Mike Michalowicz's Blog, page 39

Writing a Business Book

When you have an idea for a book, where do you start?

One of the most common questions I am asked is how to write a business book. You can outline and write, but don’t think for a second that even the most prolific author doesn’t do this one thing:

Research!

Sure, every business book begins with an idea. But no one knows every single detail necessary to weave a story, theory or system, into pages upon pages to create a succinct book.

When writing a business book I find that the research usually takes longer that the writing itself. The best part? The research for a book takes me on a journey I never expected. It has become my favorite part of writing.

When I was writing Fix This Next, I researched The Winchester House. This place was built with addition upon addition to improve the house, and it went nowhere. I mean there were actual stairs that leading nowhere. My wife and I even visited it when we were out in California to see for ourselves. (I take my research pretty seriously, after all.) What’s the connection? Fix This Next is a system that diagnoses the vital need in a business, how to navigate to correct it. It fixes the business, instead of getting nowhere, which is a common trap.

Research takes you on an unexpected path when writing a business book (or any book!). Be prepared for the journey to be very fluid, and try to lean into that! You may not end up where you originally thought and that’s ok!

For my next business book, I am delving into the research journey once again. Suddenly I am reading about the iridescence of butterfly wings. Not exactly what I anticipated I’d be doing with my day, but I love this learning process and how it opens my mind. Most of all, I enjoy finding the analogies I come across. And of course, sharing what I learn with others so they can succeed as well.

What are some of the processed you have in place for your business? What is your favorite part?

*******

Check out my Recession Response – the resources you need to succeed in the current economic environment.

Join me on the journey on Instagram

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Writing a Business Book – and a fun surprise

When you have an idea for a book, where do you start?

One of the most common questions I am asked is how to write a business book. You can outline and write, but don’t think for a second that even the most prolific author doesn’t do this one thing:

Research!

Sure, every business book begins with an idea. But no one knows every single detail necessary to weave a story, theory or system, into pages upon pages to create a succinct book.

When writing a business book I find that the research usually takes longer that the writing itself. The best part? The research for a book takes me on a journey I never expected. It has become my favorite part of writing.

When I was writing Fix This Next, I researched The Winchester House. This place was built with addition upon addition to improve the house, and it went nowhere. I mean there were actual stairs that leading nowhere. My wife and I even visited it when we were out in California to see for ourselves. (I take my research pretty seriously, after all.) What’s the connection? Fix This Next is a system that diagnoses the vital need in a business, how to navigate to correct it. It fixes the business, instead of getting nowhere, which is a common trap.

Research takes you on an unexpected path when writing a business book (or any book!). Be prepared for the journey to be very fluid, and try to lean into that! You may not end up where you originally thought and that’s ok!

For my next business book, I am delving into the research journey once again. Suddenly I am reading about the iridescence of butterfly wings. Not exactly what I anticipated I’d be doing with my day, but I love this learning process and how it opens my mind. Most of all, I enjoy finding the analogies I come across. And of course, sharing what I learn with others so they can succeed as well.

What are some of the processed you have in place for your business? What is your favorite part?

*******

Check out my Recession Response – the resources you need to succeed in the current economic environment.

Join me on the journey on Instagram

The post Writing a Business Book – and a fun surprise appeared first on Mike Michalowicz.

The Writing Process

When you have an idea for a book, where do you start?

One of the most common questions I am asked is how to write a book. You can outline and write, but don’t think for a second that even the most prolific author doesn’t do this one thing:

Research!

Sure, every book begins with an idea. But no one knows every single detail necessary to weave a story, theory or system, into pages upon pages to create a succinct book.

When writing a book I find that the research usually takes longer that the writing itself. The best part? The research for a book takes me on a journey I never expected. It has become my favorite part of writing.

When I was writing Fix This Next, I researched The Winchester House. This place was built with addition upon addition to improve the house, and it went nowhere. I mean there were actual stairs that leading nowhere. My wife and I even visited it when we were out in California to see for ourselves. (I take my research pretty seriously, after all) What’s the connection? Fix This Next is a system that diagnoses the vital need in a business, how to navigate to correct it. It fixes the business, instead of getting nowhere, which is a common trap.

For my next book, I am delving into the research journey once again. Suddenly I am reading about the iridescence of butterfly wings. Not exactly what I anticipated I’d be doing with my day, but I love this learning process and how it opens my mind. Most of all, I enjoy sharing what I learn with others so they can succeed as well.

What are some of the favorite parts of your processes?

*******

Check out my Recession Response – the resources you need to succeed in the current economic environment.

Join me on the journey on Instagram

The post The Writing Process appeared first on Mike Michalowicz.

