Mike Michalowicz's Blog, page 58
October 17, 2016
Episode 118: The Youngin’ in an Old Mans Business World ft. Kieran Lynch
Show Summary
This week Kieran Lynch talks about his experience of working in the family business, the challenges he faces, the advantages his age in his company provides and everything in between. Welcome to Episode 118 of the Profit First Podcast!
Our Guest
Kieran has over 10 years of experience in the construction industry and joined the electrical contracting family business, Lynch Contracting, part-time in 2004. First helping his father as an apprentice electrician on nights and weekends to becoming an integral part to the company’s growth and success as Vice President. Kieran now leads the finance, marketing & strategic planning departments of Lynch Contracting providing new-age guidance on significant decisions for the company. His broad experience, proven leadership and hands-on approach ensures client satisfaction. Kieran lives in northern New Jersey with his wife Felisha and their son Maguire.
Guest Links
Website: http://www.lynchcontracting.com/
LinkedIn: https://www.linkedin.com/company/lynch-contracting-llc
Facebook: https://www.facebook.com/lynchcontractingllc/
Corporate Partners
Receipt-Bank – Software and service to make the gathering, storage & processing of bills, receipts and invoices as easy and as cost effective as possible for businesses.
Nextiva – VOIP phone providers for small businesses.
Fundera – Single source online funding for entrepreneurs. Also offers an adviser program for CPAs, bookkeepers and business coaches.
Fundbox – The simplest and fastest way to fix your cash flow by advancing payments for your outstanding invoices.
October 14, 2016
Don’t Listen To Non-Consumers
I went to the mall this past weekend to pick-up a few new shirts. At least… that was my intention. My fashion consultant (my wife, Krista) had other plans. Our path conveniently passed every handbag and shoe store in the place. And there are a lot of them.
Krista pointed to one purse and said, “What do you think?” It looked nice. The price tag was $65.
Soon after, we walked by another store and she pointed to another purse, “What do you think of that one?” It looked nice. The price tag for the Louis Vuitton was $3,125.
To me the $65 purse is the only one that should ever be considered, and it’s still too expensive. To Krista, they don’t even compare. Louis Vuitton is a heirloom purse, the other one is a go anywhere purse.
When it comes to purses, Krista is an educated brand consumer. I am a non-consumer.
Regardless if you are a luxury provider or the cost competitor, don’t listen to people who will never buy from you. Don’t listen to the non-consumers. Conversely, listen to and educate your brand consumers. Armed with a thorough understanding of your brand and what it stands for, the educated brand consumer will gladly depart with $65 and/or $3,125 because they can clearly see the difference.
October 12, 2016
Revenue Doesn’t Matter, Business Health Does
Please don’t ever again tell me how “big” your business is. I could care less.
I don’t get excited about the number of employees you have.
You lose my attention the moment you tell me about how many new clients you landed.
And I could give a crap about how much revenue you pulled in last year.
What I do care about is how healthy your business is.
Big or small, were you profitable?
Did all those new clients improve your bottom line?
Did all those new hires result in a healthier, stronger business?
At the end of the day, all that matters is how healthy your business is. And a healthy business is a profitable one.
October 10, 2016
Episode 117: Navigating Debt with Ruby Tan
Show Summary
This week Mike Michalowicz, Chris Curran, and Kristina Bolduc speak with Ruby Tan to discuss how she navigated personal debt. For many people this type of struggle may devastate their family and maybe even cause people to lose their homes and everything they own… but Ruby was able to navigate it by facing the challenges head on and taking very quick but strategic actions; actions that got Ruby’s family back on their feet and today they’re in a better position than ever before. As a result now Ruby is now a Profit First Professional who helps entrepreneurs in our mission to Eradicate Entrepreneurial Poverty. Welcome to Episode 117 of the Profit First Podcast!
Our Guest
Ruby Tan was born in Indonesia. When she was 11 years old, her father brought her family back to his home town, Penang, Malaysia where Ruby finished high school. She then moved to the US to continue her studies, get married, and eventually ended up settling down in Illinois. Ruby received her Bachelor’s Degree in Accounting from SUNY Empire State College & was selected to be one of the graduation speakers. She has many hobbies such as cooking, sewing, gardening and DIY projects. Ruby also volunteers at Crown Ministries as a MoneyLife Mentor helping willing families and individuals across the nation to work their way out of debt.
