Mike Michalowicz's Blog, page 46
July 23, 2019
Elevating Your Business – Who Are You Surrounded By?
When you look around, who are you surrounded by? Who are you affiliated with?
Association is very impactful. I think about this often but it really hit me when I saw my books displayed next to Michelle Obama’s. (Political association aside, you know that was pretty great!)
There are many factors which can represent you and your affiliations are one of them. The placement of my books increased my credibility. And credibility, my friends, is very enticing for your clients.
What actions are you taking to up level the credibility of your company?
One surefire way to elevate your game – surround yourself with people and companies which represent the best of you and what your company offers – and see the difference.
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July 18, 2019
ProfitCon Netherlands – Behind the Scenes
What a privilege to attend Europe’s ProfitCon in the Netherlands! And what a great space – so well done with all the Profit First signage and material we could think of! Such a thoughtful and perfect event for over 100 accountants and bookkeepers to learn the Profit First system!
And yes, I was on that catwalk. Without tripping.
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July 15, 2019
Visualizing Ideas
“What? I’m sorry were you saying something? I wasn’t listening. I was supposed to be, but my monkey brain trailed off somewhere between real revenue and gross profit”…
Now, while you won’t actually admit this out loud, let’s face it, we’ve all been there – at a meeting or presentation and all of the sudden…Where were we? The fact is that overall, unless you’re a trained expert, listening for long periods of time is one of the hardest things for people to do.
Most of us retain ideas faster and more effectively through visualization.
BEHOLD! The vision board!
Yes, a vision board. Don’t make fun of me. They’re awesome. But this board? This takes the cake. Luckily for us, Ariana from Ink Factory was on hand at Engage in the Bahamas to take my ideas and create a huge visual.
The folks at Ink Factory are specifically trained to listen and translate what they hear into their own detailed visual language for the audience. I especially love how Ariana focused on some metaphors, as her training has also taught her that people remember metaphors well and later make the connections to the rest of the information.
To boot, she created the entire visual of my ideas during my speech. I can’t express how much this can amplify your event and I am so thrilled to have had the opportunity to have this visual created for us. Thank you again Ariana!
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June 27, 2019
How Personalized Details Level Up the Game
Ah the Bahamas. How can it get any better?
Well, at my recent stay while delivering a keynote speech I was reminded how just a few personalized details can really level up the game in your business and make you a world class leader in your industry. For example, upon check in I received a carefully crafted note perfect for any thoughtful speaker – so good I’ll use it as one of my mantras:
“Sweetness in your speech
Talent in your mind
Love in your heart
Peace in your eyes
Strength in your hands
Wishing you good luck on your speech!”
Nice. I mean, I’m keeping it my suitcase for all of my travels. Also, knowing I don’t drink before speeches they offered me a non alcoholic drink before heading to my room. And, as if the gorgeous view of the ocean wasn’t enough, my room included a previously drawn bath with flower petals – I assume for my wife who wasn’t on this trip with me (I was sure to FaceTime and show her though). This place has personalization down to a science, my friends.
These details struck a chord with me. The individuals here are wonderful, no doubt. They are sincere in their effort to make guests somehow known in a strange place and comfortable away from home. At the same time, this doesn’t just happen. The hotel has a system in place which trains their employees to deliver that experience and deliver it with precision. They programmed the process of hospitality, specializing in making guests feel so comfortable miles from home that they’d only want to stay with them again and no other hotel.
So, my question to you: What is the one thing you want to lead in? What kind of personalization are you offering? What details are you focusing on to offer extreme touch, care and recognition of clients? How do you stand out, and above the rest? Pick one thing, dominate that space and make your business the one people want to keep coming back to.
And no, I really didn’t use the flower petal tub.
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June 18, 2019
When the moment matters, what do you do?
When the pressure is on, and the moment ahead matters, how do you prepare?
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June 11, 2019
The Coffee Machine Backpack
If you need lessons in how to be awesome, take notes from these guys. Question: what are you doing to revolutionize your industry?
