Mike Michalowicz's Blog, page 37
March 11, 2021
Profit. It’s not an ugly word.
Recently, Brian Sly of Emblem Inc., shared his thoughts about profit and how his understanding of it had been flipped through Profit First. Check it out:
“Profit was always an ugly word. I attended networking events with the mantra “Purpose Over Profit.” And I was applauded for it by other attendees.
But we were all wrong.
The dirtiness of the word profit was my own insecurity around lack of understanding the business world. I was conditioned, through the news and others outside of the entrepreneurship bubble, that if I had profit, I was greedy and taking advantage of people.
That mindset was horrible to someone like me, moving from hobbyist to freelancer to business owner (as an artist without a business background). I’m sure it played an underlying role in how I priced services, how I valued my time, and the way I viewed my role as someone in service to others.
Profit isn’t a dirty word. It’s a misunderstood word. And until I tackled my own misconceptions about it head-on, I was going to continue living a freelancer life, despite what Illinois viewed as a legal entity.
I owe Brandon Neely and Amanda Neely more than they may ever know. By introducing me to the Profit First model years ago, I have been able to see a much more realistic view of financial health.
Rather than my ignorant Purpose Over Profit mindset, I actually have more purpose in my life, knowing all of the good I can do combining Purpose With Profit.”
We can’t thank Brian enough for sharing his experience!
Sharing your knowledge is one of the most powerful actions you can take to help others. Whether it’s about Profit First or another method you discovered works for your business, get out there! Make in known and help your fellow entrepreneurs!
-Mike
PS – 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 Profit. It’s not an ugly word. appeared first on Mike Michalowicz.
March 10, 2021
Mike’s Likes – Self Reliance and getting TED worthy
Last time I showed you an awesome mic, this time I am showing you how to soundproof. What can I say? If
you have to pivot to virtual speaking engagements, the least you can do is sound good!
Want to soundproof for better sound quality? Get this!
What am I reading? So glad you asked:
John Jantsch is friend and mentor and I am eating up The Self Reliant Entrepreneur. It’s got a meditation for every day of the year to inspire your entrepreneurial spirit and motivate you to. From a review: “John distils centuries of wisdom to short daily bite sized chunks immediately gain access to a deeper level of leadership and growth in your business. It’s so simple and easy to use. But has profound impact on those that read it”. Check out The Self Reliant Entrepreneur here.
The Guide to Being TED Worthy by James Bates , is my go to when I need a touchstone for upping my speaking game. It doesn’t hurt that James Bates is my speaking coach, either. Speaking is the most effective way to influence our fellow humans, and this book will help you become a more effective speaker and leader. Check out the method James has taught to TED and TEDx speakers, the NASA astronauts, top executives, and other leaders around the world. Not to mention, there’s some surprising and profound advice from Snoop Dog we can all apply.
I’d love to know what some of your favorites are that keep your head in the entrepreneurial game. Share them 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 – Self Reliance and getting TED worthy appeared first on Mike Michalowicz.
March 5, 2021
Any age, any stage
Is it too late to realize your dreams?
My 93 year old dad is going back to college. How’s that for motivation?
What’s holding you back? Don’t limit your beliefs – that limits you. Most of the time we see obstacles in our way and let some of our ambitions sit on the back burner. Meanwhile we could experience amazing transformations.
There are tons of very good reasons to put things off and lose motivation – Covid, family commitments, work, finances to name a few. But what if you stayed open to your own development?
If you want to go back to college, get a master’s or a PhD, maybe you could take one class to start. If you want to get fit, maybe you start by simply going for walks. If you want to travel, you could start with a small road trip. If you want to write a book, well, send me an email! Each small step you take will only invigorate and empower you.
Life is action, not a thought. Your evolution is never over. Embrace that it’s natural to grow and transform.
Have a dream that feels out of reach or that you haven’t accomplished yet? I don’t care what age or stage you are in. We’re just getting started.
I cannot wait to see what you accomplish.
-Mike
The post Any age, any stage appeared first on Mike Michalowicz.
February 26, 2021
Don’t Stop!
Keep producing!
There are always going to be times in our lives that are overwhelming. We’ve seen that this past year especially. I know for some, the uncertainty can be paralyzing.
Here’s the thing. You have to keep going. You have to keep producing content, creating products and getting out there. Because if you don’t, you won’t be seen. Ultimately, someone else will, and they will be the one to win your client’s business.
Ok Mike. Good for you. You’re a go getter. True, but we all have our days. Note leaking ceiling and damaged furniture. The day I recorded this video I had virtual speaking engagements, calls to colleagues, podcasts to record and course content to create. Did I want to go home and take a break from it all? Maybe. Did I? Nope. And when I did go home that night, I felt accomplished. That leaking ceiling? It was still there, but it didn’t feel like such a huge imposition anymore.
Here are some things to remember when the going gets tough.
Control the things you can. Breaks are good. Productivity is better. There is no better medicine for being overwhelmed that feeling accomplished. When we take control of what is realistically controllable, we feel less overwhelmed. We all want a break at times, but I also believe that productivity it the key to moving forward and out of a rut. In our office, we use Monday to keep our tasks in order. Every time we mark one as done, we feel accomplished. The day was not lost!
Recognize when a break is imperative. Conversely, it’s important to recognize when you really need a mental or physical break. Sometimes you will need to regroup, and that means putting yourself in another environment so you can catch your breath and gain some new perspective. You probably know that for me, this translates into some form of exercise – using some weights, going for a run with my daughter or a hike with my wife. It’s amazing how therapeutic movement can be. (Even better when it’s with some of my favorite people.)
There’s so much to be grateful for. Focus on that. The challenges? They will be worked out.
You’ve GOT this!
-Mike
The post Don’t Stop! appeared first on Mike Michalowicz.
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.
