Mike Michalowicz's Blog, page 61

If The Local News Starts Reporting Good News… Get Scared

People are drawn to the unexpected, the atypical and the different. We are intrigued by the stuff that isn’t the normal fair. That is why violence, murder and death is served up daily – because you likely don’t experience it every day. Different gets our attention.

The day that the local news starts only streaming good stuff, means that violence, murder and death has become the norm. That means good news is now the atypical. That or mankind has become fascinated with the same ol’, same ol’, but that has never happened.

The Least Expensive Business to Start

Inevitably a service based business is the least expensive business to launch, because the primary asset is you. You can immediately start a car cleaning business, consulting business, or a programming business – if you do all the work.

Yes, there will be supplies, materials or equipment that you need. But you can limit them, rent them, or start with used ones. There is always a way to get started with little cost when you start a service based business.Just be aware of the one big trap.

To start the business, you will need to do the work. To grow the business, you will need others to do the work. Easily said, not easily done.

The day will come that you have done the work for so long, that it will be hard (or impossible) to get others to do it. If you can’t make the transition, your company won’t be able to either.

First in Gets The Respect

The first business in a new territory gains the respect. Take Uber for example. Uber was the first in the crowdsourced personal transportation space – the first alternative to taxis. Lyft was next in line and they didn’t inherently gain the respect and notoriety that Uber gained, due to the fact that Uber already made their mark within this territory. The first one in, by default, gets the respect of the community.

This “first in gets the respect” protocol is hardwired within all species’ psyches when it comes to claiming, or dominating, a territory. Lion-tamers psychologically control lions using this strategy. Trainers always enter the lion ring first within full sight of the lions. In doing so, they establish themselves as the owner of the domain (not the lions). This is reinforced by shouting, stomping, and cracking the whip. It causes the lion to respond with respect for the tamer; it impresses them.

If you have an opportunity to be first in the market – make it known: Crack the whip, stomp your feet! When you make your presence known, you will subconsciously gain the community’s respect over all the alternatives. A very good position to be in.

Hiring Prematurely vs. Hiring Too Fast

You probably are already familiar with the old entrepreneurial adage, “Hire slowly. Fire quickly.”  Yet, entrepreneurs have the propensity to hire too quickly. They hire the first prospect they feel good about and bring them onboard, only to find out that initial wonderment is replaced by disappointment in the new hire.

The cycle of bringing someone in, and then losing them (and having to go through this cycle again and again) can be devastating to a business. But the trend persists since entrepreneurs are often in panic-mode: “We need to hire someone now!” Panic prohibits good hiring practices. Hiring too fast is a bad thing.

Hiring prematurely, though, may be the best decision. Hiring someone prematurely occurs when you find that “A-Player”- a rockstar that is good at what they do and what you need. And while their role may not be clearly defined in your organization yet, getting that person in the door may be more beneficial than having them slip through your fingers.

So here’s the approach you should take: Always build-up your bench of A-Players, and always keep your eyes open. Of course, you should be hiring for available positions. But even when you have nothing available, keep circulating because timing in this industry is everything. Hire prematurely, but don’t hire fast.

Episode 108 : Rolling In The Dough With Paul Finney and Marcie Hanhart

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Show Summary

This episode with Paul Finney, we learn on how a food business can be profitable!  After discovering Profit First, Paul brought on a Profit First Professional to implement our strategies, and now, his profitability is 300% greater than it was in the past.  He is now on a track to make it 500% better, and is paying himself amounts he had never payed himself before.  He was even able to reserve money for taxes! All of these things happened because of how he implemented Profit First! Discover his exact method and strategy and the person who helped coach him along. Hint…it’s Marcie Hanhart!  Welcome to Episode 108 of the Profit First Podcast!

Our Guests

​Chef Paul Finney is the owner and creator of the October Kitchen Chef Service.

Specializing in delivering healthy home style nourish meals to boomer, seniors, and anyone too busy to cook.

Formed in 2000 October Kitchen in Connecticut’s Premier meal delivery service serving central Connecticut.

Expanded to a 1,800 sq ft commercial production kitchen in 2010 to a full service CHEF SERVICE prepared meal service offering weekly delivery and retail take away.

They deliver to over 200 families in the Greater Hartford area every week and prepare healthy home-style meals with less salt, fat and sugar and great taste.

 

A 1992 Johnson and Wales culinary graduate and NY TIMES “Excellent” chef, chef Finney has grown October Kitchen from a one man personal chef operation to a cutting edge meal delivery service.

Along with his beautiful wife Alison, they have grown their Mom and Pop operation to be the main food service meal provider for thousands of clients, nourishing and improving their health with great food, prepared with love.

LINKS:

www.octoberkitchen.com

Recently featured in the Hartford Business Journal: http://m.hartfordbusiness.com/article/20160627/PRINTEDITION/306249932/1002

​Marcie Hanhart has been a business coach, consultant and advisor to companies for over 35 years.

Her clients have ranged from Fortune 100 companies, to start­ups. She has owned and run 3 businesses of her own and in 2002 became a certified business coach with Action Coach, formerly ACTION INTERNATIONAL.

Marcie’s focus has long been driven by bottom line profit. She says she has used this focus to help companies drive more efficient production and development processes, increase systemization and motivate effective and happy Teams.

Marcie told us that she has found Profit First an incredible tool in helping inspire business owners because, to quote her: “they can now see that the best companies do manage to run great businesses, pay themselves well, and still take a healthy profit” They want to do the same.

