Mike Michalowicz's Blog, page 64
June 28, 2016
The Downward Spiral – Bigger Plates = Bigger Cabinets
I was having coffee with Brittany Lanzone, Founder of kitchen design company Rae Design, when she shared a fascinating fact with me. The kitchen cabinet standard recently increased from the former 12 inches of depth to 13 inches. Why? To accommodate larger plates. To make them more accessible. Instantly. Easily.
As you may know, I make a big deal out of plate size because our behavior with plate size and the food we consume runs in direct parallel with how entrepreneurs manage money. More food served on a single plate, the more we eat. Too much food means too many calories, resulting in societies epidemic obesity.
Banks are doing the same. That one checking account you use to run your business is one big ol’ plate accessible at anytime from anywhere. The second money comes into your business; you have access to all of it. The whole plate. Instantly. Easily. And your money gets eaten away.
Instead, maintain a bank account structure where your money is less accessible and divided into small portions. The method for this is Profit First. I strongly encourage you to implement it now, before the always expanding infrastructure keeps you stuck in a money management method that will never make you profitable.
And for the sake of your health, don’t ever install the new, larger cabinets in your house.
June 27, 2016
Episode 99: Freedom and Profitability With Jonathan Pototschnik
Show Summary
This episode with Jonathan Pototschnik discusses the difference between working in the business vs. on the business and how to make the transition. Jonathan argues the importance of getting to working on the business but also the dip in income you will experience during the process and how to navigate through it. Learn how to gain financial freedom and time freedom, the perfect combination for profitability. Welcome to Episode 99 of the Profit First Podcast!
Our Guest
Jonathan is the co-founder and CEO of Service Autopilot and founding partner at CitiTurf.
In 2000, he co-founded his first technology company. Since then, he has provided technical and business consulting to numerous companies across many industries.
Outside of technology, Jonathan has held interests in multiple service companies, from lawn care to janitorial to carpet cleaning.
He currently lives just north of Dallas, TX with his wife and two sons.
When not working, Jonathan most enjoys auto racing, snowboarding and traveling.
Show Links
Websites: www.ServiceAutopilot.com , http://serviceautopilotacademy.com/
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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.
June 24, 2016
How You Know If You Are Really Wowing Customers
One of my colleagues showed me an email that she sent to a new prospect with the intent of scheduling an appointment. In fact, this prospect reached out to her originally and she was responding via email to get the meeting. The email sucked. It was curt, confusing and felt almost like a blow off. She only realized it after the fact when I told her.
There is a simple method she (and you) can use whenever you want to see if you are doing the right thing to wow your customers. Ask yourself if one of your current vendors did to you exactly what you are doing to your customer. Would you be happy? Impressed? Thrilled? If not, fix it until you can say yes. Then proceed.
June 23, 2016
The Dirty Truth About Success
I’m tired of people who say success isn’t about money. Success is absolutely about money. You do need to be rich to be successful. The truth may be dirty, it may not be something you want to print on a coffee cup and give to your mom, but it’s still the truth. Money is an integral part of any success story, and anyone who tells you different is full of it.
Before you get your skivvies in a twist, know that I am not saying the person who has the most money wins. Success is not about counting your money, it’s about freedom, and people with more money enjoy a freedom only money can buy.
People who can do whatever they want, when they want, with whomever (or for whomever) they want are the ultimate success stories. And all of that becomes really easy with money. Money is not the point, but it is the means. So it’s got to be a goal, otherwise life is going to be hard. Or boring. Or both.
You may not want a jet set life, but whatever you do want, money will make it possible. Look at Mother Teresa. She was a huge success, helping tens of thousands of poverty-stricken people on the streets of Calcutta. But none of that would have been possible without money. Being a nun she didn’t have her own money and made a commitment to live without, but she got damn good at raising the money she needed to manifest her idea of success.
It’s time for you to get rich. Rich is good. You need to get rich, now. Before you start bitching and moaning at me – I know. I know the economy sucks. But, screw that! There is still an economy. There is still money exchanging hands. People are just buying in a whole new way now. There is still money to be made for sure, you just need to get the attitude that NOW is the time to get yours.
Don’t be afraid to set a goal to be rich and shout it from the rooftops. It doesn’t mean you’re callous or materialistic. And it doesn’t mean you’re missing the point, ignoring the journey, or focused on all of the wrong things. It means you’re smart, really smart. Because when you’re rich you can do whatever you want. And that is the definition of success.
June 22, 2016
Episode 98: The Personality of Profitability with Vickie Musni
Show Summary
Today we learn about the power of personalities. Vicki Musni explains how understanding the personalities of yourself, your employees, and the people you sell to can dramatically increase your profitability. In this episode you will discover how to quickly evaluate the personalities of people – even if it’s just over the phone – so that you can provide better service to them and skyrocket your profitability. Welcome to Episode 98 of the Profit First Podcast!
Our Guest
Certified Personality Trainer Vickie Musni is the author of Personalities for Business and co-author of Personalities for Educators and Creating Connections. Her passion for empowering others by teaching the four personality colors is rapidly changing the lives of her local, national, and international audiences. Additionally, she co-hosts a weekly podcast with Mitch Taylor, her co-author of Creating Connections, where they discuss personalities, sales, professional relationships and other challenges faced by small business owners.
