Mike Michalowicz's Blog, page 45

Anticipating Customer Needs

What is the best way to create a loyal customer base, and therefore a more profitable business?

Anticipate customer needs.

Anticipating needs is the best way to let your customer know that their success is your priority. When you deliver something customers need without asking, it creates a sense of ease. It lets them know you have their best interests in mind. A proverbial “I have your back”.

The most effective way to anticipate the needs of your customers is to know them well. How else will you know what their expectations are? You have to create a relationship with them to identify what their demands are – and fulfill them before they even know what they wanted.

Sneaky. Or as I like to call it, strategic. Thoughtful even.

So how do we go about this? Here are just a few examples:

Establish a relationship

In most of my books I have a call to action. I ask readers to email me to make their commitment to improving their businesses. Developing this dialogue with readers is an act of accountability on both of our parts. Moreover, it is a big leap of faith for some and I am honored they trust me. They tell me why they are committed and I let them know I am here and interested in helping them succeed. Many divulge private details of their finances and personal lives. My responses are tailored to each email and I sometimes send a video in response to them as well. My hope is that they feel less alone in their struggles as business owners and motivated to make necessary changes they need for a successful business.

Exceed expectations

The responses from readers when they receive emails or video from me has been overwhelmingly positive. It seems that most assume their emails will go into a black hole never to be answered. Not only are they answered, but I include a ton of resources that basically equal free coaching. There is a FAQ, links to my Entrepreneurship Elevated podcast, links to find a Profit First Professional, to become a Profit First Professional, links to Clockwork resources, Pumpkin Plan resources….you get my drift. And while it could be interpreted as marketing, anyone who knows me knows I am out to help empower others and help their businesses become more profitable. These resources answer a multitude of questions and inspire business owners, giving traction where they need it to move forward toward their goals. I often get emails from readers who are pleasantly surprised – they are getting answers to questions before they even knew they had them. See? Anticipating needs!

Ask for feedback

I often request reviews of my books. Because I want to hear how great they are? No. I ask for reviews because I want that honest feedback. How the heck else will I know what to write next? How will I know what problems need solving and business solutions entrepreneurs are seeking if I don’t ask? Getting reviews enables me to focus on these key areas where business owners are trying to improve.

Do you anticipate the needs of your customers? Let me know what some of your strategies are. And if you’re not, what are you waiting for? A stronger customer relationship is waiting for you!

If you want more tips like this go to Mikemotorbike.com or Mikemichalowicz.com and click on Get the Tools for tons of tried and true resources for business help and how to run a truly profitable business. Let’s rock entrepreneurship!

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Giving Part III

I told you one of the organizations I love to donate to. Now it’s your turn!

Drop me a line in the comment section. Do you have any fresh ideas about how we can serve our communities through giving? Is there a cause or entity (outside of your business of course) that you are passionate about? Is there anything you take time to volunteer with or give to?

I wonder if we could collaborate together as a community to give as well. Communities serving communities. I like how that sounds, don’t you?

Let’s remember to look out for each other and those in need in communities around us – and that giving is simply the best gift of all.

Be well my friends!

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Season of Giving Part III

I told you one of the organizations I love to donate to. Now it’s your turn!

Drop me a line in the comment section. Do you have any fresh ideas about how we can serve our communities through giving? Is there a cause or entity (outside of your business of course) that you are passionate about? Is there anything you take time to volunteer with or give to?

I wonder if we could collaborate together as a community to give as well. Communities serving communities. I like how that sounds, don’t you?

Let’s remember to look out for each other and those in need in communities around us – and that giving is simply the best gift of all.

Be well my friends!

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Giving Part II

In my last post I discussed a gift I received. I was grateful, humbled, and I will always appreciate it.

That gesture was a reminder of how much I enjoy the act of giving as well. It doesn’t have to be monetary – it can be giving time to your community, a kindness, even mentoring.

What are some of the organizations you give to? One that I love is Kiva. Kiva is a wonderful non profit which lends funds to low income entrepreneurs and students through crowdfunding. Knowing I can play a small part in someone getting their start is so rewarding.

The greatest gift of giving? The way it makes us feel.

Think about some ways you can give back to your community. Not just this month, but all year round. See how inspired you remain through this generous act.

The post Giving Part II appeared first on Mike Michalowicz.

Season of Giving Part II

In my last post I discussed a gift I received. I was grateful, humbled, and I will always appreciate it.

That gesture was a reminder of how much I enjoy the act of giving as well. It doesn’t have to be monetary – it can be giving time to your community, a kindness, even mentoring.

What are some of the organizations you give to? One that I love is Kiva. Kiva is a wonderful non profit which lends funds to low income entrepreneurs and students through crowdfunding. Knowing I can play a small part in someone getting their start is so rewarding.

The greatest gift of giving? The way it makes us feel.

Think about some ways you can give back to your community. Not just this month, but all year round. See how inspired you remain through this generous act.

