Mike Michalowicz's Blog, page 63
August 29, 2016
Unify Your Client Needs With Your Own
The common belief is that you must pivot your offering until you meet the needs of your customers. That is only partially correct. In fact pivoting to your client’s needs, while ignoring your own, will cause you to resent your business. Instead unify your client’s needs to your own and you will position your business for extraordinary growth and profitability.
Want to learn more from Mike? Attend ProfitCON 2016 and meet him in person. It is time you take your business growth and profitability seriously!
Episode 111: Grow with ‘No’ featuring Clay Clark
Show Summary
On today’s episode, we talk about the power of saying NO with Clay Clark! Clay argues that when you say no, you are actually happier and more profitable! This episode he shares the strategies around the “F5″ technique to bring balance to life, and to define your purpose. Clay also shares some very specific things you can do to grow, by simply saying no! Welcome to Episode 111 of the Profit First Podcast!
Our Guest
Clay Clark is the former “US Small Business Administration Entrepreneur of the Year” for the state of Oklahoma and the founder of Thrive15.com.
He and his companies have been featured in PandoDaily, Forbes, Fast Company, Yahoo Finance, and countless publications.
He started his first business out of his Oral Roberts University college dorm room at the age of 18.
He was named the Tulsa Metro Chamber of Commerce Entrepreneur of the Year at age 20.
He has started numerous successful businesses, written three books, consulted with companies in nearly every industry under the sun, and has committed to the “family time” necessary to create five beautiful children with his wonderful wife Vanessa.
He educates, he inspires, and he coaches teams and businesses on the specific action steps that are required to grow.
Over the years he has been the “Entertainer,” “Educator” or “Consultant” of choice for America’s leading companies including: Bama Companies, Boeing, Farmers Insurance, Hewlett Packard, IBM, Maytag University, Oral Roberts University, O’Reilly Auto Parts, OxiFresh, QuikTrip, Southwest Airlines, Valspar Paint, and countless other companies and organizations that were looking to grow.
Show Links
Website: Thrive15.com
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.
August 26, 2016
7 Actions to Reduce Stress In Seconds
Life is stressful, especially if you’re in a startup or are an entrepreneur. That’s why sugar, caffeine, high fat snacks and comfort food are so popular. The thing is, that junk only adds to your stress, it doesn’t detract from it. Stress increases your heart rate, makes you breathe faster, and raises your blood pressure. Me? I eat a lot of ginger, I run and eat healthy, but I’m not immune to stress. Slapping people, screaming and throwing things might make you feel better and less stressed in the short term, but they almost always result in more stress, usually about the time security arrives. The techniques below help me force me to relax and chill out when I over schedule, under sleep and freak out.
Breathe.
Yep. We all do it until we’re dead. But most of us don’t do it right. Stress tends to make us shallow breathers. When you’re stressed stand up and take long, slow deep breaths—the kind you take before jumping into a swimming pool of cold water or before giving your kids “the sex talk,” or asking your boss for a raise. Slow inhale slow exhale. Do this at least five times. If you get dizzy, sit down. You’re probably not used to that much oxygen.
Laugh out loud.
If there’s nothing funny in your life or office, turn to YouTube. Search on “Cats, Fail,” or “Epic Face Plant.” You’ll find lots to laugh out loud at. If you’re not near the Internet, think about something funny.
Put things in perspective.
I used to think noises and distractions outside my office were annoying and stressful. Then Hurricane Sandy hit and suddenly I was walking to a shelter every day and working at a table with six other people. It put a lot of things into perspective. So did going from a net worth of millions to a net worth of whatever coins I could find in the couch, my ashtray and my daughter’s piggy bank. Think of the worst thing that’s ever happened to you, or someone you know and put your stress next to that.
Look at something awesome.
Look at some great photos of sunsets, the ocean, mountains or even your kids, family, spouse or last vacation—except for the parts that stressed you out. Studies show just looking at something beautiful, awe inspiring or calming reduces stress. If you have something outside to look at, like a park. Go sit on a bench. If you’re in a high rise office, make sure you have some flowers, or a painting or something to look at. It doesn’t have to be big. It just has to touch your soul.
Change location.
Being able to teleport to a hot tub or a deserted beach somewhere would be awesome, but until that technology is available, the break room or bathroom will have to do. If that sounds depressing, and it does doesn’t it, then step outside instead. Walking to the vending machine or coffee pot or taking the elevator to another floor and wandering around pretending to be lost is an option. The point is to change locations and get away from the place (or person) stressing you out. The walk there and back and even a different environment can reduce stress in a matter of minutes.
Plug in.
The right music can calm any stress. Don’t turn on heavy metal or something raging or that you’d workout to. Try something more mellow and happy, or something that reminds you of good times. Relax into it.