Vickie owns and operates a wedding video and entertainment company in Reno, Nevada. Applying what she knows about the personalities to her own company has revolutionized her business by increasing sales and improving relationships. Being an active business owner provides her with ample opportunity to regularly practice the communication and personality techniques she teaches. Her approach to understanding personalities is simple to grasp and she will have you applying the information to your own lives and businesses immediately.
Show Links
www.VickieMusni.com (personality quiz, blog, etc.) and www.CreatingConnections.BIZ (weekly podcast, books and more)
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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.
June 21, 2016
How to Get A Difficult Client To Schedule Meeting
I received this note, in the mail last year. It did its job – she got the meeting with me immediately. While I was always willing to meet with her, I never it made it a priority until I got this letter.
If you are struggling to get a key meeting with someone, I encourage you to use this letter as a template. It’s funny, sincere, engaging and surely unique. Just make sure you include a gift card for coffee, just like she did.
June 20, 2016
Episode 97: Profitability for the Specialists with Kaman Cheung
Show Summary
Kaman owns an amazon seller business where he sells different products from golf items to toys. His business is implementing Profit First and Mike Michalowicz gives Kaman a few strategies to increase profitability, also explaining that cutting costs can only get you so far; there’s only a little bit of cost cutting that can be done effectively before it hurts the business… but there’s an opportunity in Kaman’s case to become specialist. We also share a really unique strategy to start capturing emails of people who buy through the amazon platform. Welcome to Episode 97 of the Profit First Podcast!
Our Guest
My name is Kaman (pronounced “Common”) Cheung. I started my Amazon business full-time in January of 2015. I do a mix of Private labeling and Retail Arbitrage with a mix of Online Arbitrage and Wholesale. In my first year I did $100,000 in sales but then I looked at my P & L and it was a bit sad. I heard of Profit First through my mentors Robyn Johnson and Rochelle Sanchez.
Show Links
Website: www.CaddieElite.com
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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.
June 15, 2016
Episode 96: Momentum towards Profitability with Jason and Jodi Womack
Show Summary
Jason & Jodi Womack, Authors of Get Momentum: How To Start When You’re Stuck, join Mike Michalowicz and Chris Curran to talk about the importance of momentum in the workplace. Jason & Jodi discuss how having a business partner who is the polar opposite of you can be both your biggest strength and your Achilles heel, depending on how you choose to use both of your skills. They also challenge us to try the 30/30 rule: Work 30 mins/day on something that’s 30 days or more away. If you don’t have time to prioritize building profitability into your business now, what makes you think you’ll have time to do it later? Welcome to Episode 96 of the Profit First Podcast!
Our Guests
Jason and Jodi Womack met in the front row of history class in college. Jodi asked to borrow Jason’s notes. He said, “No.” That was the beginning of a beautiful relationship. Jason’s “No” quickly turned into a “Yes” and 23 years later they’re still editing each other’s writing. They’ve grown up together as they worked in the local, small town high school; Jason teaching history and Jodi in the Counseling department. Then graduating to running their own international consulting firm, The Womack Company, where they help busy professionals be more productive through coaching, consulting, their Get Momentum Leadership Academy, and now their book, Get Momentum: How To Start When You’re Stuck. (Wiley, May 2016)
Show Links
Websites: www.getmomentum.com/bonus
http://www.getmomentum.com/gmbook/
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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.
TSheets – The #1 customer rated time tracking solution!
Fundbox – The simplest and fastest way to fix your cash flow by advancing payments for your outstanding invoices.
June 13, 2016
Episode 95: Refreshing Profitability with Jacqui Rosshandler
Show Summary
Today, entrepreneur Jacqui Rosshandler joins us to discuss how she chose to innovate and find new products outside of her industry and what her “Aha!” moment was. We also touch on lessons learned in the process of how to launch a product-based business that gets into mainstream stores, AND how to do it profitably throughout. Welcome to Episode 95 of the Profit First Podcast!
Our Guest
Woofmints, is your classic “necessity breeds invention” story – where Jacqui Rosshandler, inventor of sister product Eatwhatever, a duel mint and gel cap breath freshener, was shown close affection by a black lab with awful breath and had an “Aha!” moment. Following a hunch, she confirmed that her gel cap formula could also solve the dog breath issue and Woofmints was born. The innovative oil based gel caps work on dogs just as they do on humans creating sustainable fresh breath for hours.
In 2010, Jacqui Rosshandler joined forces with Arthur Shorin, former CEO of Topps, a multi-national company famous for sports picture products and confections. Together they formed Jacquii LLC, a privately held company dedicated to improving the sociability of humans and pets via healthy,natural, effective products. The company presently markets Eatwhatever, – Steps to Kissable Breath and new Woofmints – No More Dog Breath.
Show Links
Websites: http://www.woofmints.com/
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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.
TSheets – The #1 customer rated time tracking solution!
Fundbox – The simplest and fastest way to fix your cash flow by advancing payments for your outstanding invoices.
June 10, 2016
Time vs. Money
Time and money. Both are scarce resources. Money depletes quickly. Time depletes, comparatively, more slowly.
Before you spend your money, spend your time. Determine if your time is resulting in a loss or a gain. Then, when you discover where time is well spent, spend money on it, so that you don’t need to spend more time on it but other people or resources can.
Money can be replenished. Time can’t.
Before you spend your time, be very selective. Waiting is a cost, too. Time is always ticking and not using it is wasteful, so pick wisely, move aggressively, find what works, and use money to expand it.
