Mike Michalowicz's Blog, page 34
February 25, 2021
Mike’s Likes – Can You Hear Me Now?
Can you hear my now?
I’m here to share some of my latest likes and I am digging this mic!
In a time when people are meeting in person less, audio has never been more important for our communication. This Shure mic is a gamechanger. My voice is heard. Now all I have to do is figure out these filters. Oh come on I’m kidding. The beard is real!
Now for some books I’m loving:
Speaking of gamechangers, Allan Dib’s 1-Page Marketing Plan is just that. With all the marketing research I’ve done, never have I seen anyone drill down a marketing plan into one page. It’s so easy to get caught up in what converts. This book reminds you all the basics of marketing that we often forget.
“Marketing is the strategy you use to get your customer to know you, like you, and trust you enough to become a customer.” Words to remember before mapping out any marketing strategy!
Rejection Proof, by Jia Jiang, is another book that I never knew I needed. In it, he describes how his first entrepreneurial dreams were met with rejection. Sound familiar? Throughout the book you will learn how to build that rejection muscle, and how to crush your biggest obstacle – the your fear of rejection. “It doesn’t matter how amazing your performance or products are, if you target the wrong audience, who don’t recognize, appreciate, or need your value, your effort will be both wasted and rejected. If something can’t hurt me, then why should it scare me?” Well then. (Exhale)
What have you been reading lately? Share your favorites in the comments!
-Mike
PS – I invite you to get in on the courses I have created for you to help you reach your potential, and more.
Uncover your confidence (get that mindset in check!)
PSS – Get the free resources for Profit First. From a Profit First One Sheet to finding banks to open your accounts in, it’s there waiting for you!
Remember – Profit is not an event. Profit is a habit!
Join the journey More Mike on Instagram
Check out our fresh new podcast! Mike Up In Your Business
The post Mike’s Likes – Can You Hear Me Now? appeared first on Mike Michalowicz.
February 24, 2021
Blend Marketing Spotted in the Wild
Truth time. Your mission, your whole business, depends on sales. To obtain these sales, you need solid marketing that converts. Likely, what worked last year won’t deliver the same results this year. So what’s your plan? How are you going to refresh your marketing strategies and stand out from the rest?
My favorite radio station growing up was WHDA in New Jersey. It was a rock station that would spin my favorite tunes from Def Leppard, Lynyrd Skynyrd and Pink Floyd. Bear with me. This story is going somewhere. It’s potent marketing lesson.
I remember the first time I heard Hot For Teacher, by Van Halen, on the station. I couldn’t believe music like that even existed. I sat in front of my boom box one afternoon, mesmerized by the pulsing drums. The only thing that broke my Van Halen hypnosis was when the DJ came back on and announced, in that cheesy DJ voice, “That’s the brand new one from Eddie and gang!”
He continued, “Do you have your DHA bumper sticker? They’re cool, they’re free and they tell the world that you listen to the rock of New Jersey! Each day our WHDA crew is driving around New Jersey looking for our next winner. If we spot you with the bumper sticker on your car, you will get the prize of the day!” Talk about marketing. I saw more kids with these bumper stickers than Van Halen t-shirts.
DHA has been cranking out the tunes for decades now, and I still listen in. While I am not listening in on my boom box, I do have it playing in the background on my Echo. Sure enough, a few days ago the DJ said “Remember this blast from the past?” and the very distinct Hot For Teacher drum beat kicked in.
This trip down memory lane sparked an idea. I could use a blend technique to market my books (and you can use it too). Blend Marketing is the method of using a marketing practice that exists in another industry and implementing it, in some fashion, in your own. How can a “bumper sticker” for one of my books be “spotted in the wild”, and be awarded?
For me, this was a watershed moment of marketing ideas. I could do actual bumper stickers or magnets. I could have people post a “bumper sticker” on social media. I could make it a hashtag. I could ask people to add it to their email signature.
Running with the idea I started a Different Is Better (DiB) experiment. I invited readers to put a digital “Different Is Better” bumper sticker in their email signature. It was a keyed (trackable) link that connected to a site with information about the book. And, the key, tracked who’s email signature caused the click. That was how we spotted the email signature bumper stickers “in the wild.”
As the DiB Experiment progressed we found elements that worked well and others that didn’t. Adjusting accordingly to make it more effective. It became a unique marketing approach to see a signature with a colorful “bumper sticker” displayed in so many entrepreneur’s emails.
Thank you Eddie and crew!
My marketing game has grown leaps and bounds over the last 15 years. Here’s to yours evolving too.
