Mike Michalowicz's Blog, page 76
November 16, 2015
Episode 54: Business Synchronization and Profitability with Antoine Gerschel
Show Summary
Teams of Distincton co-founder Antoine Gerschel joins Mike Michalowicz, Chris Curran and Kristina Bolduc for Episode 54 of the Profit First Podcast! Antoine has some fantastic words of wisdom for moving your business towards distinction (rather than extinction!)
Our Guest
Antoine Gerschel is co-founder of Teams of Distinction, an advisory firm focusing on helping organizations reach SWING: the near perfect synchronization of talented people. Before starting “Teams of Distinction”, Antoine has had multiple corporate and entrepreneurial leadership positions, including being the head of global leadership development at Sanofi-Aventis, and the COO of a learning technology start-up. He has trained and coached teams on five continents and has written 3 best-selling books on conflict, change and communication. He has been featured in Forbes and other leading business publications. Recently he has helped such organizations as the US Trademark and Patent Office, The Department of Health and Mental Hygiene of the City of New York, Bayer, Pfizer, Munich Re, Swiss Re, UBS, Walmart and multiple start-ups. He has also been guest speaker at University of Pennsylvania’s Wharton Business School and at the University of St.Gallen in Switzerland.
Antoine is originally from Zurich (Switzerland), and, with his family, has spent the past 18 years in Princeton, New Jersey.
Show Quotes
You have to be a “bean counter” and know how much you have in your bank at the end of the day.
It’s very easy to run out of cash when you’re successful – you will be more inclined to make investments and payments upfront. It’s easy to spend the money when you have it.
Many businesses are invariably either moving towards distinction or extinction. Get your company moving towards distinction!
Gradually get your business into the swing of things – there are 5 steps to doing so:
1. Mission of critical thinking – What’s the business mission? What’s the team mission? Every team needs one in your company.
2. Be tactical & practical: aspirational ambitions – Is there 1 single thing the whole team can rally behind? A common short term objective for the whole team rather than one person.
3. Internal combustion – make sure every individual is operating at their best – make sure they’re happy with what they do. Communicate with your staff! People will only express their thoughts and concerns if you provide an environment that facilitates conversation.
4. More than the sum of it’s parts – value your time. Create a situation where you and your team function automatically and have a common understanding.
5. A mind of it’s own – trust in your employees to make decisions based on the interest of the company.
Show Links
Antoine’s Website: http://teamsofdistinction.com/
http://teamsofdistinction.com/swing/
http://teamsofdistinction.com/free-consultation/
http://teamsofdistinction.com/blog/
Teams of Distinction on Facebook
Antoine Gerschel on LinkedIn
Twitter: @DistinctTeams
Teams of Distinction on Youtube
https://plus.google.com/+Teamsofdistinction
Corporate Partners
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.
Episode 54: Business Synchronization and Profitability Antoine Gerschel
Show Summary
Teams of Distincton co-founder Antoine Gerschel joins Mike Michalowicz, Chris Curran and Kristina Bolduc for Episode 54 of the Profit First Podcast! Antoine has some fantastic words of wisdom for moving your business towards distinction (rather than extinction!)
Our Guest
Antoine Gerschel is co-founder of Teams of Distinction, an advisory firm focusing on helping organizations reach SWING: the near perfect synchronization of talented people. Before starting “Teams of Distinction”, Antoine has had multiple corporate and entrepreneurial leadership positions, including being the head of global leadership development at Sanofi-Aventis, and the COO of a learning technology start-up. He has trained and coached teams on five continents and has written 3 best-selling books on conflict, change and communication. He has been featured in Forbes and other leading business publications. Recently he has helped such organizations as the US Trademark and Patent Office, The Department of Health and Mental Hygiene of the City of New York, Bayer, Pfizer, Munich Re, Swiss Re, UBS, Walmart and multiple start-ups. He has also been guest speaker at University of Pennsylvania’s Wharton Business School and at the University of St.Gallen in Switzerland.
Antoine is originally from Zurich (Switzerland), and, with his family, has spent the past 18 years in Princeton, New Jersey.
Show Quotes
You have to be a “bean counter” and know how much you have in your bank at the end of the day.
It’s very easy to run out of cash when you’re successful – you will be more inclined to make investments and payments upfront. It’s easy to spend the money when you have it.
Many businesses are invariably either moving towards distinction or extinction. Get your company moving towards distinction!