Going Virtual – How Live Events are Pivoting

Hey, remember conventions? Remember keynote speeches? Remember live summits? Me too. And now it’s all changing.

Our current health crisis has forced you to pivot your business. And now, it is forcing you to pivot you hosting or attending your live event. 

Recently, the decision was made to turn ProfitCon, an annual, three day live event, to a virtual event. Ouch. How do we even do that? 

Is this the new normal? While that’s not completely clear, it sure is the new “right now”. I am no stranger to virtual events, but now, there’s not much of a choice. Here’s what I’ve noticed about it lately:

There are some obvious downsides to live events pivoting to virtual events. When it comes to the cons, you definitely lose the tactile experience. For one, people are more distracted during a virtual event. I can’t see if someone is checking their email, making a sandwich or just not engaged at all. Moreover, it’s the energy alone that I miss. That energy of a live event is just palpable. From the excitement of the audience (or side eye, depends on the audience member) to the adrenaline I have pumping through me before I walk out onto a stage, a live event is much more, well, alive. And, obviously, there is the loss of that human component. When the virtual event ends it ends with a click, and a blank screen. I miss that opportunity to really interact. To shake hands and even break bread with others. 

Hm. Maybe we should be having virtual dinners after these events…

I will counter all of this by saying virtual events have proven to have some pleasant surprises. You know I live for the silver lining! By going virtual the number of events you are able to present increases dramatically. Usually, one live event can take up most of a week. Really! They usually take 2-3 days between travel time and the event itself. Virtual events? You can conduct 2-3 events per day if you want to. (You know, in case your’re as nuts as I am.)

Another huge surprise for me with virtual events? Connection with individuals in the group can be stronger. At a live event, you can hear laughter and applause, which you obviously cannot hear virtually. But, I have been pleasantly surprised that engagement actually increases through virtual events. The ability to type in questions during the event allows you to be much more responsive to individuals as you present. And, for an audience member to walk away with real answers after an event is extremely gratifying. And, there is a greater form of access and quality for the audience themselves. Some virtual events are arranged so you can view everyone on the screen, they are just as visible as you are – so there is much more intimacy, which I did not expect at all. I can work with this!

Do you want to host a live event? Set up your home office or presentation space as a broadcast. While you don’t have to spend an enormous amount of money on your equipment, you do need the right equipment. Here are some tips:

Audio – Above all, quality audio is key. If your audience can’t hear you they’re outta there! Once you have your audio nailed down, it’s time for…

Lighting – Make sure you are lit so your audience can see your face clearly. While back lighting may look cool in a portrait, it will blur your face or make it impossible to see you in a video format. Which brings me to…

Camera – Get one. Again, it doesn’t have to be fancy, but check reviews and make sure it is going to serve your purpose for your plans. 

I know the world is asking a lot of you right now, and this is just another piece of it. The face of our events may be changing – but our connection doesn’t have to. In fact, it can make our connection stronger than ever if we embrace it.

Keep kicking butt, my friends. You’ve got this.

*****

For more tips on managing the current economic crisis, check out href=”https://mikemichalowicz.com/recession-response/”>The Recession Response.

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An Interview with Alex Boghossian – Co-Founder of 301AD

I have to take a moment to give a huge shout out new entrepreneurs right now.

We are facing uncertainty in our lives and businesses. Can you imaging starting your business during a pandemic? Plans were made before Covid-19, and new entrepreneurs? They are learning how to pivot, and fast, to get their businesses off the ground.

Last week I had the opportunity to interview Alex Boghossian, Co-Founder of 301 AD.  Alex, along with two other entrepreneurs, established 301 AD, a start-up apparel & clothing brand, in January 2020. Their mission? To create affordable products with Armenian elements within mainstream fashion. And, relevant to the times, they are doing this by combining the power of modern fashion and Armenian components of resilience, faith, and survival. What better themes to showcase at a time like this?

The curve balls thrown at all business owners has left us looking at new ways to sustain our businesses. One of the ways 301 AD is doing this is through crowd funding on Indiegogo. Similar to Kickstarter, Indiegogo brings together a community to gain support for their mission.

Always one to support new entrepreneurs in their journey, here is the ink for 301 AD’s Indiegogo campaign.  Also – and I am so impressed with this – 301 AD is currently fundraising not just for them, but for Covid-19 relief for Armenia. They will contribute a whopping 33% of their proceeds to this cause. What a phenomenal example of generosity, and keeping with their values. There are 3 more days to contribute, and I hope you consider it.

I am wishing all business owners, especially new ones, tremendous success!

 

Check out 301 AD on Instagram 

 

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Triple Punch Tax – A Warning

I want to share a warning with you about the taxes that are coming your way. I don’t want you to be shocked or unprepared.

