Mike Michalowicz's Blog, page 41

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! 

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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!

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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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My favorite part of The Pumpkin Plan

 



 

What do you want? A successful business!

When do you want it? Now!

And you can have it now. Even with the ebb and flow of uncertainty happening.

A couple weeks ago the audiobook for The Pumpkin Plan was re-released. When it was, one of my employees asked me what my favorite part of the book is. Hm…all of it? But overall, that it works. That companies see rapid growth when they apply the methodology.

Now that The Pumpkin Plan has been out for some years, I have been able to see how the system has strengthened businesses – specifically when it comes to growth. I see it in my own business. I see it from the emails I receive from those who read the book and implement the system and see success.

Remember the fundamentals to rapid growth:

Concentrate on a community
Clone the best clients
Remove the unhealthy pumpkins (I know, no one is quick to get rid of clients right now, but if you then focus on those healthy pumpkins, that energy spent will show a greater return)
Nurture the healthy pumpkins

Also – Around here we like to get “transformonials”. They’re testimonials, only better, and about real transformation. Do you use The Pumpkin Plan in your business? If so, we want to hear how The Pumpkin Plan strategy transformed your business. Post your transformonial here in the comments. If you’re feeling shy, email them to us at jenna@mikemichalowicz.com (she will compile a list and make sure I read them all!)

 

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A Simple Hack to Succeed in a Challenge

 



When things get challenging, what is the main quality you have that gets you through?

For me, it’s adaptability. It’s integral and a catalyst to make positive changes and to grow.

For instance, maybe it means switching up your routine anticipated run to a HIIT workout. (Ahem, cough, cough, watch the video.) I still worked out, and hard. However, I achieved it by adapting to the challenge.

If you don’t adapt to change, you won’t move. If you won’t move, you’ll get left behind.

Did you know that humans are the most adaptable of all species? It’s science! From an unexpected change to your work out, to your business, to a global pandemic, how you move through and adapt to transitions will determine your success. Your joy. Your life. (Full disclosure – I am only human, so sometimes, this sage insight occurs after the dust has settled!)

It’s easy to expect or want stability. But change, and adapting to change, does not equal instability. In fact, if you find yourself at a crossroads and adapting is in order, you are likely moving the dial toward more stability and success.

Right now I am writing my next book, Different is Better. It’s about marketing. Differently.  And when you are doing different, there will always be a little bit of concern when it comes to adapting to the changes you make.

Adapting to new circumstances isn’t easy. Here are some of the roadblocks and what I do to surpass those suckers. Fair warning, this can be a workout for your mental muscles. But I know you have what it takes.

Refusal of acceptance. Change is a natural part of life. Fighting change will not make the need go away. And, you may end up regretting now making a change later (do deal with this, check out the last blog on regret!) Most of life’s greatest opportunities are baked into challenges. And you must accept those challenges to be open to the changes required for your success.
Fear of risk. You’re going to have to drop the fear. When there is change there is risk. I get it! Try to focus on your values instead of your fears. Take baby steps. Each small step you take is a step in the right direction in eliminating those fears. Eventually, you will have taken enough steps that you feel more confident and comfortable with risks. I’m not saying bet the house in Vegas. But let’s not do the same thing over and over and expect immense success.
The forest through the trees. When a challenge arises and you are faced with 100 moving parts, it’s hard to see the proverbial forest through the trees. Take pause and ask yourself, how do you want the landscape to appear when this challenge is over? (Close your eyes and picture it, I’ll wait…) Ok, good. Now, what goals do you need to achieve to get there? Checking those goals off is an empowering step in the process.

Adaptability. It doesn’t mean not staying true to yourself. Adaptability equals the stronger you. The even better you. The more evolved you. The more successful you. 

I am, as always, rooting for you!

-Mike

 

 

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What Now?

It’s not business as usual, is it?

The last few months have been disconcerting. Your business may have taken a hit, and at the very least, you may have had to do some unexpected pivoting. Leaving you and your fellow business owners asking, “What now”?

