Mike Michalowicz's Blog, page 37

Serve the world

For years, I have been thinking about how I could benefit from my business.

These days, I realize our businesses are doing more than serving just us – they are serving the world.

Chew on that.

This is a fundamental shift. It’s not just the gains for you personally. Each of us has the opportunity to change the world through our businesses.

So how can you best serve?

Step 1 – Be of selfless service, by taking care of yourself first. We hear about self care a lot these days, and that included being fiscally responsible. You can’t run a business if you’re not.
Step 2 – Once you are grounded in that fiscal responsibility, you are set to serve others and move the world forward.

Know your purpose. Serve the world.

-Mike

PS – We’re big on paying it forward. Want to get on board? Email us and tell us your story! We want to hear your Profit First or Clockwork testimonial. Email Jenna@mikemichalowicz.com, and we will share your story on our social media platforms so that business owners like you benefit as well!

Join the journey – Instagram

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The Best Way to Begin Profit First

I’ll level with you. I receive a ton of email about my books, and Profit First is no exception. Oftentimes, business owners are reluctant to implement something new – even if it could very well be the saving grace of their business.

For this reason, may I suggest – just start slow!

It is human nature to feel overwhelmed when it comes to starting something new.  The Profit First methodology, while simple overall, may feel like a whole lot of information coming your way at once. And as you read, you will have questions, and more questions.

Here are some simple steps to ensure you get traction in your business while reading Profit First:

Step 1 – set up one bank account, and name that baby PROFIT. Now you know there are more accounts to set up than this. But you can do this one step within the next 30 minutes. And this one step is the point where the rubber meets the road!
Step 2 – Transfer 1% to that Profit account. Now that may seem inconsequential, but as money in this account accumulates, ultimately you will have profit!

Other useful tips:

It’s important to read Profit First all the way through. Questions will arise while you’re reading, and most of them will be answered as you continue on.
Complete the assessment! I get email from readers saying the email is daunting because it’s going to tell the truth about your finances in your business. But, NOTHING is more empowering. Even if you see a ton of room for improvement, the assessment give you accountability and ownership – read, CONTROL – over your finances. And that my friend, is one of the best steps you can take.
Avoid the boomerang effect – Some companies went all in, to fast, and lost sight of following the Profit First system, therefore going back to their old ways (yes, I’ve received emails regarding this, too).
Know that there are over 300,000 companies who have implemented, successfully, Profit First. YOU CAN TOO!
Email me! Let me know you are reading Profit First and that you’ve “drawn your line in the sand” (if you’re reading you’ll know what I mean!) and I will respond to you.

Lastly, I invite you to 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!

Check out the free resources

Remember – Profit is not an event. Profit is a habit!

-Mike

PS – We’re big on paying it forward. Want to get on board? Email us and tell us your story! We want to hear your Profit First testimonial. Email Jenna@mikemichalowicz.com, and we will share your story on our social media platforms so that business owners like you benefit as well!

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The Introverted Entrepreneur – The Latest Mike Up In Your Business Podcast

Is it possible to run a business without the outgoing traits of a prototypical leader?

Find out when we talk with Urban Wellness Counseling owner, Maureen Werrbach, LCPC. We discuss the advantages of being an extreme introvert while on your own entrepreneurial path.

Check out this fresh perspective on this episode of Mike Up In Your Business.

 

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The Importance of Friends



We talk a lot about how to improve and maintain a solid mindset. One of my secret ingredients? Friendships.

Did you know there was a recent Harvard study that determined our social interactions are just as important to our health as sleep, exercise and diet? 

As entrepreneurs, we spend so much time working. And sure, we have friendships within work and speak with clients and colleagues. But we need to remember to carve out time for friends, new and old. For our well being, and theirs.

Reach out to a friend today. Check in on them and share some experiences.

You’ve got this! – Mike.

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For positive results in your business, do this!



The results you want? It’s all in your head!

What I mean by this is simple. The more positive you are, the more positive results you will drive. Check out this quick video to for some quick how to’s.

You’ve got this! – Mike.

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Make Someone Smile

 

Someone is excited about receiving their You’ve Got This t-shirt!

Meet Paul Maskill – Entrepreneur, and clearly on board with the encouragement movement! Paul’s key focus is helping small business owners automate their businesses. Our kind of guy!