Gradually get your business into the swing of things – there are 5 steps to doing so:
1. Mission of critical thinking – What’s the business mission? What’s the team mission? Every team needs one in your company.
2. Be tactical & practical: aspirational ambitions – Is there 1 single thing the whole team can rally behind? A common short term objective for the whole team rather than one person.
3. Internal combustion – make sure every individual is operating at their best – make sure they’re happy with what they do. Communicate with your staff! People will only express their thoughts and concerns if you provide an environment that facilitates conversation.
4. More than the sum of it’s parts – value your time. Create a situation where you and your team function automatically and have a common understanding.
5. A mind of it’s own – trust in your employees to make decisions based on the interest of the company.
Show Links
Antoine’s Website: http://teamsofdistinction.com/
http://teamsofdistinction.com/swing/
http://teamsofdistinction.com/free-consultation/
http://teamsofdistinction.com/blog/
Teams of Distinction on Facebook
Antoine Gerschel on LinkedIn
Twitter: @DistinctTeams
Teams of Distinction on Youtube
https://plus.google.com/+Teamsofdistinction
Corporate Partners
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.
November 13, 2015
YES: The Most Dangerous Word In Business
It’s YES. The most dangerous, damaging word in business is YES.
I know what you are thinking. “What the hell, Mike? Business is all about getting the customer to say yes, dummy. And an entrepreneur’s job is to always say yes to them. The customer is always right, after all. Yes?”
Wrong! Deadly wrong.
In fact your business’s life is dependent upon how often you say NO.
Don’t believe me? Let me share a little story, and perhaps you will agree with me on how dangerous yes is.
Let’s say you have a lawn mowing company and a client asks you to simply rake the leaves. Yes! It is a no brainer. Quick, easy money.
While you are out raking leaves, you can’t also be mowing the lawn for a different client. And you surely can’t be answering the phone when a new lawn mowing prospect calls.
So now that you are raking leaves AND mowing lawns, you are missing the next mowing job and all the growth opportunities that exist by being efficient at just one thing are lost.
Next time you are back at the office and waiting for the phone to ring, in comes a gutter cleaning project. You need the money, and it is kinda like raking leaves anyway. Kinda. So, YES, you take it. And while you’re away another mowing job is missed. But you’ll never know it.
And since you are cleaning leaves, siding houses makes sense. You have the ladders any way. Oh, and the customer asked… so YES, chimney repair is now your gig too. And YES, you will deliver wood for the chimney. YES you will make the fire. And the customer wants food, so YES you’ll cook it.
The mowing business? It was struggling any way. Thank God you said YES to all those other opportunities.
I have a question for you. Name the most successful lawn mowing, gutter cleaning, lawn raking, chimney repairing, fire making, cooking company that you know. Nothing bigger than the local Jack of all trades…. you know, the YES MAN.
I bet you can name hugely successful businesses that just do one thing. Just mow lawns or just cook meals. They said NO to all the other stuff.
Now it’s your turn. Learn to say no. It will serve you well. You grow by saying no.
November 10, 2015
The Right Place At The Right Time
Chances are your business is like a gumball machine.
Your clients aren’t strategically planning to buy from you. They aren’t spending years evaluating and weighing each option. They aren’t thinking about the consequences a year from now. Let alone a day from now.
They simply pass by your gumball machine. You are at the right place, at the right time and it becomes a no brainer.
I am not suggesting that the decision making process to buy from you is as light as a gumball. I suspect you charge more than twenty five cents for what you sell. But never discount the importance of being in the right place at the right time.
Ask your best customers where they go, what they read, who they hang out with and you will find the right place. Ask them when they do those things and what triggers them to do those things, and you will find the right time.
November 9, 2015
Episode 53: Branding and Profitability with Brian Scudamore
Show Summary
Business Owner Brian Scudamore joins Mike Michalowicz, Chris Curran and Kristina Bolduc for Episode 53 of the Profit First Podcast! Brian shares his story and gives us some great branding and marketing tips.
Our Guest
Brian Scudamore is the Founder & CEO of three franchise companies; an entrepreneur recognized for his passion, vision, and faith in people. Brian started his first business, 1-800-GOT-JUNK? in Vancouver, Canada at the age of 18. He went on to revolutionize the junk removal industry. But he didn’t stop there. In 2010 came WOW 1 DAY PAINTING! and in 2013, You Move Me, a unique moving company.
Brian and his companies have celebrated appearances on programs such as Good Morning America, Dr. Phil, The Today Show, Oprah, Undercover Boss and Hoarders. His story has been told in Fortune Magazine, New York Times, Huffington Post, and Wall Street Journal, to name a few.