You need actionable advice from experts who have been here before and built systems in response. Systems that drive real results and have enabled hundreds of thousands of businesses to succeed.

For this reason, we have created The What Now Series . It was created in order to help navigate you through today’s rocky environment – with the expertise that you need.

The first webinar in the series will take place on August 19th at 6pmEST. In this free webinar, we will get into the nitty gritty of marketing – because you need sales right now – am I right?

When you join us, the return will be priceless. You will receive expert guidance from not only my trusted friends, but each one is an authority in marketing. They know how to help you reflect your brand, communicate your offering – and get real, actionable takeaways that you will apply for your business to succeed now.

Joining us are:

John Jantsch – Author, Duct Tape Marketing

Melinda Emerson – Author, Fix Your Business

And me, too!

I am so excited to dig in. Now is the time to take action. Let’s get these marketing tools under our belt and kick some major butt.

Here is the link to register: What Now Series
Join us!

See you then!

-Mike

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Creating Opportunity from Regret

 



 

Ok. Time to get real. We have all been there. We all have something (or somethings) we regret.

Ouch. Ok Mike. Real fun blog, Buddy.

Hear me out. What if we could make that regret – a success? Ah ha!

The world may be feeling a bit heavy for you right now. But take pause and take a look around. There may never be a better time for you to reconcile a regret and find ways to apply those lessons to new opportunities.

These days, I am taking my regrets, and OWNING those pesky little beasts. In my personal life and in my business. I am actively seeking out regret and turning them around. I am turning regrets into opportunities. And it feels so good.

In this video I give just one example. Confession. I am not flexible. Not in a stringent, old grouch kind of way. More like oh say, an anti-Gumby kind of way. Even after all the years of sports, running, HIIT workouts and competing with, well, myself, I feel like the least flexible man on the planet. You get the picture.

So whaddya going to do about it, Mike?

I have stopped ignoring that little voice in my head that taunted me for nearly snapping when I try to touch my toes. I began hyperbolic stretching. And guess what? It. Is. Working!

I have changed the messaging in my head. Instead of saying, “Ah Mike, too bad you never stretched, you inflexible old man”, now I say, “I want to be flexible, so what techniques will I apply to meet my goal?” Again, this is just one example. I know you may have much larger regrets. But the lesson is the same.

How will you transform your regret into your success? That question is really the sum of all of this. Don’t accept your regret as a life sentence. If it will make your life or your business better, start now! (Like now. Stop reading and start now! I’ll wait.) Here are a few actions I take:

Own it! Make it yours. Once you’ve owned that regret deep down, you can use that regret as a building block. If you truly own it then you won’t make that mistake again, and will have a clear vision of what you DO want to do. You know, like learning from your own bad example.
Revisit and prepare. What was the lesson? Turning regret into opportunity doesn’t necessarily translate into correcting that exact regret. It does translate, however, into a raised awareness about what you want your life to look like. What questions could you have asked yourself when a missed opportunity took place? What would you have done differently?
Reframe the past, reframe your mindset

Don’t let regret drag you down. We all know we can’t change the past. But the past doesn’t dictate our future. The future is yours! How will you apply the lesson you learned to shape your future?

Remember – regret equals opportunity. In your personal life, and in business. Harness your regrets. Learn the lessons. Apply them to an opportunity. You can build something wonderful.

I am wishing you many, many opportunities for success!

-Mike

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Transform Your Business – 5 Simple Steps

 

Have you ever wanted to transform? Yourself? Or your business? Or both?

Were you successful?

Or, are you on the brink of a great transformation? Great! How are you planning on achieving it?

(Is that crickets I hear?)

How powerful would it be if you truly transformed? You CAN.

Many of us have visions of transforming, but oftentimes don’t experience true transformation. We get stuck in this loop. This loop, better known as, ”being human”! We get grand ideas, we start thinking and planning. But as soon as we feel like we’re not making a ton of headway, we tell ourselves our dream of transformation won’t be realized. 

Yes. Your transformation CAN be realized. And if you do experience transformation, your life can be profoundly shifted for the better.

