Mike Michalowicz's Blog, page 78

October 14, 2015

Get Your Slow Employees Working Faster

Productivity, as any entrepreneur can attest to, is one of the, if not the most, important issues that a company has to deal with. Productivity gets things done, and when things get done, the company makes more money. But what happens if you have some employees that are just, well, slow? Don’t worry; it’s a common problem, and one that has a solution!


Addressing the Issue

Here’s the dealio – we may all have to deal with having a slow employee or three at times, but there is something you can do about it (and no, I’m not suggesting replacing the person with someone faster). I’m talking about taking that person that you thought highly enough to hire and motivating them to work faster and produce more.


Here are the secrets to getting slow employees working faster:


1. Limit their options. When you give an employee less choices on how to proceed, the easier it is for that person to proceed. If you only give one option, you have more of a dictatorship. This can actually cause an employee to intentionally slow down to retaliate. A good rule of thumb is to stick with three options. This will give them enough freedom of choice to motivate them, but it will also limit their options to something manageable, which will help them make a quick decision.


2. Give interim deadlines. If the project is due in the final state in a month, for example, break it up into four smaller deadlines. When you do this, asking for a quarter of the project each week, it will bring the employee a greater sense of immediacy, and that gets people moving.


3. Use inertia. A small set in the right direction (physically or even a mental commitment or otherwise) increases the likelihood of successful completion dramatically. So, for instance, take that same one month project and schedule and require completion of a simple task due almost immediately. For example, require that on the same day that you assign the one month project, the employee comes back to you with a completed calendar. The calendar will demonstrate that they have already scheduled all the necessary calls with clients for the entire one month project.


4. Set clear expectations. We all aspire to the expectations (both good and bad) that are set for us. When assigning this to the employee, explain your expectation with absolute clarity and that you have confidence in them. When they fully understand what is expected of them, and that you believe in their abilities, they will strive to please you.


Slow Going

There is another issue that is worth bringing up here. If you have an employee that once seemed like a good candidate (come on, you hired them, after all), and now they are slow and unmotivated, try to determine why that is. Sometimes people may act like this if they don’t have all the tools they need to complete a task, are not getting clear instructions, or may even have personal problems that are draining their brain (and ultimately your time). But if you can get to the bottom of it and understand where the problem is coming from, you may be able to be more effective at addressing it.


Business runs off productivity. You know that, but at times your employees may need a gentle reminder of this. Before it gets too out of hand, and they fall into a pattern of producing the minimal amount it takes to hang on to their job, address the problem. By speeding things up, you will be motivating them, teaching them more about business, and you will likely be meeting your customer demand more efficiently.

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Published on October 14, 2015 05:00

October 13, 2015

The Secret To Packing A Room For A Speaking Event

The only thing worse than a fear of public speaking is a fear of no one showing up to hear you speak! So when I was asked if I could speak at an event for EO New Jersey I was a little bit worried, right? I mean EO is an amazing group of entrepreneurs who meetup to share strategies, methods and tips in growing each other’s business. But they’re entrepreneurs. And we all know the nature of entrepreneurism means last minute interruptions, or opportunities and that means empty chairs.


Even a live event with a popular speaker rarely gets many people to sign up for the event in advance. Or, when people do sign up, they do it the last day right before the event. Was I worried? No.


Why? Because my event was sold out within a few hours after it was announced. Unbelievable! Events with big names (a million times bigger than mine) don’t sell out, let alone like mine did on the day it was announced.


What’s my secret? Well, there are four of them actually. And here they are, four secrets to packing a room:


1. Scarcity sells. Remember the Lesson From Musical Chairs? When there are fewer seats than there are people who are applying to sit in them, people will scramble to get the seats as fast as they can.

I limited the event to 20 spots, when most events are normally open to the entire membership. When the typical “intimate” event that I was doing is open to all 80 people attending, only about 10 people ever actually showed up. When I said we would cut it off at 20 and take no one else, people scrambled.


2. Keep It Secret – People LOVE secrets. So I said the only way to get into my event, even if you had a ticket, was by signing a non-disclosure agreement (NDA). People think they are going to learn something secret (which they will) and they want it more because it’s secret.


3. Individual Invites – EO normally emails the entire group in giant email blast. There is nothing special or intimate about being in a group blast. Who really wants to be part of the herd? So I sent out an individual email right before the group blast went out. I reached out to invite people specifically, before they received the generic call.