If you want to try your own Different is Better marketing experiments you can pick up the book and get all the free resources.
Stand out among the crows. Be different!
You’ve got this!
-Mike
PS. – Pre-order my next book, Different Is Better, for more marketing strategies and become the one who gets noticed in your industry.
PSS. – I invite you to get in on the courses I have created for you to help you reach your potential, and more.
Don’t forget! Check out the free resources for Profit First. From a Profit First One Sheet to finding banks to open your accounts in, it’s there waiting for you!
Remember – Profit is not an event. Profit is a habit!
Join the journey More Mike on Instagram
Check out our fresh new podcast! Mike Up In Your Business
The post Blend Marketing Spotted in the Wild appeared first on Mike Michalowicz.
February 18, 2021
Make Your Nemesis Work for You
We know what motivations us and makes us tick, but is there something that does the opposite? A quality, a system, a word – is there something that you strive not to represent? I have a place you can put that! It’s good t stay positive. At the same time, you don’t want to feed into that toxic positivity that decreases your awareness.
Introducing the bad box(mwah haah haaa). Along the way, I have learned to utilize what I don’t stand for and turned my nemesis into one of my biggest motivators. Check out this unconventional tool to create not only an awareness, but boundaries between you and what you want to not represent.
You’ve got this!
-Mike
The post Make Your Nemesis Work for You appeared first on Mike Michalowicz.
February 17, 2021
A Tale of Profit First Success
We love “transformonials ” – especially from those who have implemented Profit First. So when Sherri Tafoya, President and Founder of Customs Blinds & Design contacted us, saying she blasted through her revenue goal – in 2020, no less, we asked her to share her experience and she graciously obliged. We could not be happier for Sherri and her success, and hope that by sharing her story, you will feel empowered to implement the Profit First system if you haven’t already. Take it away, Sherri!
“I Founded Custom Blinds For Less, Inc. in February 2000 – part time, with the goal to quit my full-time job within one year. I just wanted to clear $500 a week to work from home, overseeing my 4 boys, ages 6-15 at the time. No money down as I didn’t have any. By the end of December, 2000 I had sold over $100,000 in Hunter Douglas shadings, through my company, Custom Blinds for Less, Inc. – as business progressed from my “shop at home”, model, I stepped out in faith- and opened a Hunter Douglas trademark Gallery Store in Lincoln 2005- then a second Gallery Store in Omaha, 2008.
Fast forward to 2020
We kicked in 2020 with outstanding sales. (Our company goal for 2020 was set at $4.1 million) Yet, I recall the inner struggle I had, as I kept repeating to my closest accountability partners, “something is in the wind, I just feel like something is not right”.
In late February, I met with my banker, Dave Shiffermiller, with Cornhusker Bank. Our business was experiencing record sales, yet, I was out of cash, out of line of credit, and I still had a loan on the business, along with payroll to meet, invoices to pay, etc. We opened my balance sheet together, and Dave said “Sherri, it looks like you are running just ahead of your sales. If you were to close your doors tomorrow, you might end up just about even, by the time we collect all the receivables, and pay all your payable, notes, etc”.
I was shocked at this review, as we were starting our 20 years in business celebration. I started this in business part-time, in 2000, loaded with a prayer and a fully stocked min-van. I went from zero dollars in 2000 when I stocked my van with samples, to finishing out 2019 with $3.8 million in sales, 2 showrooms, and 18 employees. I asked my banker” how I can turn this business around”? Now it was less about me and more about the 18 families I support, along with our ½ dozen sub-contractors. He asked me “have you heard about the book, “Profit First”?” Nope, never heard about it, but it was on my Audible read by the end of the day. I jumped right into the book, and when I got to the part about “bank account balance” accounting, I recall thinking- “Is this guy in my back seat??!!”, as this was exactly how I was running my books! I let the line of credit pick up the monthly sales tax of $30,000 plus or minus, as well as payroll, invoices, with the “cushion” of my line of credit. Everything ran out of the same account. I had a $100,000 loan on the business, and my line of credit was maxed at $175,000.
I did not waste time in setting up the core accounts! I filled out the Profit First financial status form, and I was further dismayed by the poor health of my business. I immediately figured my percentages of expense and started posting weekly (not 15th an 25th) percentages to each category. I started the profit calculation at 1%–(Ended the year at 3%)- Frankly, I was so passionate about the Profit First concept, that I couldn’t wait until the end of the week when I could portion out my cash receipts to the appropriate bank accounts. I set up a Sales tax account, and invoice account, and a payroll account, among the other recommendations by the book. I follow a strict budget and portion the fund percentage allotment each week. I keep a running Excel sheet to match up to my Quickbooks budget for 2021. (We finished well ahead of our lean Quickbooks budget!)