Accolades include Fortune Small Business’ Best Bosses Award, Globe & Mail’s Top 40 under 40, and the International Franchise Association’s Entrepreneur of the Year in 2007, while 1-800-GOT-JUNK? is a three-time winner of a prestigious “Best Company To Work For” award in British Columbia.
Show Quotes
You want to get your business to the point where you work on it, not in it.
ENTRY-preneurs (your clients): people who are finding their passion and entry point; joining your business to build something in their market.
When you’re building a brand, people buy who you are more than what you do. What does your brand stand for? What are you about? The look and culture of your brand is important. If you’re going to make a change, the sooner you change it the better; having the right brand is everything.
Working in a “pit” instead of individual offices is a game changer – It’s easy to communicate quickly, you feed off of each others energy and it creates a whole different vibe in the office.
Marketing needs to be memorable, easy, and repeatable.
You need people that believe in your company! It’s a team effort. We all have our strong points and our week points. If you can find someone who can make your weaknesses their strengths in your business, it will soar.
Show Links
Website: http://www.o2ebrands.com/
Corporate Partners
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.
November 6, 2015
The Entrepreneur’s Costume (Hint: Dress Like Your Brand)
Some entrepreneurs spend more time picking out a Halloween costume than they spend developing their own personal image. Even women, who traditionally allocate more time and energy to their appearance, often follow trends or societal norms when choosing a personal style, which is nuts, because then they just end up looking like all of the other women at the table. Brand before fashion, people!
Whether you like it or not, you are your brand. Even if your business is not centered on your expertise, you still have to represent your company in meetings and at public events. Even if you’re an über geek with serious agoraphobic issues you still have to Skype from time to time, and when you do, you better “look the brand.”
My company is not a three-piece-suit company, so I don’t wear one. Ever. I know what my brand message is, and I dress to fit that image— all of the time. Message. Consistency. Message. Consistency. The most successful entrepreneurs in the world know to follow these simple rules when walk into their pimped out closets every morning.
Take Martha Stewart. Her everyday look is the same as her on-screen, in-print costume: country estate meets self-made media mogul. Orange jumpsuit aside, she dresses to suit her carefully planned image for every occasion.
Or look at Hugh Hefner. From the beginning he dressed according to the Playboy image, complete with James Bond suits and velvet smoking jackets. You’re never going to see this guy in sweat pants or Bermuda shorts. His look is so consistent, so famous, people actually show up for Halloween as Hugh Hefner. Now that’s a costume.
Dressing like your brand goes beyond consistency. Martha and Hugh dress not only according to their company’s image; they dress to embody the aspirations of their target market. Martha wears her tailored suits and cashmere sweaters to appeal to every wannabe domestic goddess. And Hugh dresses like he either got some, is about to get some, or both, which plays into men’s fantasies— not that I would know that or anything.
When dressing like your brand, remember to think about the whole picture: hair, shoes, jewelry and other accessories. Richard Branson, one of the most successful entrepreneurs, dresses to the spirit of his brand: adventure. He’s a bit of a rebel, and he has the hair to prove it. When people see a picture of him they get him, and more importantly, they get his brand. That’s why you’re never going to see him with a crew cut.
So, are you dressing according to your company’s image, or are you showing up to Chamber of Commerce meetings looking like a schlub— or worse, like everyone else?
This upcoming Halloween, and everyday thereafter, go as your brand.
November 5, 2015
International Traveling: How To Cut Phone Costs
If you have ever traveled internationally, whether for business or pleasure, and talked on your cell phone, you may have received a shock when you returned home. Most people don’t realize, when they set out on their travels, just how darn expensive it is to communicate with people back home while they are gone. If you are going to do it via phone, it is going to cost you! But the good news is that there are things you can do to help curb that expense.
Keeping phone costs down while traveling internationally will require that you do a little more than just answer your cell phone and talk, but it will be well worth it when you get the bill! Here are some tips for keeping your phone costs down while traveling abroad:
Know what you are up against. If you want to use your cell phone while traveling, first find out what you will be paying for international calls. Don’t go into it blindly or you will most likely feel the sting upon your return home. Making international calls on your cell phone can range from $1-2 per minute, and it’s easy to lose track of the time. So before you go, get in the know by calling your cell phone provider and finding out what it will cost you.