4. Set the stage for expectations high, then over deliver. Limited seating, signing an NDA, keeping things secret, individual invites and special treatment? I set the stage for some pretty high expectations!


After jumping through all those hoops, feeling lucky they were one of the 20 to score a seat, and then having to keep a secret on top of all that; people are going to arrive expecting more a dozen powerpoint slides and a free pad and pen with my name on it. Their expectations are running high before they even walk through that door! I’ve got to deliver, or over deliver on my promise and give them the kind of stellar content that matches or exceeds the build-up. If I don’t, they won’t believe the hype the next time. Every success builds on the past success.


The lessons – we want things more when they are harder to get, even if that difficulty is a perception, not a reality. We hunger and thirst for secrets because secrets make us feel special and sexy and smart. We all LOVE individual attention, especially if it’s in short supply. And finally, we all love the unexpected, bigger than we anticipated, over delivery of the promise.


The room is going to be packed.

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Published on October 13, 2015 06:00

October 12, 2015

Episode 49: Confidence to Steal the Show with Michael Port

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Show Summary

Bestselling Author Michael Port joins us again for Episode 49 of the Profit First Podcast! Michael talks about his new book and gives us great pointers on how to gain the confidence you need to Steal the Show.


 


Our Guests

Michael Port


Called “an uncommonly honest author” by the Boston Globe, a “marketing guru” by The Wall Street Journal, and a “sales guru” by the Financial Times, Michael Port is a NY Times bestselling author of six books including Book Yourself Solid, The Think Big Manifesto and his hot new release, Steal the Show.


Interestingly, he is probably the only NY Times bestselling business book author to have also been a successful professional actor, guest starring on shows like Sex & The City, Law & Order, Third Watch, All My Children and in films like The Pelican Brief and Down to Earth.


These days, Michael can be seen regularly on MSNBC, CNBC, and PBS as an on air expert in communication and business development.


 


Show Quotes 

If we fall flat when the spotlight is on us, nothing happens; but if we can shine in those moments, we do big things!


We get so anxious because we’re not prepared. You cannot rise to the occasion if you “wing it”.


We obsess and focus on ourselves, our own needs, and our need for approval. One reason why we’re not confident is because we are trying to get approval from other people rather than focusing on getting results. We’re afraid of rejection so we play it safe and don’t take risks.


When people hear “performance” they think fake or phony – this is not always the case. Be authentic: amplify or downplay different parts of your personality and your voice when appropriate. Be a chameleon but don’t let go of your values.


Practice is something you do to develop skills; rehearsal is something you do to become more familiar with a given situation. When you are well prepared AND in the moment, THEN you can be spontaneous. Winging it will take you out of the moment because you are thinking frantically about the next step.


The stakes are high no matter what the situation – so raise them anyway! It’s okay to make mistakes.


Sometimes we think selling is about us, therefore we are scared of rejection. “Am I worth this money?” “Can I live up to this commitment?” Our reputation is based on our ability to make commitments and fulfill them. Remember that people express their values through what they buy.


You have to be in the game to win. Overcome the “i’m not worth it!” in your mind – you will become more confident when you actually do the thing you’re thinking about doing. It can be more difficult to believe that you can do something if you haven’t actually done it.


There are 2 types of criticism: the people in the cheap seats that push you down to make themselves get up, and your internal critic. Your internal voice is the one you have to fight. If you let this voice in your head get the better of you, you will hear all the external criticism as well. When you fight for what you want, these voices reduce their volume.


 


Have a question you’d like us to answer on the air? Email Kristina or Mike!

Kristina@MikeMichalowicz.com 

Mike@MikeMichalowicz.com 


Show Links

Michael Port’s Website


Michael’s Books: Steal the Show , Book Yourself Solid , Beyond Booked Solid


 


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 offering advanced payments for your outstanding invoices.

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Published on October 12, 2015 06:00

October 9, 2015

5 Easy Ways To “Go Green” In Your Business

You have probably heard it before, even if you have tried to turn a deaf ear. We are sucking up resources faster than the world can keep pace. Everything from the amount of energy we use to what we throw away at the end of the day. It may be out of site, out of mind, but really it’s sitting in a landfill somewhere clogging up the land.


So whether you consider yourself a tree hugger or not, now is the time to take steps to get your business to be greener. And hey, if helping the planet isn’t enough, as a bonus you may earn some brownie points with your customers. Not to mention, you will probably feel pretty good that you are doing your part.