LINKS: www.actioncoach.com/marciehanhart

 

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.

Don’t Compare

Don’t compare yourself against others. They have their own path and you have yours.

Your path may be that of a glacier – a relentless, unstoppable force.

Their path may be that or a meteorite – extreme speed.

If you compare on speed, you will negate your strength. If you compare on relentlessness, you will negate their strength.

Don’t compare. It’s a fool’s folly.

Misfit to Magnificent

The biggest compliment that you will ever get is that you are a misfit. It means that you don’t fit in with everyone else. It means you have a real shot at being exceptional. It means you are one step away from magnificent.

Embrace Mistakes

I texted my wife years back with “I love you” but accidently typed “I live you.” We embraced it and it has been what we say to each other ever since.

My sister wrote me a letter and signed it “Your Big Sid” instead of “Your Big Sis.” I embraced it and her nickname ever since has been Sid.

My first book was supposed to be titled Launch, but a college student thought the lead story about toilet paper was in fact the title of the book. Hence The Toilet Paper Entrepreneur came to being.

Embrace mistakes. It’s fun and sometimes it makes some serious coin too.

This Too Shall Pass

On a recent trip to the breathtaking island of Lanai, Hawaii, I witnessed an important lesson; It is human nature to believe that whatever is currently happening will likely happen permanently. But in reality, it won’t.

I was visiting the Lanai City Museum to read-up on the history of the island.  A twenty-year-old video looped in the background. It shared a fascinating tale of the rise and fall of industry on Lanai.

The locals explained how the sugarcane industry had come and gone. They explained how cattle had come and gone. As the twenty-year-old video concluded, it explained how the pineapple industry has proven to be the only industry that has permanence. “It is here now. It is here to stay.”

Ten years later, Lanai no longer produced pineapple. If only they had known. But how could they? They’re human.

Today the industry is tourism. It’s the new great hope for the island. I just wonder how long it will last.

Episode 107: Is the Recession Over Yet? with James Coyle

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Show Summary

Today we talk with Jim Coyle on: “is the recession over yet?” Jim’s response may be a bit hard to hear, yet eyeopening.  Discover some insights about what’s going on in our economy and how to stay ahead as a small business owner. Welcome to Episode 107 of the Profit First Podcast!

Our Guest

 

James R. Coyle is the President of the Gateway Regional Chamber of Commerce, one of the largest and most active business associations in New Jersey. With nearly 1,200 members, Mr. Coyle’s primary responsibility has been to develop and implement a strategic plan to revitalize the organization and make it more politically effective by taking full advantage of the grassroot capabilities of its membership. This, combined with effective targeted marketing programs, has led to a tripling in the size of the organization. Mr. Coyle has also cut management costs and increased revenues, resulting in a substantial improvement in the financial position of the Chamber.

Mr. Coyle is also the publisher of and a columnist for the monthly business newspaper, Inside Business. The paper is an initiative of the Gateway Regional Chamber of Commerce, and has a readership estimated at 70,000. Mr. Coyle’s columns are considered a highlight of the paper and forcefully expound on issues of importance to the business community.

Within New Jersey political circles, Mr. Coyle has become well known. He played a major role in Governor Whitman’s 1993 election campaign, and has managed or advised numerous legislative, county and local campaigns on issues management and communications strategy. In 1994, he managed the 10th Congressional District campaign.

In 1995, Mr. Coyle was tapped by Governor Whitman to manage the day-to-day operations of the New Jersey Board of Public Utilities. At the Board, Mr. Coyle implemented a sweeping reorganization designed to move the Board away from a strictly regulatory function, to one that promotes open competitive markets. This involved developing and implementing a new communications strategy to inform the public, the industry and political decision makers of the new policy direction.

Prior to his work with the New Jersey State Government, Mr. Coyle was Managing Director of Coyle & Associates, his own public affairs and communications consulting firm. He has worked with clients such as AT&T, the Governments of Indonesia and Egypt and the Washington public affairs firm of Cassidy and Associates. His primary focus was to help his clients develop public affairs strategies and policy agendas for their dealings with the U.S. Government and foreign governments.

Before coming to New Jersey, Mr. Coyle managed a trading and consulting firm based in Singapore. His clients included the U.S. Department of State, the World Bank and the Indonesian Government. Mr. Coyle provided these clients advice on strategies to pursue in trade policy negotiations and investment promotion. In one case, he helped the Indonesian Government design new fertilizer marketing policies which proposed savings of over $100 million.

Prior to Mr. Coyle’s time in Southeast Asia, he was a U.S. Foreign Service Officer, and served as the Agricultural Attaché to Egypt. There, Mr. Coyle was responsible for administering one of the largest and most significant U.S. agricultural assistance programs in the world. He was also chief negotiator for the 1987 PL-480 agreement with Egypt. His negotiations resulted in Egyptian concessions saving the U.S. Government nearly $20 million.

Before going abroad, Mr. Coyle worked as an international economist and agricultural trade development specialist with the U.S. Department of Agriculture. He also was responsible for coordinating the budgeting process for USDA credit guarantee programs, and for developing marketing strategies for selling U.S. products in the Middle East.

Mr. Coyle holds a BA degree from the University of Colorado and a MS degree from Cornell University. He makes his home with his wife, Ellen, and his sons, Matthew and Philip, in Maplewood, New Jersey.appy (110 Lessons for my daughters).

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.