Stretch.
Yeah, crazy right? But it works. Stand up and stretch. Move to a doorway and push on either side of the doorframe. Twist. Sit down and put your legs out in front of you and point your toes. Find a stairwell and do some standard runner’s stretches. Google “stretching” to find something if you’ve put your high school gym class behind you.
No technique is going to work if you’ve let stress build up. The minute you start to feel stressed, address it head on. Hydrate—even being dehydrated by 2% can be stressful to your body. Coffee and soda don’t count. Drink water. Sip it throughout the day. Get some regular exercise, even if it’s just walking to the fast food place or taking the stairs instead of the elevator. Physical activity (I run) can drain stress better and faster than a juicer crushes fruit. Finally, figure out what’s causing the stress and eliminate it as much as possible.
August 25, 2016
Positive Thinking… Is It Bad For Your Business?
Is there such a thing as being too positive? Yes. Positively yes.
At a recent Anthony Robbins event, run by the king of positive himself, nearly 24 people severely burned their feet while walking across burning coals. The objective of the fire walk? To provide people with a metaphor for overcoming their fears with positive thought. I look like at least 24 of them did have enough positive mojo going on. In fact, one participant who suffered third degree burns to his feet, stated that he was obviously not thinking positively enough.
Today we are inundated with the requirements of positive thinking. In fact, any ills you face in business or in life, as the philosophy goes, can be pinned on not thinking positively enough. Want to magically attract millions? Have positive thoughts so the Law of Attraction can bring it to you. If you the riches don’t magically appear, you simply were not thinking positively enough.
Having a down day, just picture yourself on a beach with a Margarita in your hand and you will be cured. Not.
Negative thinking is natural. It is part of the human experience, for every human. And just like everything in life, we need balance. Too much of a good thing is still too much. That includes too much positive. It will throw you out of whack and hurt you.
Here’s how you are overdoing:
1. Affirmations – Are you using the method of Stuart Smalley “I am smart enough” positive affirmations into a mirror to get your positive juices flowing? Think again. Inauthentic affirmations that we say to ourselves are automatically followed up with counter negative argument. For example, when you say to yourself “I am smart enough” your mind instantly asks “then how come you are such a failure right now.” Inauthentic positive affirmations actually make you feel worse about yourself.
2. Visualization – The Law of Attraction suggest you visual a positive outcome. Perhaps you will visualize that new car you want or a new client you want to land. Then, as the Law of Attraction professes, sit back and let the universe deliver it to you. You wait and wait. This form of positive thinking puts us in the dangerous trap of inaction. Sitting and waiting never brings results. Even lottery winners need to go out and buy the ticket.
3. Goal Setting – This is potentially the most common form of positive thinking in business. At face value it makes complete sense. Determine you want for your business over the next yets, then outline the positive goals that will get you there. So far, so good. The problem happens is when things change but the goals don’t. Goals that are positive, but don’t adjust to the changing dynamics of the environment around become a dangerous blinder. You positively adhere to goals that will no longer serve your business.
Being positive isn’t bad, it is simply being overdone. Being negative isn’t bad either, it’s value is just being ignored. The fix is the tried and true “moderation in everything.” So start getting a little more negative in business. . . it will positively help you.
August 24, 2016
How To “Un-Gruntle” Disgruntled Employees
So you have an employee or two and they are disgruntled. That is a problem for lots of reasons but especially the function of your business. So how do you un-gruntle them? There are many things you can do to help control the situation before it gets out of control.
The problem with disgruntled employees is that they can pose a risk to your company. In addition to providing poor service, thus turning customers off, they may also create a negative working environment, creating stress within the company. Some disgruntled employees may purposely set out to cause whatever harm they can to the company, from spreading rumors to stealing money and equipment.
The sooner such a disgruntled-employee situation is addressed, the better. Here are 5 performance management tips for accomplishing that:
1. Remain professional. Regardless of how the disgruntled employee behaves, it is important for you to always remain professional when handling the situation. Avoid yelling, swearing (even though you have a list of expletives you would like to roll out), and stooping to their level. Remember that this is not usually personal, and that it needs to be handled in a professional manner, on behalf of the company.
2. Don’t let it fester. When you first see that there is a problem, that is the time to address it. Noticing it and avoiding addressing it just gives the employee time for their attitude to fester. Nip it in the bud right away, before it can grow into a bigger problem. Also, after dealing with the disgruntled employee, don’t let rumors build, within the company. Take a moment to address that it has been taken care of and that it is time for everyone to refocus and get back to work.