Here are 5 easy ways to get your business to go green:


1. Toilet Talk.

We take it for granted and use it several times per day, but the toilet can be a major source of waste. No, really! As in a waste of water, that is. Not only is too much water flushed down the toilet with each flush, but there are also leaks that we usually don’t even notice. The green fix? Consider the new SinkPositive toilet system, which adds a small hand washing basin on to the top of your toilet tank. Clean water comes out to wash your hands, yet it drains down into the toilet, providing the water for the next use. This will save a gallon of water per day.


2. Think Bamboo.

If you haven’t checked out all the products today made of bamboo, now is the time! It is a green material that grows quickly, is very resilient, and can be used to make many different products. Plus, it looks great! The next time you need office furniture, check out the new bamboo desks; you may not be able to pass up on one.


3. Get Corny.

If you think about your break room or lunch time, you can probably see where a lot of waste happens from paper and plastic plates to plastic utensils. Problem is, all that plastic doesn’t biodegrade; it just sits in a landfill. Instead, opt for corn products. Today there are cool biodegradable utensils that are made of all cornstarch, making them completely compostable. So once they hit the landfill, they will be completely gone in just 3-5 months.


4. Trash Matters.

If you are like most people, you probably never give any thought to trash bags. You buy, you line, you fill, you move on. But did you know that it is estimated that those trash bags take about 1,000 years to biodegrade? That’s what they say. So, there are biodegradable trash bags for which you can opt. They are just as durable, but they break down in just months!


5. Go Natural.

Every business seems to have large energy use bills. But you can help to reduce them in a number of ways, including taking advantage of natural light. Just open up the blinds, let the light in, and see if you can go without the lights on for part of the day. Not only will it save money, but it also creates a less stressful environment.


If you look around your office with a keen eye, you will find a lot of ways that you can go green. Whether it is using recycled copy paper and toilet paper or recycling all your used copy paper, there is something that everyone can do. Keep in mind that you don’t have to get crazy on everyone and become the eco police, but even small changes can add up big. So why not make a few?

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Published on October 09, 2015 05:00

October 8, 2015

The Magic Metric For Entrepreneurs: Operating Cash Ratio

Metrics are a powerful tool for measuring progress, evaluating decisions, and when done right, are an early warning system for problems. There is one problem though. . . too many metrics cause indecision.   You know; analysis paralysis.


What if there was one metric that could do it all?  Well, I have good news and bad news.  While there isn’t a single metric that can answer all your business questions, there is one that indicates your company’s core health.  By measuring cash flow, you are measuring the blood flow of your business. And by tracking it through a metric called the Operating Cash Ratio (OCR), you will have your thumb on the company’s pulse.


This is how it works.  First add up all the cash you currently have on hand. Add up the money sitting in the bank at this very moment (even if you wrote checks against it), the cash in your drawer, and the money sitting in your PayPal account.  The only thing you don’t add in is the money in your PFA (Profit First Account).  You do have a PFA right?


Let’s say you have a total of $7,576 in your bank accounts (checking, savings, payroll, etc.).  And at your desk, you have petty cash of $37.  And finally in your PayPal account you have $188.  Add it up, and All Cash Currently On Hand is a total of $7,801.


Next add up all the money that is currently due (including any outstanding payments that haven’t cleared yet), in the next 60 days. This includes bills, rent, payroll and money you are taking for yourself.


Let’s say you have $950 in rent due this month (that is $1900 in 60 days), $737 in bills, $547 in part-timer payroll (next two months), and you are taking $7,000 in salary the next two months.  That would result in All Money Due Within The 60 Days of $10,184.


Now divide Cash On Hand by Money Due to get the OCR. In this example you would divide $7,801 by $10,184.  The resulting ratio is 0.77 (rounded).


And with that ratio you now have a guide to your company’s financial health.  Here’s what the OCR means:


An OCR of 0 to 0.25 means your business is cash starved and financially unhealthy.  Immediate action needs to take place to cut costs and increase cash on hand (more sales, better collections, etc.).


An OCR of 0.25 to 0.75 means your business is financially stable.  No drastic measures are needed, but you should actively seek ways to increase cash flow (better sales, collections, etc.).


An OCR above .75 means your business is financially strong.  Ironically this means you should take measures to protect yourself from attacks.  For example lawyers love to “go after deep pockets”.  So use this as an opportunity to put your money into capital investments or secure accounts. At the same time, you may be able to use cash reserves for equipment improvements.