This is the kind of spirit we love to see. Business owners helping other business owners, and encouraging those in their community.

This is why you’ve seen me wearing my You’ve Got This t-shirt so often… (I promise I do laundry just as often, and have more than one of these t-shirts!)

Call it an air high five. It’s just one way to uplift others and make them smile. And can’t we all use that right now?

Check out this video from me about the shirt.

Let’s start an encouragement movement, even in a small way. To order a t-shirt (women’s and men’s styles) CLICK HERE!

Make someone smile!

You’ve got this!

-Mike

 

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Testimonial – How Profit First Saved My Business (Check out the call to action at the end to help others!)

We get lots of email here. Oftentimes we get testimonials – no, transformonials, about how Profit First saved or improved a business. These emails are my favorites. Not so I can pat myself on the back, but so I can share them with you to help you and other business owners achieve great success. 

Earlier this month, Dave Fedoroff, the owner of Smorgasburg, wrote to me. He was responding to an email I sent all of you about the current state of affairs. He told me that in this crisis, his business is doing better than ever.

Why? Say it with me – because Dave had implemented the Profit First system in his business. Check this out! 

********

I’m a Philly guy, and moved to NYC because my wife went to school here. I had a job bagging groceries at Trader Joe’s but secretly longed to turn my passion for making South Philly Italian sandwiches, like the cheesesteak and roast pork broccoli rabe, into a career.

I had never worked in a restaurant before, and had no idea where to get started. My wife talked me into selling my sandwiches at street fairs. We started the business on the side, and it grew our main source of income. We did well and after a year opened a store.

The main problem we were facing was lack of money. We were making lots of money every month – I just didn’t know where it was going.

When we started using Profit First, it just really helped us manage our money better. Some months, our P&L showed a profit of 7% but my account was overdrawn $300. So we didn’t really profit 7%. Now that we’re using Profit First we know the exact number that we’re profiting every month. It also gave very useful guidelines about how much we should be profiting, paying ourselves, and how much savings we should have. It was also really helpful with prioritizing things like the importance of paying off debt first. All things we had no idea about when we were starting off. After 3.5 years in business my wife and I were finally able to pay ourselves a salary we could live comfortably on and earn quarterly profit distributions thanks to the Profit First system

 When the pandemic hit, restaurants were closing everywhere. But our numbers went up. WAY up.

 Our take out and delivery model positioned us perfectly for this kind of crisis. In terms of business, 2020 has been the best year we’ve ever had by far.

 Anyway, I thought you’d find it interesting to hear a story where a business actually came out of this crisis better then where they went in.

 I cannot tell you how much your books and podcasts have helped our business. I wish I had read profit first years ago. Thank you Mike!

**********

Stories like these are uplifting and illustrate how Profit First really works. So how do we get it into the hands of more entrepreneurs t help them improve and save their businesses? You can help! I am calling on you to share the good in these 2 ways – with rewards for you of course:

If you read and loved the book, help your community of fellow business owners get a hold of it. Leave a review on Amazon by following this link: Amazon review. As a thank you, we will give you free access to my T4 training. Email jenna@mikemichalowicz letting her know you posted a review, and she will send you your free access to the T4 training.

Have a business transformation to share? Please email jenna@mikemichalowicz.com to share your good news. We will then feature your story on our blog and social media platforms. 

Thank you for your help my friends. As always, I am rooting for you and wishing you tremendous success!

-Mike

 

 

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A fresh new podcast for you

Business podcasts – they’re like free coaching through shared stories and experiences from business owners. At least, they should be. 

Time to say Goodbye

All good things must come to an end. That’s why we recently stopped recording the Entrepreneurship Elevated podcasts. We loved our maiden business podcast. We loved every topic and every guest we had join us. We loved our jam sessions, laughs at my expense, and the levity, inspiration and direction we created. After nearly 300 episodes, we felt it was time to say Goodbye to Entrepreneurship Elevated, and time to…Drumroll please…

Say Hello

We needed to shake things up. So after a lot of planning and a lot more new technology, we created an entirely new, fresh and improved podcast. Boring it’s not!  We are getting real. Like really real. And getting all into your business. 

Introducing

Mike Up In Your Business

What’s THIS about?

Hope you like a little grit with your Business Ed. Our new business podcast format includes conversations ranging from success stories from a business owner who was a teen mom on food stamps, to the cold war with China and the impact on your supply chain to small business money management. 