Fast forward to December 31, 2020 – I stayed on course. I paid off my loan and my line of credit before mid year. I paid cash for an added service vehicle. I have no credit card debt. I have 3% saved to my Profit First account (8% if you consider gross profit dollars vs. gross revenue). I have over $160,000 in Profit first accounts as of December 31! I’ve stayed true to the Profit First system overall. Next year, my goal is to start with 4% of all cash (minus sales tax) to move to Profit First account. Once I see that I can keep up with that, I plan to graduate to 5% for the second half of the year.
I want to dig in deeper with 3 months of cash stored away – “Vault” money- I need to dig deeper into the book to figure out how to do this- yet keep paying myself “Profit First”-!
However, I now know my balance sheet. It’s the easiest, cleanest read since I can’t remember when. Today, I am writing myself a check for $110,000, out of my Profit hold, and moving it to the other bank. I have $32,000 saved to pay taxes. I have an account for Sales tax, Invoices, and of course, PROFIT! Each week, I can’t wait until the weekend so I can move the funds to each appropriated account.
For 2020, we blasted through our 2020 goal by October 31- and we’ve since exceeded our annual revenue goal we projected through 2023 surpassing $5 million dollars in sales! What??!!! We sell a luxury product. How can this be in this pandemic crazy world of 2020?
For 2021 – Who knows what this crazy world situation will bring forward. Our company will remain diligent and focused on Profit First- taking one day at a time.”
We cannot thank you enough Sherri! Thank you for putting it all out there so others can learn from your awesome experience!
For more information about Sheri’s business, check out Customblindsdesign.com
The post A Tale of Profit First Success appeared first on Mike Michalowicz.
A Tale of Profit First Success from Sherri Tafoya, President & founder of Custom Blinds & Design
We love “transformonials ” – especially from those who have implemented Profit First! So when Sherri Tafoya, President and Founder of Customs Blinds & Design contacted us raving about the system, we asked her to share her experience and she graciously obliged. We could not be happier for Sherri and we hope that by sharing her story, you will feel empowered to implement the Profit First system if you haven’t already. Take it away, Sherri!
“I Founded Custom Blinds For Less, Inc. in February 2000 – part time, with the goal to quit my full-time job within one year. I just wanted to clear $500 a week to work from home, overseeing my 4 boys, ages 6-15 at the time. No money down as I didn’t have any. By the end of December, 2000 I had sold over $100,000 in Hunter Douglas shadings, through my company, Custom Blinds for Less, Inc. – as business progressed from my “shop at home”, model, I stepped out in faith- and opened a Hunter Douglas trademark Gallery Store in Lincoln 2005- then a second Gallery Store in Omaha, 2008.
Fast forward to 2020
We kicked in 2020 with outstanding sales. (Our company goal for 2020 was set at $4.1 million) Yet, I recall the inner struggle I had, as I kept repeating to my closest accountability partners, “something is in the wind, I just feel like something is not right”.
In late February, I met with my banker, Dave Shiffermiller, with Cornhusker Bank. Our business was experiencing record sales, yet, I was out of cash, out of line of credit, and I still had a loan on the business, along with payroll to meet, invoices to pay, etc. We opened my balance sheet together, and Dave said “Sherri, it looks like you are running just ahead of your sales. If you were to close your doors tomorrow, you might end up just about even, by the time we collect all the receivables, and pay all your payable, notes, etc”.
I was shocked at this review, as we were starting our 20 years in business celebration. I started this in business part-time, in 2000, loaded with a prayer and a fully stocked min-van. I went from zero dollars in 2000 when I stocked my van with samples, to finishing out 2019 with $3.8 million in sales, 2 showrooms, and 18 employees. I asked my banker” how I can turn this business around”? Now it was less about me and more about the 18 families I support, along with our ½ dozen sub-contractors. He asked me “have you heard about the book, “Profit First”?” Nope, never heard about it, but it was on my Audible read by the end of the day. I jumped right into the book, and when I got to the part about “bank account balance” accounting, I recall thinking- “Is this guy in my back seat??!!”, as this was exactly how I was running my books! I let the line of credit pick up the monthly sales tax of $30,000 plus or minus, as well as payroll, invoices, with the “cushion” of my line of credit. Everything ran out of the same account. I had a $100,000 loan on the business, and my line of credit was maxed at $175,000.