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How I Can Help You
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May 30, 2019
My Chameleon Self – Context Switching by Wendy Barlin CPA
I don’t quite change color but I do change my persona. Do you ? Or do you pretend not to notice ?
I walk in the door and I leave behind the strong decisive aggressive Wendy and become the warm hugging and kissing wife, mother and friend. Every day. Some days it is not so easy and I find myself going to hide for a few minutes, in the bathroom or my closet, to let the chameleon out. Other days this feels like a seemless transition and my life is one. Why do I need to be two people?. I feel like I am two people with two lives that don’t intersect but live side by side. Not one more dominant or important than the other.
What I experience, and what many of you may experience is being referred to as “context switching”. This is particularly relevant to successful business women who also maintain a strong connection with family. The idea of context switching originally only applied to computer functions , then spread to multi tasking and all the reports that found multi tasking to be unproductive. Now, we see the idea of context switching being applied to the way we interact at work as compared to our personal at home interactions. Switching how we behave in these two very different environments with very different rules and limits, in order to be successful.
When I am paying attention, I feel the change. The shift between being the business owner who is strong and assertive to being the soft, warm wife and mother. I think it happens so automatically that we don’t even really notice. Its our only way of being. But is it ?
Its likely more noticeable if you work outside of your home and you “change color” in the car or train on the way to work. For those of us whose days intermingles family and work in a less structured environment struggle more with the constant switching. It is tiring !
Benjamin Cornwell, assistant professor of sociology in the College of Arts and Sciences at Cornell did a study and found that men and women experience some activities similarly. Time at home, with children and commuting times are not significantly associated with stress for either men or women. Yet, switching between these contexts is much more closely associated with stress in women than in men. While men are likely to report fewer switches overall, women are twice as likely as men to experience more than 20 switches in a day. Cornwell speculates that the multiple roles and contexts that working women juggle on a daily basis increase the unpredictability of their everyday lives more so than it does for men.
“Switching is a constant reality for women – morning, day and night – and they switch between more disparate social roles. They go from being at work, which is formal, authoritative and hierarchical, to being at home with a child within a matter of 10 minutes,” he says.
I went in search of successful business women to interview and find out how they deal with the concept of context switching in their lives.
Julia Pimsleur, successful entrepreneur (Little Pim language teaching for kids) and scaling coach (Million Dollar Women online business program for women entrepreneurs) says she chose to start her own business in part because it meant she wouldn’t have to do code switching. “My two boys were part of my business from the beginning – they were in my language teaching videos and as they got older helped me at home with everything from subtitling to weighing in on new characters we were creating. I felt I could be by and large the same person at work and at home. Of course, there were days I came home and needed to get into “kid mode” by dropping down on the floor to play with cars or drink a glass of wine with my husband to get out of “bosslady” mode but by and large the transition wasn’t that major.” Pimsleur says she thinks many women are drawn to starting their own businesses because they get to define the culture in their work culture (in her case she hired several other working moms and they all had a great deal of flexibility) and create an environment where they can bring their full- selves to work. And take that same full-self back to their partners and families.
Billie Anne Grigg, mom and owner of Pocket Protector Bookkeeping says “For me, mindfulness is the key to successfully switching between my roles as mom/wife and business woman. I start my day with 10 minutes of meditation, and – whenever possible – I end my day with an additional 10 minutes. This time allows me a buffer between the two very different areas of my life. And it works great… when the kids stay out of my office. Since I work from a home office, though, I often have to make a context switch in under 10 seconds. Mindfulness to the rescue again. My family knows if I hold up a hand and take a deep breath, that is my way of becoming fully present for them. The deep breath is my reset point. “
Ironically, the thing that allows me to live my life fairly guilt-free, says Samantha Ettus, bestselling author and CEO, Park Place Payments, is the same thing that makes “switching” relatively easy for me. It involves aiming to be all in wherever I am. If I am at home, I intend to give my full attention to the people in my home. If I am at work, I intend to give my full attention to work. The less I blend and the more I set boundaries, the easier it is to move back and forth fluidly. At times of course, you can feel a little bit crazy going from a serious business meeting to a school play and then back again. At those times, I laugh and think if someone were to watch this scene in a movie, they would find it inane. The less seriously I take myself, the more fun and less overwhelming life is!