Guest Links
Website: www.celabookkeeping.com
LinkedIn: https://www.linkedin.com/in/rubytan16307682558
Facebook: https://www.facebook.com/CelaBookkeeping/?pnref=lhc
Corporate Partners
Receipt-Bank – Software and service to make the gathering, storage & processing of bills, receipts and invoices as easy and as cost effective as possible for businesses.
Nextiva – VOIP phone providers for small businesses.
Fundera – Single source online funding for entrepreneurs. Also offers an adviser program for CPAs, bookkeepers and business coaches.
Fundbox – The simplest and fastest way to fix your cash flow by advancing payments for your outstanding invoices.
October 5, 2016
The Suitcase Not So Fresh Feeling
Do you travel a lot or even occasionally? One of my pet peeves is having my dirty clothes share my suitcase with my clean, pressed clothes. It is like:
“I-just-worked-out-hard-core-in-110-degree-weather-and-forgot-to-put-on-deodorant-Mike” makes out with “I-bathed-in-hand-sanitizer-and-put-on-this-suit-I-picked-up-from-the-dry-cleaners-Mike”. It is kinda gross, and racey all at once.
I have found two fixes to the problem. One obvious, and the other not so much.
First, keep your clothes separated (bring a laundry bag or plastic bag), so never the two shall meet.
Second, grab a dryer laundry sheet, and keep it on the clean side. Everytime I open my suitcase, I get the wonderful smell of a fresh summer’s eve. Say goodbye to your suitcase’s not so fresh feeling.
October 3, 2016
Episode 116: The Power of Your Voice with Susan Berkley
Show Summary
Today we interview Susan Berkley. We talk about the power of your voice and how your voice is determining profitability. She explains a moment where she’s calling someone who you think is going to be the most wonderful person in the world and then they have a horrible, whiny voice and how it changes you perspective. It’s not just true in the romantic world, it’s also true in the business world too, if not even more so. You must have an extraordinary voice to have an extraordinary profit. Susan walks us through dozens of strategies to make your voice the most profitable voice you’ve ever had. Welcome to Episode 116 of the Profit First Podcast!
Our Guest
Susan Berkley is an international communications expert and author of Speak to Influence: how to unlock the hidden power of your voice She is CEO of The Great Voice Company, Inc., located in Englewood Cliffs, New Jersey, providing recorded voice prompts for phone systems in all languages. The Great Voice Company also provides training in persuasive speaking techniques for business and sales professionals worldwide, as well as training in voice-over technique.
Susan is a top voice-over artist. Her voice has sold millions of dollars worth of products and services on TV and radio commercials. She is one of the voices who says Thank you for using AT&T, and welcome to Citiphone Banking.
Last Fall, Berkley was a behind-the-scenes expert presentation skills coach on Donald Trumps Apprentice, helping to coach the new Apprentice Randal and his team to victory. A frequent media guest, she has been featured in Bottom Line Personal, on ABC News, CNBC, To Tell The Truth, and in The NY Times, The LA Times and Business Week.
Before devoting herself to training and voice-over, Susan spent 15 years in broadcasting as a radio personality, and became well known in the late 80s as a cast member on The Howard Stern Show.
Susans Grandfather was the co-creator of Archie Comics. She speaks fluent Brazilian Portuguese and lives in Piermont, NY where, every evening, she can see the beautiful lights of the Tappan Zee Bridge shining on the Hudson
Susan Berkley is an international communications expert and author of Speak to Influence: how to unlock the hidden power of your voice She is CEO of The Great Voice Company, Inc., located in Englewood Cliffs, New Jersey, providing recorded voice prompts for phone systems in all languages. The Great Voice Company also provides training in persuasive speaking techniques for business and sales professionals worldwide, as well as training in voice-over technique.
Susan is a top voice-over artist. Her voice has sold millions of dollars worth of products and services on TV and radio commercials. She is one of the voices who says Thank you for using AT&T, and welcome to Citiphone Banking.
Last Fall, Berkley was a behind-the-scenes expert presentation skills coach on Donald Trumps Apprentice, helping to coach the new Apprentice Randal and his team to victory. A frequent media guest, she has been featured in Bottom Line Personal, on ABC News, CNBC, To Tell The Truth, and in The NY Times, The LA Times and Business Week.