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Giving – Part I

It’s the season of giving, and as entrepreneurs we are in a unique position to be generous in various ways.

You have heard me talk about the importance of entrepreneurs serving others. What better time of year to be reminded of this? I was happy to see other entrepreneurs feel the same way recently when I was speaking at a Robin Robins Technology Marketing Toolkit event.

Robin donated $5,000 to Alzheimer’s research. You’ll have to watch the video to find out the painful bet that got me my 5k! Jokes aside, The cause Robin donated to is something personally near and dear to me and my family. This individualized act of generosity is something I will never forget.

The power of giving is so impactful. It doesn’t have to be an exorbitant amount of money. You can give time, kindness, even a compliment. You never know how much of an impact it can make in another life.

How will you be giving this season and how can you continue your generosity through 2020?

The post Giving – Part I appeared first on Mike Michalowicz.

Season of Giving – Part I

It’s the season of giving, and as entrepreneurs we are in a unique position to be generous in various ways.

You have heard me talk about the importance of entrepreneurs serving others. What better time of year to be reminded of this? I was happy to see other entrepreneurs feel the same way recently when I was speaking at a Robin Robins Technology Marketing Toolkit event.

Robin donated $5,000 to Alzheimer’s research. You’ll have to watch the video to find out the painful bet that got me my 5k! Jokes aside, The cause Robin donated to is something personally near and dear to me and my family. This individualized act of generosity is something I will never forget.

The power of giving is so impactful. It doesn’t have to be an exorbitant amount of money. You can give time, kindness, even a compliment. You never know how much of an impact it can make in another life.

How will you be giving this season and how can you continue your generosity through 2020?

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Eliminate This for a Successful Business

Want a superpower in your business? Be user friendly.

Watch me open my new iPhone. Left handed. Which I am not. You don’t get more user friendly than that.

User friendly. There’s an attractive phrase. As a profitable entrepreneur, you know one of the main keys for a successful business is to be user friendly. What’s the opposite of user friendly? If you ask Roger Dooley, he will tell you: friction.

If you haven’t heard already, we have a book club here at home base. Every quarter we are assigned a new book to boost our performance and growth. Roger is one of my favorite authors and we have read several of his books. Roger has written Friction, his latest book which we all read, The Persuasion Slide and Brainfluence. Roger came on our podcast to drop some logic bombs about the user experience and how we can eliminate friction. Listen up!

So what is friction in business? Friction is anything that interferes with your client’s ability to utilize your services effectively.

If you read Friction (as you should) you will see all the places you are getting in your own way of profit in your business. Stop for a minute and think about where you yourself have found friction in your own user experience. Now think about yourself as a consumer of your business.

Customer experience should be seamless. Websites that don’t log you out (thanks, Amazon!), cable companies that don’t change plans or service (do you know of one?), car rentals without lines, toy packaging that you don’t need power tools to open and communication when needed. Sounds wonderful, right? The same goes for your business. The last thing you want is friction and frustration in your client’s experience. At least, not if you are looking to keep and increase customers.

Can you identify instances of friction in your own business? How can you eliminate it?

What is friction? Friction exists in large and small businesses. How do we identify friction in our business and what are the hidden frictions? Take a look at your current rules and reporting systems. Often times they can become entities are no longer enhancing productivity and customer experience. They create organizational drag – time and money wasted on meetings, reports and protocol that benefits no one. This drag makes it difficult to get anything done because you are so consumed with system imposed time. These things detract from the user experience and we know the opposite should be happening.
What is the result of friction in our business?

Friction impedes the outcome in business. The end. Hopefully not the end of your business.
How can you avoid friction in your business? The biggest way to eliminate friction in your business is to spend time researching and identifying what aspects of your business are friction points. Make yourself a differentiator from other companies. What is their feedback? How can you enhance their experience? How can you make their experience frustration free and the most user friendly?

Once you have identified the aspects of friction in your business you can get to work on making those systematic and behavioral changes. Atomic Habits, by James Clear, is another book we read here in the office. Through it we learned that to make real, long lasting behavioral changes, we must adopt new habits. The easier you make it the more likely you will be able to do it. Adopt simple new habits in your business. Revamp or do away with systems that stood in the way of profitability. Match the priorities of the customer so they have a far more user friendly experience.

The friction free company beats the company with high friction processes in place. Every time. Listen to your customers because if you don’t get it right for them they will go somewhere else.

What systems do you have in place that eliminate friction in your business? Keep things and friction free as possible and say hello to a more profitable business.

For more tips like this go to Mikemotorbike.com or Mikemichalowicz.com and click on Get the Tools for tons of tried and true resources for business help and how to run a truly profitable business. Let’s rock entrepreneurship!

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The Benefits of a Mastermind Group

I believe no man is an island. So I offer this tip – if you’re an entrepreneur, you need to be in a mastermind.