Marlo van Oorschot, managing partner of Van Oorschot Law Group, PC, a boutique family law litigation practice, who is not a mother of children, but a mother to her dogs, and a wife,also faces these issues with balancing a very demanding career with her personal life. “I struggle with this daily. I go to work and have to be the protector and defender of my clients; be a mentor and a manager to my employees; be mindful of my obligations to my colleagues and of course the judge in our litigated matters. After giving all day, standing strong against these storms, it is very hard to turn it off at home…and for myself. A regular routine of exercise, yoga and “me time” and “us time” with my husband is a must. Though knowing this importance of balance, I always find myself feeling guilty that I should be doing something else. “
In my quest to find a solution or a piece of magic, I found interesting, smart and successful women who are all aware and working on strategies for their chameleon self. Time for me to learn from the best and work on my own strategies. As a community, we welcome your thoughts……
About the Author
Wendy Barlin is a Certified Public Accountant with 20 years experience spanning diverse industries such as entertainment, professional services, hospitality, real estate and medical groups. Wendy is originally from South Africa and after a year traveling abroad, fell in love with the sparkle of the City of Angels and decided to make Los Angeles her home. Wendy is a member of the AICPA and CAlCPA societies.
Barlin Business Solutions is so much more than an accounting and income tax firm. They specialize in taking all the tedious financial chores off the shoulders of busy professionals so that they can focus on areas where they excel.
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May 22, 2019
Location & Demographics for your Restaurant by Kasey Anton
The location of your restaurant will impact its success nearly as much as the menu – or anything else. If your restaurant is in the wrong place, you won’t attract the amount or type of customers you will need to stay in business. The same is true if your location is inundated with competitors, or has poor visibility, or is hard to find. There are many things that must be considered as you look for a location in which to open your business.
But first! Nail your concept. It is much easier and will save you money in the long run (and probably short run) to have your concept set and solidified before embarking on a location search. The right concept in the wrong location will fail. The wrong concept in the right location will fail. The two – concept and location – must both be right in order to succeed.
Your Target Market
Knowing who your target market is, is imperative to finding the right location for your restaurant (again, concept nailed at this point). If your target market is families, then you won’t want a downtown business location or one with little to no parking. If your target is foodies, then a small out of town location most likely won’t work either. When you know what your target market is, then you can study the demographics of your desired location to see if it will work for you.
Once you have an awareness of who populates your desired location, including things like age range, education level, income level, and even the crime rate, then you can determine if this location will attract your target market. Plus, spend some time near your desired location and look at the other businesses – especially the ones doing well. Who frequents these businesses? When? What are they buying?
Area Traffic
You will want to figure out how high the traffic is in your desired location. The greater the traffic, be it pedestrian or drive by, the better the chances you have of attracting people off the street, i.e. people who don’t make reservations.
Ease of Access and Visibility
Along with the area traffic, you will want to see if your desired location has easy accessibility and good visibility. Is it easy to drive to your location, is it easy to find on the highway or on the street? When entering your location, are there obstacles to getting there, such as one-way streets, obstructions, on-going construction, and other things that could alienate potential customers.
How about for you? Is it easy for you to get there? As the owner, you will be at your restaurant quite a lot. Can you get there easily; is it a long commute from home? The easier it is for you to get to your own restaurant, the better the location.
Availability of Parking
Is there parking available in your location? Will the offer of parking be a necessity or a perk? For example, if your location is in a busy city with limited parking, you may want to offer valet parking services, or locate a lot nearby that you can utilize for your guests at a discounted rate. If your desired location is a rural one, then parking may not be an issue.
Evaluate the Competition
Competition can be a good thing as long as it doesn’t hurt your business. If there are too many establishments offering the same menu as yours, then it could detract from your business. Do some serious market research to determine the competition in your area. This can be done online; in addition to driving around the area to see what other food establishments there are already. Plus, spend some time in these establishments at different times of the day and make note the number and kinds of people you see and what they order.