3. Keep it private. Rather than confront a disgruntled employee in front of others, always take it to a more private setting, such as meeting in a conference room or private office. Addressing the situation in view of others will just cause the employee to become embarrassed, thus fueling their disgruntled fire. Part of being professional is handling the situation as a matter that needs to be addressed privately with that employee.
4. Document everything. Today, lawsuits sometimes happen for the most trivial of reasons. The best policy is to document everything that is taking place. Whatever the disgruntled employee has done that needed to be corrected should be documented, as should how you addressed it. Documenting everything, from warnings and discussions to termination of employment, if you have to go that far, will help to protect you and your company.
5. Don’t empower them. If your disgruntled employee has the company stalled while everyone tries to deal with their drama, then they are being empowered. Do not give them that kind of power within your company. If there is a problem, have the most appropriate person address it, and keep everyone else on task. This way, the problematic individual also sees that the company is carrying on, independent of their disgruntled attitude.
If you feel that you may have an employee who could escalate the situation into a potentially dangerous one, don’t hesitate to get assistance. While such situations are not all that common, it can happen, and your local authorities can help you to avoid a potentially dangerous situation.
Nobody wants to have to deal with disgruntled employees, but the sooner you do it, the better off your company will be. It is a situation that can create a lot of damage from the inside out, if it isn’t addressed in a timely and professional manner. Just keep these tips in mind, and you should have no problem addressing such situations in your business!
August 23, 2016
Early Adapters Versus Early Adopters
There is a lot of talk about early adopters, those risk taking customers who are the first to try out your product. But what about the early adapters? They are the folks who figure out practical uses for your product, and how it can truly be used, sold and expanded.
Gaining early adopters is important. Learning from early adapters is critical.
August 22, 2016
Episode 110: Going Bananas For Profit First With Jesse Cole
Show Summary
Today we interview the owner of the Savannah Bananas, Jesse Cole! He shares fascinating insight on how he had leveraged Profit First to reduce his debt, and strike an extraordinary chord of innovation. Discover why the Savannah Bananas is the most innovative baseball team of our time, how they are radically changing an industry, and as a result, bringing tremendous amounts of profit to their business, and a tremendous amount of happiness to their fans! Welcome to Episode 110 of the Profit First Podcast!
Our Guest
Jesse Cole is the founder of Fans First Entertainment who owns and operates the Savannah Bananas as well as the Gastonia Grizzlies in the Coastal Plain League. In his first year owning the Savannah Bananas, the team has gained worldwide recognition and publicity. The Bananas have been featured on ESPN, Good Morning America, the Today Show, Yahoo and CNN for their unique name and promotions. The team would go on to sell out 8 of their first 9 games and on pace to sell out most of their games in their inaugural season!
In Cole’s tenure with the Gastonia Grizzlies, the team has broken the attendance record in each of his eight years and finished 9th in the country in attendance in 2015. The Grizzlies have been recognized regionally and nationally, being named Gaston Gazette’s Person of the Year, Organization of the Year, and winning best promotion in the country at the Sports Business Conference.
Cole has been named Business Person of the Year by the Gaston Regional Chamber of Commerce as well as Executive of the Year by the Coastal Plain League.
Cole is known for doing very unique things at the ballpark including implementing features such as the Midnight Madness Game, the Grizzlies Donut Burger and Donut Dog, The Grandma Beauty Pageant, the Tuxedo Uniforms, dancing players and Dunk the GM inning in the Dunk Tank.
Cole has been a part of more 10 different community boards in Gastonia including United Way, Gaston Chamber, Gaston Jaycees, to name a few and is a proud member of Gastonia East Rotary but may be switching as he and his wife Emily bought a house in Tybee Island and live here full time.
Cole may be most known for wearing a Bright Yellow Tuxedo at every game during the season!
Show Links
@jcolebaseball
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.
August 19, 2016
The Video Game Life
If you win a level in your favorite video game, the reward is the next, harder level.
In life, you are winning levels when you get bigger challenges.
Your job is to beat that next level. And the next one. And the next one too.
August 18, 2016
Shrimp with A Side of Dry Ice
A shrimp cocktail appetizer may sell for $12.
A shrimp cocktail appetizer served in a “smoking” chilled glass, you know that cool dry ice effect that creates a fog cloud rolling out under your appetizer, may sell for $18.
Perception matters. Packaging matters. Profit awaits.
August 17, 2016
Have Fun Dad!
“Have fun Dad!” My kids always say that when I leave the house. I could be going to a lawyer’s office or a funeral (which are one and the same) and they still say, “Have fun.”
I got annoyed. Then I learned. We choose what we experience. We choose what is fun (including a lawyer’s office). I now go in with the intention of having fun every time. It makes for a much better life.
Thanks for the lesson kids!