By no means is the OCR the only metric you track, but it is the most important.  Track it daily and you will not only know your pulse, but you will also be able to track trends.  That’s a whole lot of power in one simple number.

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Published on October 08, 2015 05:00

October 6, 2015

One Day, One Punch

It is easy to go really hard at something for a period of time, but the energy wanes. It reminds me of boxing. When those fighters start the first round, they come out hard! They throw hard punch after hard punch. They only win if they land a knockout fast. More often than not, the bout is determined after quite a few rounds, and goes to the guy who landed the most punches over the most time.


The fighter that has greater stamina (can stick around for the entire twelve rounds, plus some), coupled with well-timed devastating punches wins. Muhammad Ali knew this and used his famous “rope a dope” strategy in his famed bout with George Foreman. Foreman, by most measures, was the superior fighter. Bigger, stronger and faster. Foreman was predicted to win, and in the beginning of the fight looked like the clear winner. In fact, some thought Ali would die that night as he took punch after devastating punch from Foreman.


But that was Ali’s strategy.  Ali had trained for that fight by having his sparring partners pummel him. During this practice Ali discovered that, if he positioned his body against the ropes, the majority of energy from each punch would go into the ropes, not his body. The more Foreman punched, the more Foreman grew tired. Then Ali went into action.


With a tired Foreman, Ali systematically delivered punch after punch on Foreman. Foreman was too tired to defend himself, he had “punched himself out.” Ali, with a reserve of energy, kept punching and punching, systematically.  Thus, he went on to win the bout.


Your business success is not so much about coming out swinging. It rarely is a successful strategy, since you are unlikely to deliver a knockout blow to your industry, and then will have exhausted all your resources to say in the long fight.  Instead, be a systematic, relentless fighter. Each day deliver one more punch. Don’t let yourself tire, it is going to be a long fight.  And the victor almost always is the one with the most stamina. Not the hardest punch. Just the most punches over the longest period of time.

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Published on October 06, 2015 05:00

October 5, 2015

Episode 48: Recruiting and Profitability with Matt Schwartz and Donna Leyens

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Show Summary

Matt Schwartz and Donna Leyens join us for Episode 48 of the Profit First Podcast! Matt shares his story and give some great insight on hiring the right employees for your company.


 


Our Guests

Matt Schwartz & Donna Leyens


Matt Schwartz

Dynamism. Passion. Creativity. Analytics. Innovation. These are the characteristics of an ideal marketing candidate—and they’re what keep Matt Schwartz hooked on his job. After nearly two decades in retained executive search, Matt has an instinctive and thorough understanding of what his clients actually want. And time and again, he has been able to meet their challenges. Matt honed his technical knowledge during the 90s dot com boom. He began at Gundersen Partners, LLC, then moved to Heidrick and Struggles, where he became a principal in the Global Consumer Practice. He grew adept at finding key executives in fast-moving consumer goods, retail, fashion and luxury, sports /media and entertainment, and corporate communications. In 2003, he founded MJS Executive Search. Despite those lean times, the new firm thrived from the start. Now, two recessions later, MJS has established itself as a leading retained executive search firm that knows how to find the right executive—even in the most unexpected places. Matt knows when a client’s objectives are achievable—and when they are impossible. He relishes difficult searches, while setting realistic expectations. Matt is also passionate about leading edge technologies. If it’s digital, social, new, and cool, Matt speaks the language. Not only can he interpret it, he can also leverage it to teach, inform, and most importantly, to persuade. In this way, Matt helps his clients remain or become leaders in their realm.


About Donna Leyens

Donna Leyens is an entrepreneur and a Certified Professional Business Coach. She began her career as a Wall Street executive, and earned an MBA in Finance from NYU-Stern School of Business. She started her first business, a handmade jewelry company, in 2001, where she learned that an MBA doesn’t even begin to prepare you for life as an entrepreneur. Leyens is currently the co-founder and President of Provendus Group, a team of business strategists who guide entrepreneurs to achieve business growth, profitability and personal freedom.




Show Quotes 

Companies are looking for a competitive advantage. We used to spend the money on TV commercials – but in today’s society we skip over those now. People are spending more and more time online – so how can you reach your micro audience effectively?


It may be beneficial for your business to invest in a LinkedIn recruiter. It’s a good way to micro target/advance search to find the people best fitted for your company.