Today’s economic environment (read, recession) is demanding more than a couple pivots from you. A whole dang transformation may be in order. Since the old I Dream of Genie nod isn’t sufficient, here is the model that I follow when I know it’s time to make that shift:

Choice – This is when you are considering a new ideation of what or where you’d like to be. You’ve likely arrived at the decision to create transformation in your business out of necessity or dissatisfaction. We see the options and then we…
Commit – This is the phase of optimism (“I’m going to DO this!”)…but it’s unenlightened optimism. You may understand what you want and what your results may be. But that understanding is from a logical perspective. You don’t really know what the necessary work is. 
Clarity – Now you see what will be required of you. You have a new awareness – along overwhelm of what tasks need to get completed in order to succeed and see your transformation unfold. (Hang in there, don’t give up!)
Effort – Work without reward. Look, this can be frustrating for a bit. I get it! You have to keep your eye on the prize here.The results are not going to come overnight! (If they do, tell me your secret oh wise one.) This stage is where it’s imperative to keep at it no matter what. I know that there is a sense of urgency with a recession knocking on your door. Do not get distracted or discouraged. I don’t care if you have to wear your vision board as pants.
Results – Work with reward begins to motivate you and up goes your momentum. Ah, sweet results.
Transformation – BOOM. You’ve arrived, baby! A new identity. One that builds resilience, too. 

There is one aspect of all this that will drive you through your journey – your driving purpose. The journey to transformation is expedited by this driving purpose. Make this purpose visual for you. Keep focused on it. And do not give up. You didn’t get all this way in a blink of an eye, so make sure to keep your expectations in line. At the same time, do not let go of your dream. You want to transform? Whether it’s in your personal life or your business, you have it in you to do it!

If you’d like a copy Journey to Transformation to download, check out The Recession Response page. Print it out, keep it in your workspace, and stay focused!

As always, I am wishing you tremendous success!

Here’s to your health and wealth, 

-Mike

 

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The Shortest Marketing Lesson

 

The shortest marketing lesson?

Be different. 

It is critical to stand out. And when you are different, you get noticed. 

Think about your mail. Full of mailers. Do you look at them? I know we have a tendency to toss them in the garbage at my house. Why? Because they all look the same, aside from this “letter”/mass mailer I received (if you didn’t watch the video this will make no sense to you!). The letter was a great idea, but kind of failed the test on the whole. So, no sales there.

Let’s check out how to be different, and really pass the test:

Be different – for real:

No really. Be real – When you’re different you immediately get the attention of the customer. Ok good. But are you being authentic? If not, you’re going to fail at this whole awesome marketing strategy, and that would make me sad. And it will result in no sales. You see a pattern starting here, yes? 
Check your marketing style – How have you been marketing up until this point? Ok good. Now stop doing that. That way has already been your established method. If you are doing what your industry is already doing, you’ll be hidden in the mix. (Uhm, the opposite of being different.) 

Attract:

Meet the attractor factor – Once you have mastered being different, the right audience must be compelled to take action. Who is the audience you want to reach? How will you attract or compel them to take the action you want? One thing I have learned in this department is to always be myself when marketing. It is one thing to be different, but it absolutely must be rooted in your authenticity. (See above!)
Build trust – Trust is paramount. Be truthful with your customers. Customers and clients know when they are being manipulated in your marketing shenanigans. Remember you are not just selling a product, you are serving your customers the best thing for them. Serve well. When your customers trust you and know you have their best interest in mind, it will attract them to your company. 

Trigger

What is your call to action? What is the one simple step you want the customer to take? Maybe it’s emailing you, or clicking a call to action box. Whatever it may be, make sure they are compelled to do it, friction free and in the easiest way possible.

I love being different – stop laughing. Being different allows us all to be ourselves. If we truly do that, our businesses will move forward. 

Drop me an email or comment below – how are you different in your industry? If you’re not, tell me what you plan to do about it! (See the call to action here?) I look forward to hearing from you!

You’ve got this!

-Mike

 

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