Belonging to a mastermind group is one of the most powerful tools to help you increase profitability in your business.

1. What is a mastermind group?

If you aren’t familiar, a mastermind is a group in which entrepreneurs can mentor each other and help each other grow their businesses. It can be an important catalyst for grown and in shaping your business.

The mastermind I run is called The Edison Collective. We get together face to face every quarter to expand our business (and occasional musical) knowledge. We share our ideas, solutions, best practices, successes and challenges as entrepreneurs. Most of all, we motivate and inspire each other.

2. What are the benefits of belonging to a mastermind?

While some mastermind groups run on a digital platform, face to face meetings are important if it’s an option. What I love about being in a mastermind is the connection. We are truly there to learn from each other. No one walks in with their ego. We gather to benefit ourselves as well as each other by sharing and learning from other entrepreneurial experiences.

To benefit from a mastermind you must be willing to collaborate, share and learn from each other. At times, it’s almost like free coaching. You get sneak peeks at how businesses run behind the scenes and oftentimes, we take those ideas and implement them into our own practices. And remember, trust is imperative. There is total confidentiality, so feel free not to not be boss for a bit.

I have found that meeting with this group has raised the bar for me. My business is more profitable. I find support from my peers, education and resources I may not have been exposed to in the past. Even better, I have another venue for accountability (yup, even I need it!) and a place to share my goals. So next quarter when we meet, I better bring the results!

3. Who can be in a mastermind?

The beautiful thing is that you don’t have to join an established mastermind. You start your own. Find like minded entrepreneurs who are driven to achieve the same goals and vision you are. Get together once a quarter face to face, have open discussions about your business and get your insights from each other. That right there? Priceless!

If you want more tips like this go to Mikemotorbike.com or Mikemichalowicz.com and click on Get the Tools for tons of tried and true resources for business help and how to run a truly profitable business. Let’s rock entrepreneurship!

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Business Fundamentals & Fix This Next

Not much beats spending time with an old friend. I recently visited with one of my close friends from college, Greg Eckler. You may recognize his name as the weirdo I mentioned in Profit First who loves tax time (of COURSE he does, since he implemented Profit First in his business years ago!).

Greg and I were chatting about my next book, Fix This Next. (Greg also has a nickname he was so graciously given in our business fraternity, but if you want to know if you have to read chapter 5 in Profit First!) Greg owns a real estate business called Denver Realty Experts. We were discussing the fundamentals of Fix This Next, some of which are based on Mazlow’s Hierarchy of Needs. The Hierarchy of Needs for Business is very similar to Mazlow’z. What am I talking about, right?

If you look at Mazlow’s Hierarchy of Needs, you see the base is physiological, then safety, followed by belonging and love, esteem and finally, self actualization. Fundamentally speaking,The Business Hierarchy of Needs is not that much different.

The BHN consists of:

Sales (which is the base)
Profit
Order
Impact
Legacy

Sales, profit and order are known as the “get” levels of business. If established as a solid foundation, those are the three keys to a profitable business. Impact and legacy are considered the “give” levels of business. They are likely the reason you became an entrepreneur in the first place.

So back to Greg. While kindly nodding at me while I explained all this, Greg had an interesting point. Since he is in real estate, and is a genuinely good guy looking out for his clients, he practically skips over the order aspect in the “get” level and goes straight to impact in the “give” level. At least at first.

For Greg, his business is profitable because it is based on establishing a relationship. Sure, most business relationships require trust, but when you’re helping someone find a new home, it can be a whole other ball game. It’s not just about selling a house. Greg is helping create the future of that sale for the buyer. (Man I hope everyone in real estate feels this way!) You’re not selling a sweater, here. You’re selling a home where a family will live. A home where a family makes a future, including a potential resale of that home. While focusing on the order makes things way more efficient, the impact is what really matters for the customer.

The point in all this is yes, I am still right, ha! There is a hierarchy of business needs. It is not, however, a ladder that you climb and they stay there. For instance with Greg, he went from profit, right to impact in selling a home – but that doesn’t mean the other steps are skipped. To have a successful business, Greg still must ensure there is profit and order, even though that impact already occurred by default.

To run a profitable business you know that as an entrepreneur there will be times you ping pong around this model of needs. But, the closer you stick to it, and build that solid foundation, the stronger your business will be.

If you are an entrepreneur, you likely started your business with a burning desire to make an impact and change the world. I know I did. Thing is? You can’t make an impact without the means (sales, I’m talking about sales, here, people).  Once you have the money, you need to make sustainable profit. And, after your profit, you must have financial order.

Now, with this formula and the rest of the tools in Fix This Next, you can go on with your bad self. Sales, Make that impact and leave your legacy.

If you want more tips like this go to Mikemotorbike.com or Mikemichalowicz.com and click on Get the Tools for tons of tried and true resources for business help and how to run a truly profitable business. Let’s rock entrepreneurship!

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