Before devoting herself to training and voice-over, Susan spent 15 years in broadcasting as a radio personality, and became well known in the late 80s as a cast member on The Howard Stern Show.
Susans Grandfather was the co-creator of Archie Comics. She speaks fluent Brazilian Portuguese and lives in Piermont, NY where, every evening, she can see the beautiful lights of the Tappan Zee Bridge shining on the Hudson
Susan Berkley is an international communications expert and author of Speak to Influence: how to unlock the hidden power of your voice She is CEO of The Great Voice Company, Inc., located in Englewood Cliffs, New Jersey, providing recorded voice prompts for phone systems in all languages. The Great Voice Company also provides training in persuasive speaking techniques for business and sales professionals worldwide, as well as training in voice-over technique.
Susan is a top voice-over artist. Her voice has sold millions of dollars worth of products and services on TV and radio commercials. She is one of the voices who says Thank you for using AT&T, and welcome to Citiphone Banking.
Last Fall, Berkley was a behind-the-scenes expert presentation skills coach on Donald Trumps Apprentice, helping to coach the new Apprentice Randal and his team to victory. A frequent media guest, she has been featured in Bottom Line Personal, on ABC News, CNBC, To Tell The Truth, and in The NY Times, The LA Times and Business Week.
Before devoting herself to training and voice-over, Susan spent 15 years in broadcasting as a radio personality, and became well known in the late 80s as a cast member on The Howard Stern Show.
Corporate Partners
Receipt-Bank – Software and service to make the gathering, storage & processing of bills, receipts and invoices as easy and as cost effective as possible for businesses.
Nextiva – VOIP phone providers for small businesses.
Fundera – Single source online funding for entrepreneurs. Also offers an adviser program for CPAs, bookkeepers and business coaches.
Fundbox – The simplest and fastest way to fix your cash flow by advancing payments for your outstanding invoices.
September 26, 2016
Episode 115 – Skyrocket with Jorge Morales and Jose Pain
Show Summary
Today we interview Jorge Morales and his business partner, Jose Pain. Their’s was one of the first companies to implement Profit First, over eight years ago. Their business went from $80k to $800k over that time and profitability has skyrocketed. Learn how Jorge gets to go on one vacation a month because of the profitability of his business and how Jose has built his dream house and is now looking to see it to build an even bigger, better one. Plus, they can now predict the future of their business, something they couldn’t have even fathomed. Episode 115 of the Profit First Podcast!
Jorge offers an amazing download in show notes.
Our Guest
Specialized ECU Repair is the most trusted source of information and repairs for European Engine Control Units in the USA. Our main objective is to solve our customer’s ECU problems and to get their cars back on the road.
We pride ourselves in sharing free technical information and support, which compliments our services. When a customer chooses to work with us, it’s never a “leap of faith” because our community can vouch for us.
Our company is also a tool for personal growth for ourselves, and goodwill for our community. We are constantly looking for opportunities to learn and grow through trial and error, and the help of our friends, customers, and our community.
Show Notes
Profit First Accounting Weekly.xls
Show Links
Links: http://www.ecudoctors.com/
Corporate Sponsors
Receipt-Bank – Software and service to make the gathering, storage & processing of bills, receipts and invoices as easy and as cost effective as possible for businesses.
Nextiva – VOIP phone providers for small businesses.
Fundera – Single source online funding for entrepreneurs. Also offers an adviser program for CPAs, bookkeepers and business coaches.
Fundbox – The simplest and fastest way to fix your cash flow by advancing payments for your outstanding invoices.
September 21, 2016
Under-Do Your Competition
In the world of business, competition seems to be everything. But knowing where to draw the line regarding how you strive to live up to, or surpass, that competition can be tricky. While the traditional rule of thumb is to surpass the competition, there are plenty of reasons why you should aim to fall short of it, instead. Falling short can actually be a smart move and can set you much farther apart from the competition – in a good way.
Defying Traditional Thought
In business, everyone is always try to one-up one another. Common logic says that if the competition has 10 options, you need to offer 11. If they deliver something second-day, you need to do it overnight. If they do something for $500, you had better do it for $499 or less. But is that really a smart approach to pulling ahead, or is it just a case of getting caught up in an escalating rat race?