Every week we dive into interviews with real entrepreneurs who have been in the trenches. These guests do not hold back. They give us the good, the bad and the ugly when it comes to starting and growing a business. Each episode is a deep dive, and an opportunity to pick relevant action items to apply it to your own business. 
We’re giving back. The greatest wealth you can share is your knowledge. The guest and I are sharing our experience, how to’s and recipes for our secret sauce, with nothing asked in return. When you hear these shared stories, you will feel humanized as a business owner, uplifted and well informed. 
Prepare to be inspired, motivated, educated and yes, shocked. (That last part there is sometimes my favorite!)

Join us as we journey on into this new podcast format. It’s a wild ride out there right now. Let’s kick some butt together!

-Mike

PS – Do you or someone you know have a story to tell that will undoubtedly help others strengthen their business? Reach out to Jeremy, our podcast producer extraordinaire: askmike@mikemichalowicz.com for a potential guest spot on Mike Up In Your Business!

 

Join me on the journey Instagram

 

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Kick 2020’s butt!



There are a lot of 2020 memes floating around out there…none of them pleasant.

How will 2020 end for you? Some of you have told me you’re doing just fine. Which makes me incredibly happy. At the same time, many of you have told me your business is struggling. (Pan to my sad and concerned face.)

What if you created your OWN destiny this year? What if when 2021 rolls around, you’re proud of what you’ve accomplished despite the circumstances? 

You can. I know you can. I have faith in you.

The only way to build and grow your business (read, PROFIT) around is to switch things up. Your usual structure may have worked up until now. But if you’re facing new obstacles, it’s likely the old ways of overcoming them will not work.

New problems = new solutions.

If you haven’t checked out The Business Hierarchy of Needs yet, it’s time. See how it breaks down your business’ needs in 5 levels?  Built on one another, starting with sales, you have to know which area requires improvement the most in order to succeed. Do you know just by looking at it where your biggest needs are? Likely no. So it’s time to read the book and take the evaluation to determine where in your business needs attention NOW. 

I will say that in the current macroeconomic crisis, sales and profit are the levels business owners tell me they are most concerned about. Before you start a misguided marketing plan for sales, or start hoarding money for profits, you may want to check out Fix This Next to learn about the specific steps in the methodology to garner the results you NEED. And fast. 

This system gets into the nitty gritty of the vital needs in your business. When it was written, we could not have dreamed that we would be facing an economic crisis. It ends up, Fix This Next was written particularly for this situation we are facing now. All businesses are going through their own microshift. My question to you is, HOW will you shift your business? You can get your tools to do it (and kind of on the cheap) by following the book. 

Some of you receiving this email are already Fix This Next Advisors, and I am so proud to have you on our team of good folks who seek to help others succeed. For those of you who want some guidance, take the free evaluation. After completing it, you may connect with a certified advisor if you like.

You can achieve your dreams for your business – even in this macro-economic crisis.

Let’s crush the rest of 2020. 

-Mike

PS – we want to hear from you! What are the challenges the pandemic has created in your business? Complete the survey HERE and we will work toward creating resources for your unique needs.

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Want permanent profitability? Get Profit First



I am so pumped! To date, over 350,000 businesses worldwide have obtained permanent profitability using the Profit First system. (Insert happy dance here.)

Have you read it? If not, I think it’s time…Because you want permanent profitability. And because the world needs your success right now. 

Reading Profit First and applying the methodology is the most cost effective way to transform your business and drive permanent profitability. 

You will discover how to:

Stop being surprised by the biggest bill that most businesses are least prepared for – Your tax bill! 
Create financial behavior patterns that work. Profit First is a behavioral based money management system. Your spreadsheet isn’t enough. You need business accounts and accountability. You will learn how to intercept financial patterns that are holding you back from the profits you should be getting. 
Start living within the true lifestyle your business can provide you – you must take quarterly profit bonuses!
Grow your business faster – NO more pot shots. You simply amplify what works in your business. When you utilize The Profit First system, your business will grow faster than others because you will learn what propels it.

Want proof? Check out just one of many testimonials from a business owner who experienced a monumental shift in her businesses. Click here for an example of how Profit First Works.

Become one of the success stories. Get your copy of Profit First HERE.

Here’s to your permanent profitability! 

You’ve GOT this!

-Mike

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