Use the WiFi connections to make calls. Depending on the type of phone you have, it may be possible to place free calls and texts if you use the WiFi connection available in certain spots. In order to take advantage of this, however, the conditions need to be right, including having a WiFi-enabled phone system and being at a location free WiFi is offered at the time you need to take or make a call.
Screen your calls. At home, you probably just pick up every call that comes through on your cell phone. But if you are traveling abroad and answer an unnecessary call, you may end up paying a couple of bucks per minute as you try to get off the phone again. If you don’t know who is calling you, or whether or not you need to answer it, let the call go to voice mail and then determine whether you need to call them back.
Look into the available apps. There are some apps available that can be helpful for making international calls and saving money. Check to see which ones would work for you and whether it would be worth it. Usually, such apps are under $10 and may save you a bundle in the end.
Consider using Skype or VoIP. Consider alternative methods to making calls, such as using Skype or VoIP. With Skype, you can make the calls online or with your phone, and it is much cheaper per minute than using your cell phone. Also, VoIP providers offer a variety of plans that allow people to pay one low fee for making international calls. They are both worth checking out.
Respond via e-mail. Not every person who contacts you needs a return phone call, especially while you are out of the country. If you get a message from someone and you can easily address their issue via e-mail, just respond that way. Most likely you will have your laptop with you anyway, so while you are in your hotel room you can catch up on communication that way.
When you are getting ready to leave the country, the last thing on your mind is probably what you will be paying for international calls. But that is a mistake that many people make, and come to regret. You can avoid this headache by considering and addressing the issue in advance, before you need to leave home!
November 4, 2015
Your Confidence Will Climb By Taking Your Profit First
In your business, always take your profit first. It immediately puts money in your pocket, confidence in your heart, and innovation in your mind!
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November 2, 2015
Episode 52: Finding Your Greatness with Lewis Howes
Show Summary
Author and Entrepreneur Lewis Howes joins Mike Michalowicz, Chris Curran and Kristina Bolduc for Episode 52 of the Profit First Podcast! Lewis talks about his new book and the power of finding your greatness.
Our Guest
Lewis Howes is a lifestyle entrepreneur, high performance business coach, author and keynote speaker. A former professional football player and two-sport All-American, he is a current USA Men’s National Handball Team athlete. Lewis hosts The School of Greatness podcast, which has received millions of downloads since it launched in 2013. His newest book, The School of Greatness, provides a framework for achieving real, sustainable, repeatable success. You get the tools, knowledge and actionable resources to take your vision and turn it into a reality. Lewis was recognized by The White House and President Obama as one of the top 100 entrepreneurs in the country under 30. He is a contributing writer for Entrepreneur and Yahoo.com and has been featured in The New York Times, Forbes, Men’s Health, The Today Show and other major media outlets. Learn more at LewisHowes.com.
Show Quotes
What is your definition of greatness? For Lewis it’s figuring out what our unique gifts and talents are, and serving others in that process.
If you don’t know what your greatness is, ask your friends.
Find your perfect day – be clear on your vision and take the time to dream about what you want. Go into nature, disconnect from social media and ask yourself “If I can have anything in my perfect day, what would that look like?” Don’t feel guilty or feel bad about anything… just tap into your desires and then WRITE IT DOWN! Once you get clarity on what you want, you can take action to make it happen.
Create a detailed itinerary of exactly what you want. Look at your daily schedule and figure out where you can take the time to fit in elements from your perfect day.
Adversity is going to come no matter what. Embrace the change and use it as momentum rather than a roadblock.
The results we get in the world affect our self worth. How much do you want to learn & grow to become the person you need to be?
Show Links
Corporate Partners
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.
October 30, 2015
How To Run Job Ads That Get Great Employees
For years I ran ads for different positions, and would always get hundreds of resumes in response. The problem was 95% of those respondents were generic responses. They were people who could care less about this specific job, they just wanted any job.
It took tremendous amounts of time to vet through the resumes, and rarely resulted in interviews of good people. Then I found a shortcut.
I now run long descriptive ads, with a catch. Near the final paragraph I insert a line or two that says:
“If you are truly interested in this position and understand all the details I just outlined for you, I need to know. When you respond to this position, in the email subject line you must put the words “I Read It!” or your response will not be considered.”
With that little requirement, the 95% of blanket respondents remove themselves from consideration. I just look for emails with the subject line I required, and consider those folks. It has saved me countless hours looking through resumes, and brings me only the candidates that I know are seriously thorough and interested.
You need to do the same.