The problem with this approach is that constantly one-upping the other guy eventually traps you. While you are engaged in one-upping, you will stop innovating, and when you do that you will lose focus on what the client wants and needs. Rather than focusing on making your product or service better, you are essentially engaged in a big beat ‘em fest, and it may ultimately put you out of business.
Minimalist Mindset
Rather than trying to win the rat race with your competitors, focus on doing less than the competition. You read that right – I’m suggesting that you focus on doing less because, by doing so, you will actually do better. Not only will you become known for doing what it is that you do, but you will stop spinning your wheels in an endless effort to keep up with others. When you can focus on the few things that you do, you can do them well and, in the long run, grow your business.
Consider how other popular businesses have adopted this approach. When the deli down the street offers 100 sandwich options, why not have your business offer just three options? This is the same type of concept that has helped Chipotle succeed in the Mexican food business. Mrs. Fields took the concept of a bakery and whittled it down to focusing just on cookies. Five Guys Burgers and Fries took the fast-food burger concept and dumped the clutter, to focus on just the burgers and fries.
It doesn’t stop there! Examples of businesses that have been successful under-doing the competition abound. Instead of trying to be the most feature-rich digital camera in the world, do what Flip did by putting out a small, sleek and super-simple camera that anyone can use! There are many examples of companies using this concept and excelling at it, and there’s no reason why you can’t do the same!
Less is More
One company that has taken this concept and carried a lot of money to the bank with it is the WD-40 company. They first started selling the concoction out of the trunk of their car, back in the 1950s. That small company went on to sell over $321 million worth of WD-40 in 2010. While their sales have soared, their product line has not. To this day, they still only sell WD-40, although now they sell it in multiple formats, such as spray can, no-mess pen, etc.
If they can do it with a lubricant used on squeaky doors, among other things, you can do it with your product. Forget about keeping up with the competition. Focus on what you do well, perfect it, and become known for that one product. When you do that, you will become what other companies begin trying to keep up with!
September 20, 2016
Addicted To Small Rewards
My children love video games. I wondered why.
Video games are full of repetitive tasks. Shoot countless peas at zombies (if you know the game, that makes sense). Race a car around the same course over and over and over. Pull the Y trigger, push the B button. Drool a little.
While I was re-reading The Art of Immersion by Frank Rose, it hit me. We (children and adults) are addicted to small rewards. Every time you kill a zombie and every time you pass another car, your brain releases a little shot of adrenaline. Neuroscientists believe that its this reward system that keeps us playing these video games relentlessly.
Your clients have the same addictive tendency. How can you repackage what you do, and how you do it, so that your clients get many small rewards instead of one big one? They’ll become addicted to you.
September 19, 2016
Episode 114 – Profitable Mistakes with Josh Patrick
Show Summary
Today we interview Josh Patrick. Josh gives us the elements of mistake making and why they actually help make business more profitable. Discover the can do, will do, fit in rule, along with other rules to make mistakes the most profitable opportunity in your business to date. Welcome to Episode 114 of the Profit First Podcast!
Our Guest
Josh Patrick is a serial entrepreneur. He’s been involved in running his own businesses and helping others create sustainable businesses for 40 years. He was a blogger for the NY Times, Inc. Magazine, Open at American Express, Forbes and the Huffington Post.
Besides running his own businesses he has read over 2,000 business books, designed several 3 day boot camps on financial management, people management and operations management. He believes continual learning is a requirement if you want to run a great business.
Josh has found that combining practical experience with learning what the best of the best do is a great combination when helping others create businesses that are economically and personally sustainable.
He hosts his own podcast the Sustainable Business at www.askjoshpatrick.com/podcast. He has produced a free one hour audio CD where you can learn what it takes for you to create a sustainable business. To get a copy of your free CD, visit www.askjoshpatrick.com and click on the big orange button on the home page.
Show Links
Website: www.askjoshpatrick.com
blog: www.askjoshpatrick.com/blog
Podcast: www.askjoshpatrick.com/podcast.
Corporate Partners
Receipt-Bank – Software and service to make the gathering, storage & processing of bills, receipts and invoices as easy and as cost effective as possible for businesses.
Nextiva – VOIP phone providers for small businesses.
Fundera – Single source online funding for entrepreneurs. Also offers an adviser program for CPAs, bookkeepers and business coaches.
Fundbox – The simplest and fastest way to fix your cash flow by advancing payments for your outstanding invoices.
