance, ten-fold. We all know what the other is working on, and have a clear vision how all of our pieces fit together to serve our mission. And, I can’t remember a time when, if someone feels jammed up, the team didn’t rise to the occasion and ask to pitch in.

That’s the kind of culture you want. That’s the kind of culture that will elevate your business no matter where you’re working.

Remember, authentic workplace culture starts with you, the leader. Lead your business into massive success. I am rooting for you!

-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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Profit First Myth – It Doesn’t Work

We’re doing a series to debunk some of the Profit First myths. Myths are not systems. You can’t have one foot in when implementing Profit First. You need to be all in.

We’ve talked about how some folks think you can simply set it and forget it, using a spreadsheet to manage your accounts, and how that is not a sustainable system. Here’s another myth: Profit First doesn’t work. Now, while I haven’t heard this a lot, there are some naysayers who feel this way.

To them, I ask, have you done it?

When someone says something doesn’t work, I ask them what their experience has been when they implemented it. Not because I am challenging them, but because I want to learn from their experience and improve upon my own systems to better serve others.The thing is, I haven’t met anyone who fully implemented Profit First and failed.

When I became an author, a few people approached me and told me I would never make any money from selling books. Most of those folks didn’t have the relevant experience to draw on, so that insight was, well, irrelevant. Had I listened to them and given up on my dream of writing, I wouldn’t be an author. And I would have given up on my dream of helping to eradicate entrepreneurial poverty.

Remember, naysayers aren’t usually the doers. If you have questions about implementing Profit First, click here for resources and contacts to make sure you’re on the right track.

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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Don’t Burn Out! Recharge

Entrepreneur and best selling author, Kate Northrup, says it best -”Body before business.”

Sit with that for a minute.

How many of you business owners sacrifice “you time” for your business? Show of hands? That’s what a thought, the whole dang class. But does that sacrifice really serve your business, clients, employees, family, and oh – you?

You know the answer.

To know me is to know I carve time out to recharge and for my physical and mental well being. It’s not because I’m selfish. It’s because in order to be selfLESS, I need to be able to manage stress and be healthy, not someone dragging my leg over the finish line because I’m not taking care of myself.

Sacrificing for your business to the point of burnout doesn’t make you a hero and it certainly doesn’t make you a good leader. You became an entrepreneur because you wanted to serve the world in some capacity. As wonderful as that is, it can still be stressful. To be productive to serve efficiently, you have to be healthy in body and mind.

Recharge.

Business owners are the worst when it comes to taking time to recharge. Your company isn’t going to implode in the space you create to catch your breath. You can’t pour from an empty cup and you need to deliver the best of you. A rejuvenated you will only invigorate your company.

So whether it’s in your storage room massage chair (see scary video above), a walk through the woods, meditation, reading a book, sleep, or time with a loved one, promise me now that you will take time today to recharge and hit that reset button. Then, and only then, will you be clear for take off.

What’s your favorite way to recharge? Do it today!

Wishing you health and wealth,

Mike

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Mike’s Likes – The Importance of a Name & Books by John Jantsch & Chris Ducker

Me again. Time to share some of my favorite things to help you elevate your business. Let’s go!

Dale Carnegie said, “A person’s name is to him or her the sweetest and most important sound in any language.”

I took this to heart and implemented it in my life. One impactful way that I do this is by displaying names of those I have Zoom calls with or make videos for. A simple, thoughtful act like personalization can nurture any relationship. You can get these letter blocks that I use right on Etsy. Easy win!

Now let’s talk about some of my very favorite reads!

If you’re a marketer (and we ALL are!), John Jantsch’s SEO for Growth is a cannot miss. It is a super simple, but effective guide. It will help you grow your online presence and get you those Google first page ratings. Business owners have their staff reading this book so they can implement the best practices in SEO strategies and avoid any unnecessary road blocks, so get on board! “SEO is all about catching buyers when they are already in the purchase process,” ― John Jantsch. Good point. So get that attention by making sure your SEO practices are up to date!

Another book I’m loving is Chris Ducker’s Rise of the Youpreneur. Chris gives a definitive roadmap to creating your personal brand. It will take you step by step, from building your brand, to marketing, to monetizing it. What I especially love about this book, is Chris’ integrity. He says, “Relationships should be treasured, not used.” – I could not agree more. It’s a book you can use to elevate your business – and feel good about.

Check out John and Chris’ books and let me know what you think! I know they will serve you.

Wishing you health and wealth,

Mike

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Get Unstuck in Your Business

Owning a business means you have big fish to fry. When you feel overwhelmed by something you can easily get stuck. Stuck won’t get you anywhere, my friend. Do you have the tools in place to ensure you will accomplish those daily goals?

Maybe you think that I tell myself, “You’ve got this!”, over and over, but affirmations aren’t always the key. From one entrepreneur to another, here’s my unsolicited advice:

Break it down! (Pan to a bad rendition of an 80’s dance video with the outfit to match) First you need to ask yourself how you will accomplish your goal. What do you need to do to make it happen? Create a small list or action plan, even if it has small, simple steps. Here are some questions I ask myself when I reach a 10 foot hurdle.

What’s holding you back?
If you can identify what exactly is weighing you down from soaring over your hurdle, you’ll have a far better chance of eliminating it.

Are you putting your energy in the right place?
What are your priorities? Are you going for the low hanging fruit or the big kahuna? Which is more pressing, more important for moving your business forward now?

Clean.
What, now? Clean? Yes. If your space is cluttered, your mind will be too. I like to make sure I have a clear workspace. Less distractions, less pressure. This goes for your computer too. Clear out your drive, unsubscribe to lists that don’t serve you (I mean, not mine of course!) and open up space for yourself to ideate, create and accomplish.

Make time.
We talk a lot about work/life balance, but you need balance in work, too. Time management is key. Most of us in my office time block all of our tasks. Time blocking allows you to focus on one thing at a time. Again, no distractions!

Above all, keep moving forward.
Never stop moving. Even if you are taking the smallest steps, you will see how they add up for those long term results you need to move you, and your business forward

So, how are you going to tackle that one big thing today?

-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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