U.S. small businesses have received an extension for the first quarter 2020 estimated tax payment. The first quarter estimated tax payment that was originally due April 15, 2020, is now due July 15, 2020. Additionally, the second quarter estimate originally due on June 15, 2020 is now due on July 15, 2020. Estimated taxes for the third quarter are still due September 15, 2020. As a result, three tax payments will be due within 60 days of each other.

Some business owners are treating the postponement of taxes as “free money.” It is not. Taxes are still due. The same amount still needs to be paid. The due date changes simply afford you time to focus on other business priorities, it does not alleviate your tax burden.

Treat your taxes like they are due on the original dates. Put the money aside and don’t use it for any other purpose.Then pay your estimates by the new due dates. Businesses owners who fail to prepare for The 60 Day Triple Tax Punch may experience devastating cash flow challenges as a result.

I have provided additional resources like this on Recession Response page. I know it will serve you.

I am wishing you tremendous success.

You’ve got this!

– Mike

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Building Your Legacy – Yes, Even Now

When it comes to your business, what does creating a legacy mean to you?

When I was interviewing business leaders and owners for Fix This Next, I made a profound discovery. The ones who had already achieved the first four levels in The Business Hierarchy of Needs and were in the Legacy level, said they are not business owners.

Huh? I needed clarity. How do you leave a legacy for your business and not own it? You know what they told me? They are business stewards. They never really “owned” their businesses. Their job was to raise their business to be independent of them. Eureka! What a profound realization.

As a steward of your business, it is your responsibility to bring life to the business. More importantly, it is about that business continuing into perpetuity without you! To create a legacy, you must create permanence in your business. And, it must be designed to run on its own.

Boom. When that mindset shift occurs, a business is positioned for legacy. It will live on and continue to impact the world – permanently.

You see, legacy is not about money, power, or how much fame you have. Wait what? As a young entrepreneur, that’s sure what I thought it was about. Ends up, legacy for your business is all about it continuing to have an impact on your community, your customers, culture, and the world. And without your active participation.

Apple runs without Steve Jobs. Mary Kay runs without Mary Kay. Countless companies are living long after the involvement of the business owners ended. And that is exactly what the founders wanted.

We’ve been looking at The Business Hierarchy of Needs, and Legacy is way up at the top. To achieve the Legacy level the owner must care more about the corporate legacy vs his personal legacy. This should be the objective of your business.

In the current environment, your ideas about your legacy may have been changing. But be sure you always have an idea of what you want your legacy to look like.

So what is the recipe to leave your legacy (and your ego at the door?) Let’s get into the 5 Vital Needs of The Legacy Level:

Community Continuance

Do your clients support your business? Do they support it in a way that is authentic to your intentions?
Intentional Leadership Turn

Is there a plan for leadership to transition and stay fresh? Do you have a plan for people to take over leadership of your business when you are ready to move on?
Heart-Based Promoters

Is the organization promoted by individuals inside and outside of it, without the need for direction? Do they see the greater mission and become curators themselves?
Quarterly Dynamics

Does your business have a clear vision for the future? Does it dynamically adjust quarterly to make that vision a reality?
Ongoing Adaptation

Is your business designed to constantly adapt and improve? Does it find ways to get better and beat itself?

This is just a summary of the 5 Vital Needs of the Legacy level, but you can see why, right? Review these 5 Vital Needs within your business and assess where you are in leaving your own, or your company’s, rather, legacy.

Remember – Legacy isn’t about going public, or making billions of dollars. Legacy is about making your mark on the world. The way you intended.

-Mike

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Make an Impact

Why did you decide to start your own company?

When I ask business owners and entrepreneurs this question, it is most often answered, “I wanted to make a positive impact in the world.”

The same is true for me. Yes sure, I wanted to be my own boss, do work that brings me joy, create my own systems, have financial freedom…but the end game is that I wanted to make things better through my business. I wanted (and still want) to eradicate entrepreneurial poverty. To make the world a better place for me, my family, and my community.

I know – with the current state of things you may be feeling as though your dreams are a lofty goal, and need to take a back seat. Your business has a crisis to survive, after all. But you can accomplish both survival (heck, thriving) and impact – even during a pandemic.

You are closer to your dreams than you may feel right now. They don’t have to fall by the wayside.

The biggest impact you can make right now is through HOW you serve your clients and community in the face of one of the biggest challenges in our lifetime.

But you can’t do that if you don’t have a solid foundation in your business.

