Mike Michalowicz's Blog, page 49
August 14, 2019
What’s the Secret? What Makes Other Businesses Successful?
Ever wonder how other businesses do it? What drives their success? What’s their secret sauce? Financials aside, what makes them outstanding? Since the chances of you being a top secret super agent are slim, you may want to start with a little Communication 101.
Speak with people. In those precious few minutes we find for ourselves (like oh say, in the car en route to the hotel from the airport) we may not feel up for a chat. However, taking the time to start a conversation with new people is the best way to connect with others and discover a fresh perspective. Yes. Offline. I learned some secrets (some of which we have in common) during my chat with Erris, a driver with Blue Luxury. What makes their livery service the best?
They cornered a luxury market on the island: As the name suggests, they provide that sense of luxury which undoubtedly impresses and attracts repeat clients, and their drivers treat their clients like royalty. Example A: I got to cruise in this slick Tesla Model X. Not too shabby.
Higher standard of customer AND employee satisfaction: Teslas aside, what better way to boost customer service than to ensure employee satisfaction? We all know that happy employees equal well served clients. Erris said his manager provides a sense of ownership, which is incredibly empowering and motivating. From listening to employee suggestions for improvement to quarterly incentives – employees feel acknowledged and appreciated. That goes one heck of a long way.
Employee satisfaction also begins with a perfectly hand picked team. I see it proven daily with my own. Erris speaks so highly of his coworkers, I bet they are part of why he loves going to work. They share the same goals, humor and values which create an unstoppable team.
So I ask you, what do you implement within your business that makes you stand out? If you’re ever looking for ideas, simply speak to employees of other companies. You never know what you may learn to elevate the success of your business!
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August 6, 2019
Crazy Ideas
It’s a reminder of how thinking outside of the box can truly enhance your business. I know I have asked you this recently and I will ask again – what makes you different? How are you standing out in your industry?
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August 1, 2019
Real Revenue Adjustments and Profit First Accounts
A question that comes up for some readers is how to set up Profit First Accounts when you have a real revenue adjustment.
Not all companies require this, but if you do:
Money goes into your income account
Allocate money that is not recognized as real revenue that goes to materials and subs, and create/put it in a materials and subs account
The residual money in your income account is now your real revenue
Then you can complete the Profit First allocations based upon that
That’s the extra step that’s needed. Now go set up those accounts!
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July 27, 2019
Join Profit First Professionals MASTERY!
“The fastest path to mastery is to surround yourself with fellow masters” – Mike Michalowicz
Mastery members are the most elite of the Profit First Professionals – which is to say they are dedicated to mastering the Profit First System and providing it to their clients to deliver Profit First at the highest level.
Once a year we have a Mastery Meetup. Our members get together and share the best of themselves – which elevates everyone. Why? They’re getting the best in return!
We can’t have a meet up like this without a field trip! What better venue than a Savannah Bananas game!, If you haven’t heard of Savannah Bananas, they are a Coastal Plain League baseball team and happen to be one of the most profitable teams in the world. How? They’re different! And that difference has lead them to sell out every game in the last two seasons and land in a 78 game sell out streak. From dancing players and a break dancing coach as well as other innovative strategies, they have mastered their field. Literally.
Aside from the plain old good fun, we attended a Bananas game to witness what makes them different – what makes them masters, first hand. We gave members a behind the scenes look and the team divulged some amazing practices which we brought back and shared with our businesses.
I invite you to become a Master with us!
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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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