Competition can also include any other type of establishment that sells food. For example, if you plan on opening a deli that sells fresh sandwiches, the local grocer that also sells fresh deli sandwiches is a competitor. You will need to know all these things before you open so that you can plan accordingly.
A final word about competition, the more research you do before you settle on a location the better your chances will be for success.
Finding the right location is critical in ensuring a successful business. You want customers to easily find you, enjoy their visit, and keep coming back. This can be accomplished quite easily if you are in the perfect spot.
Evaluate the Costs
Finally, yet equally important, is to evaluate all the costs involved with your location. As mentioned in our previous article, Boston Restaurant Group Founder, Charlie Perkins, tells us that total Occupancy costs should not exceed 8% of gross revenue. Knowing this will require you to have a detailed set of projections giving you a location budget to work with.
While a detailed set of projections is not only important but very necessary, let’s not jump ahead of ourselves. At this stage of your restaurant start-up, assembling the right team takes top priority.
According to Adam Amontea, President of Cafco Construction Management (Cafco is THE “go-to” GC/Builder for restaurants in the Boston-area and has been for a very long time), “Working with an experienced architect, designer, food service consultant, contractor, attorney and accountant early in the process is an investment that will pay dividends. Each of these project stakeholders will help establish realistic expectations and take more of the mystery out of a process that can be daunting…”
Here are the Team Players:
Attorney: You’ll most likely need to engage an Attorney from the get-go. An Attorney can inform you of the best entity structure for your business and set that up. And then there is the licensing… especially in the City of Boston, this can be a tough and bumpy road to navigate. Adam adds that the right Attorney will counsel you on “licensing timing, limitations and costs” all of which will be extremely important in getting started.
Architect/Designer: In our opinion, this is non-negotiable, even if your Aunt Sally has a really good eye for design. Designing both the interior and exterior of a restaurant has many nuances and code issues that must be addressed and using a novice, or someone not familiar with this territory will cost you way more than you might think you’ll be saving. Adam adds, “Design test fits help to evaluate occupant load, code compliance and potential requirements for variances, all which can impact timeline, budget, and lease negotiations.”
Contractor: Getting the right Contractor on your Team can pay off immensely in more ways than one. For example, while in negotiations with potential Landlords, Adam mentions that a seasoned Contractor will know and understand “landlord delivery conditions vs TI (Tenant Improvement) contributions” which can possibly offer some start-up savings if the landlord is willing to take on some of the work. Also, “…early budgeting, zoning due diligence, required permitting, and duration of construction vs rent commencement, etc…” according to Adam is essential information for the business owner to have and be aware of during this expensive, cash outlay of the start-up period.
Accountant/Business Consultant: If this is your first rodeo, then there will be no cost/stress savings other than hiring a professional who has been there and seen this all before. They can be a trusted Guide to help you navigate the many, many moving parts, offer experienced advice, and keep you moving in the right direction with eyes wide open.
Adam’s final words of advice…
“Opening a restaurant, or any business, but especially a restaurant is not a small undertaking of any kind. Working with the right people and having the right Team in place will help you to truly understand the total investment, and risk, associated with such a venture.”
We couldn’t agree more.
Special Thanks to our article contributor, Adam Amontea, President of Cafco Construction Management.
Cafco is the leading General Contracting firm for restaurants in and around the Boston Area.
About the Author
A former restaurateur turned bookkeeper turned Profit First Consultant, Author Kasey Anton is on a mission to help eradicate restaurateurial poverty. She and her amazing Team at Spark Business Consulting have been helping restaurants get started, get organized, and get profitable for the past 10 years and counting.
Favorite Quote? “People don’t care how much you know until they know how much you care. “ – Teddy Roosevelt
Website: Www.SparkBusinessConsulting.com
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Hidden Secrets
The world is full of hidden secrets. To find them, you have to ask.
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