So let’s recap what I have been posting about: Using The Business Hierarchy of Needs (The BHN) is the key to the success of your business right now. Let’s take a look again at the model:

You have to “get” in order to “give. To reach the IMPACT level, you must assess the vital needs of your business in the three first levels (the “get” levels) of the Business Hierarchy of Needs. You must GET enough cash (SALES), stability (PROFIT), and efficiency (ORDER) to maintain a strong foundation. It’s easy to lose sight of your dream and get wrapped up in the day to day operations of your business. But if you have these three levels working consistently, you can, and will, see your impact. And be able to give.

Great Mike, thanks for the pep talk, but things are a little different than when I first started out…I hear you loud and clear. The needs of your customers and clients have likely changed over the last weeks and you may feel stuck in, say, the sales level of The BHN. This is why I created the Recession Response which addresses the HOW. How to take steps to ensure your first three levels of The Business Hierarchy of Needs are in place, so you can go ahead and make your impact in the world. I invite you to visit the Recession Response for tips and tangible, actionable resources to help you maintain your SALES, PROFIT, and ORDER levels of The BHN, because you can still achieve your dream and impact your community in a positive way.

You were put on this earth to have an impact. And that impact is not achieved by sacrificing yourself, or your business. Nail the first three levels of sales, profit and order. Then you can give back to the world and make your impact.

You’ve got this!

-Mike

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The Business Hierarchy of Needs – How Order Manages a Crisis and Beyond

The Business Hierarchy of Needs (The BHN) is the DNA, or make up of your business. Because of the crisis we are facing, we have never needed this model more than right now. It will guide us through the new challenges that we are facing.

Of the five levels of The Business Hierarchy of Needs, the Order level may be the most crucial during times of crisis. Order is the creation of efficiency throughout the organization. If that is solidly in place, the other levels will run more smoothly.

There are days that everything feels emergent. When there is triage needed it’s crucial to know exactly where to start. For instance, if you need heart surgery, the surgeon won’t start with your feet. Along those lines, some business owners are feeling panicked and not knowing where to begin. This can result in potentially focusing on the wrong area to find what vital need requires fixing first.

For most businesses right now, the vital need is most likely within the Order level – in the stability of the organization. As a reaction to the present crisis, a lot of businesses are putting band aids on issues and creating short term results. Some are attempting to amplify sales, opposed to managing profitability through modifying their offer. Others are offering deep discounts because they are trying to get more sales to sustain their business. But remember, that’s not considered profit, and can compromise your business. There is an uptick in those seeking loans and debt, which is another short term solution to an inevitably larger issue.

It’s important to note that all levels of The Business Hierarchy of Needs work in synchronicity. So while we can focus our efforts on bringing more to the Order level, it’s always an element that is at play. The goal for small businesses is to achieve organizational efficiency and autonomy. There should be no dependency on the owner themselves. Real organizational efficiency extracts the owner from the business process so it has no dependency, and can run on autopilot.

Even though you may be scrambling to pivot your offerings right now, you can still work within the Order level to create long term organization. Each level of The Business Hierarchy of Needs has five needs within them. Within the Order level, I feel linchpin redundancy is one of the most important. Ask yourself, is your company designed to operate unabated if a key employee is out? One way to find out is to have an employee go on an extended vacation or break. Not only is it preferable for that employee to recharge, but it forces the redundancy in your business. This way there is no dependency on one single employee and their IP. The employee creates systems in which strategies are shared and retained, therefore empowering the rest of the company to fill in.

We did this here in our offices. I told Kelsey, now our company president, to go on a four week sabbatical. For months prior, she created and shared systems to cross train our employees. And now, we are doing it again with the rest of the team. We are each sharing our systems with video training and all the resources you can ask for. We are able to work independently, and virtually, though our recent virtual experience has made us all realize we much rather be together in the office.

Another pro tip for times like these within the Order level is to ensure there is protected capacity. Most businesses need about 20% idle time, or protected capacity. This allows your company to handle any surge that requires attention. That idle time doesn’t mean the employee isn’t at full capacity. Rather, 20% can be made of something that can be put on hold when needed. Now – You don’t want to go so lean, that the business is able to just squeak by to get things done. While that may be cost effective, if there is ever a surge or a modification demand, like a slow down or spike, if you don’t have a little extra capacity you can’t take on the surges and shifts.

Those are just a couple of tips that I know will serve you in your business both now, and when this crisis is over. My purpose for sharing The Business Hierarchy of Needs with you is that you become the very best in your industry.

I am wishing you tremendous success. The world needs you more than ever right now.

Be well.

-Mike

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A Look at Fix This Next

I know my next book, Fix This Next, will help you navigate your business in these uncertain times.

As business owners and entrepreneurs we often spend our days trying to figure out what needs to serve first. Check out this video to learn more about The Business Hierarchy of Needs, the tool I created to diagnose what you need to focus on in your business – to fix next..

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