I did not waste time in setting up the core accounts! I filled out the Profit First financial status form, and I was further dismayed by the poor health of my business. I immediately figured my percentages of expense and started posting weekly (not 15th an 25th) percentages to each category. I started the profit calculation at 1%–(Ended the year at 3%)- Frankly, I was so passionate about the Profit First concept, that I couldn’t wait until the end of the week when I could portion out my cash receipts to the appropriate bank accounts. I set up a Sales tax account, and invoice account, and a payroll account, among the other recommendations by the book. I follow a strict budget and portion the fund percentage allotment each week. I keep a running Excel sheet to match up to my Quickbooks budget for 2021. (We finished well ahead of our lean Quickbooks budget!)
Fast forward to December 31, 2020 – I stayed on course. I paid off my loan and my line of credit before mid year. I paid cash for an added service vehicle. I have no credit card debt. I have 3% saved to my Profit First account (8% if you consider gross profit dollars vs. gross revenue). I have over $160,000 in Profit first accounts as of December 31! I’ve stayed true to the Profit First system overall. Next year, my goal is to start with 4% of all cash (minus sales tax) to move to Profit First account. Once I see that I can keep up with that, I plan to graduate to 5% for the second half of the year.
I want to dig in deeper with 3 months of cash stored away – “Vault” money- I need to dig deeper into the book to figure out how to do this- yet keep paying myself “Profit First”-!
However, I now know my balance sheet. It’s the easiest, cleanest read since I can’t remember when. Today, I am writing myself a check for $110,000, out of my Profit hold, and moving it to the other bank. I have $32,000 saved to pay taxes. I have an account for Sales tax, Invoices, and of course, PROFIT! Each week, I can’t wait until the weekend so I can move the funds to each appropriated account.
For 2020, we blasted through our 2020 goal by October 31- and we’ve since exceeded our annual revenue goal we projected through 2023 surpassing $5 million dollars in sales! What??!!! We sell a luxury product. How can this be in this pandemic crazy world of 2020?
For 2021 – Who knows what this crazy world situation will bring forward. Our company will remain diligent and focused on Profit First- taking one day at a time.”
For more information about Sheri’s business, check out Customblindsdesign.com
The post A Tale of Profit First Success from Sherri Tafoya, President & founder of Custom Blinds & Design appeared first on Mike Michalowicz.
February 10, 2021
Don’t stop! The world needs you
Do you ever need a little motivation? We all do at times. At the risk of sounding like a broken record, you have to push through and get out there, because the world needs you now more than ever.
I have to remind even myself of this. ‘What? You, Mike?” Yup.
Look, we’re human. Most days I am the go getter, the cheerleader, the mover and shaker of all things entrepreneurial.
There are those infrequent days however, that I find myself looking at the big picture and wondering, “Am I really making any headway?”
When you hit this wall, remember that the answer is HELL YES!
You must, must, must keep chipping away at your goals. You have what it takes.
It’s our responsibility as entrepreneurs to get out there and to serve our community. And that is far bigger than any fear – or exhaustion, you are experiencing. Keep going. Don’t stop. Don’t you ever.
You’ve got this!
-Mike
P.S. I invite you to get in on the courses I have created for you to help you master your confidence and selling strategies.
P.S.S. – Get the free resources for Profit First. From a Profit First One Sheet to finding banks to open your accounts in, it’s there waiting for you!
Join the journey More Mike on Instagram
Have you listened to the fresh new podcast? Check out Mike All Up In Your Business today!
The post Don’t stop! The world needs you appeared first on Mike Michalowicz.
Mike’s Likes – And an impressive sense of balance!
What are some things that are inspiring you lately?
This week I am going out on a limb and displaying some balancing skills. Happy to report no authors were injured in this video!
And, I wanted to share some more of my favorite things in no specific order.
My balance board. I love this thing. 1, I have actually mastered it. 2, It builds core strength. 3. I can use it while I work! Have you ever used a balance board? Even better if you bought it from a small business! Extra points if you post it in the comments!
Now for some more of my favorite books off my shelf:
Influence, The Power of Persuasion, written by Robert B. Cialdini, Ph.D. delves into the psychology behind the reasons people say yes. But, this isn’t a book about how to sell for the sake of selling, and is a deeper exploration in how to apply methods in your business and personal lives in an ethical, integral manner. “Persons who go through a great deal of trouble or pain to attain something tend to value it more highly than persons who attain the same thing with a minimum of effort.” (TRUE!) – Robert B. Cialdini, Ph.D.
The Alter Ego Effect, by Todd Herman (another mindset geek like me!) is another game changer. In The Alter Ego Effect, Herman shows you how to activate the Heroic Self already nested inside of each of us, through countless stories from salespeople, executives, entertainers, athletes, entrepreneurs, creatives and historical figures. He reveals that you may not be using those traits in the moments when you need them the most. From the creative entrepreneur who resisted their craft, to the accomplished military officer who wanted to be a warmer dad at home, Todd Herman’s clients have discovered there is no end to the parts of their lives they could improve by using Alter-Egos.
““Cary Grant once said, “I pretended to be somebody I wanted to be until finally, I became that person. Or he became me.””. – Todd Herman
Stay inspired!
-Mike
PS – I invite you to get in on the courses I have created for you to help you reach your potential, and more.
PSS – Get the free resources for Profit First. From a Profit First One Sheet to finding banks to open your accounts in, it’s there waiting for you!
Remember – Profit is not an event. Profit is a habit!
Join the journey More Mike on Instagram
Check out our fresh new podcast! Mike Up In Your Business
The post Mike’s Likes – And an impressive sense of balance! appeared first on Mike Michalowicz.
February 5, 2021
Your public declaration
Have you ever had a goal that you set for yourself, and once you told someone you realized, “Oh man, I better do that now!”?
That’s the power of a public declaration. It all goes back to accountability. My team and I have a few accountability avenues such as professional and personal goals written out by our desks and an exercise text group. And, it’s not just about accountability. By telling each other what we want, we automatically get support from each other. Not too shabby.
Wishing you a successful week! You’ve got this!
-Mike
The post Your public declaration appeared first on Mike Michalowicz.
February 2, 2021
What’s your daily different?
This is such a small example, but check out the video ask I mock myself for your benefit and ask, what is your “different”?
What do you that’s different from all the others? At work or play, do something different daily, and watch your creativity grow.
You’ve got this!
-Mike
The post What’s your daily different? appeared first on Mike Michalowicz.
Do Different – Marketing
If you want to stand out, if you want to serve your clients better than anyone, you must be different.
“The lack of marketing—good, effective, different marketing—is the driving reason for small business mediocrity and stunted growth. Too many great products and services languish in obscurity.”
This is the first line in my next book, Different is Better. I hope it hits home with you, because it’s crucial for you to understand in order to move your business forward.
The world is changing. And we need to keep up. How do you plan on standing out from the others in your industry? Here are some things to keep in your mind (and move your, uhm, business):
Marketing is your responsibility – First, you must adhere to this statement as law. There are plenty of reasons to stop yourself from marketing, but for now, I will call them excuses. (I know, ouch.) You have a business because you have a wonderful product that will serve your community of customers and clients. How do you expect to serve, if you won’t even attract their attention? Marketing isn’t about you alone. It’s about your family, your clients and the world at large. If you offer something that serves, you must make everyone aware of it. Here’s a little more about moving past marketing trepidation: Click hereThe DAD Framework – Any marketing you create, I want you to ask yourself, “Does Dad Approve?”. You need a system for your marketing When you’re embarking on a new way of doing things in your business it can get a little overwhelming. Because of this I created The DAD Framework. Here are the highlights:Differentiate – Get your prospect’s attention. Are you differentiating yourself from others in your industry? Do your customers take notice? You must do something that is radically different. If you do what everyone else is, it’s common noise and you will blend in. Attract – Engage your prospect. Get the right audience compelled and interest in the opportunity that’s in front of them. Direct – What do you want your prospects to do now that you have their attention? What is the step you want them to take? Is it “Buy Now?”. Maybe it’s a more reasonable ask. Ask too much, it could turn them away. Ask too little, it could take them too long. So be careful to maintain a balance.3. What is your “est”? Are you the smartest, funniest, or the cheekiest? What is your “est” that you can use as an angle in your marketing? What is an amplification of who you are already, naturally. And if you are in the marketing department, what “est” most represents an amplification of your company’s values?
These are just a few tips to get you started on finding your different, and getting you on track to marketing with the different is better mentality. Do not be afraid to stand out, and ultimately, serve your clients better than anyone else.
Be different! You’ve got this!
-Mike
PS – I invite you to get in on the courses I have created for you to help you reach your potential, and more.
PSS – Get the free resources for Profit First. From a Profit First One Sheet to finding banks to open your accounts in, it’s there waiting for you!
Remember – Profit is not an event. Profit is a habit!
Join the journey More Mike on Instagram
Check out our fresh new podcast! Mike Up In Your Business
The post Do Different – Marketing appeared first on Mike Michalowicz.