Want to hire someone? Put a few hurtles in place. The one’s who want the job will prove it. For example, when placing an ad for finding a new employee – have a specific phrase you want them to include in their response.


Don’t worry about the size of your company or the office space. Bigger is not always better. Just do great work and your clients will keep coming back!


Take advantage of outsourcing to help keep you focused on what YOU want to do in your business. Find your genius work.


To take your Profit First – start with opening up your accounts. It’s OK to start at 1%… just get it started! It’s not what you make, it’s what you take.


 


Have a question you’d like us to answer on the air? Email Kristina or Mike!

Kristina@MikeMichalowicz.com 

Mike@MikeMichalowicz.com 


Show Links

Matt Shwartz

Website: www.mjsearch.com

Twitter: @mjsearch


Donna Leyens

Website: www.ProvendusGroup.com

Like us on Facebook: www.facebook.com/ProvendusGroup

Follow us on Twitter: www.twitter.com/ProvendusGroup

Join our circle on Google+: http://ow.ly/vS6Ke

Connect with us on Linkedin: www.linkedin.com/company/3035505?trk=tyah


 


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!

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Published on October 05, 2015 06:00

October 2, 2015

Have You Been Laughed At? I Hope So!

Have you ever been laughed at? Have you ever been ridiculed? Have you ever had people call you crazy, insane or some variant of?


Yes? Good. That is exactly what I had hoped. You see, if you want to be a successful entrepreneur, you better get ready to be questioned, ridiculed and worse.


It’s the name of the game. Entrepreneurs are the risk takers. Entrepreneurs are the ones who are willing to try the untried. Entrepreneurs are the ones willing to face persecution from the masses, to see their innovation come true. Entrepreneurs, ultimately enlighten the masses to something good, something new and something better.


Don’t think entrepreneurs have to face a gauntlet of resistance and challenge? Remember Fusionman? (The man who created jet propelled wings, and then used them to fly over the Alps.)


People thought he was crazy. And we (including myself) laughed at him… at first. But ultimately, he had the final laugh. He pushed the envelope, and has opened the door to a new or better “something.” And if he is right, ALL the rewards will come his way.


Think I am wrong? People laughed at Galileo… at first. The Wright brothers were a joke… at first. Henry Ford was ridiculed for expecting the impossible… at first.


So now it’s your turn. If you have been laughed at, joked about or ridiculed, I congratulate you. In fact, I applaud you. You clearly have a new, different or better venture at hand. Now you simply need to have the guts to stick it out.


Wishing you a soaring success!!!

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Published on October 02, 2015 05:00

September 29, 2015

How To Raise Money Fast

There comes a moment for every business when cash is needed imminently.  I don’t care how big or how small your business is, when you need money fast for your business there is always a way.  From selling the stuff your business doesn’t need, to getting a government bailout (yeah I am talking to you General Motors), there are a mix of strategies to raising money fast.  Assuming you are company is not the same size as GM, you’ll likely need to rely on sources other than the government, but don’t rule out grants or SBA loans.


 


The Three Strategies To Raise Money Fast


There are three main ways to get money quickly.  First is to take out a loan.  This is where you borrow money and agree to pay it back in a specified period of time, and pay interest (the fee for borrowing money) in return.  Loans can be made by financial institutions, like banks, or private lenders, like your rich uncle.


The second main way to raise money fast is by selling equity in your business.  This is where a business or an individual gives you an amount of money in exchange for a piece of the business.  Once they buy part of your business, they are a part owner.  And the money they gave to you now belongs to the business.


The third main way to raise money fast is by a grant or gift.  This happens more often than you think.  The government may issue a grant or your rich uncle.  Regardless who gives it to you, in a grant/gift scenario, the money is yours to keep and there is no requirement to pay back or to give up equity.  But beware, the gifts often come with rules.  And if you don’t follow them, your uncle may be throwing a turkey leg at your head at the next Thanksgiving dinner.


 


How To Raise Money Fast


Here are five more ways to raise money fast:




1. Sell Your Crap
No, seriously. I guarantee that you own items of value that you’re not using and don’t need. Get rid of them. Have a garage sale. Sell them on craigslist. Get rid of your clutter and turn it into cash that you can use for something you really need in your business.
Thanks to Jessica Oman of Write Ahead

 



2. KickStart Your Heart!
If you need money and are running out of time then you can always look to crowdfund your endeavor using Kickstarter, where you can have the public back your project while giving them a window for completion, budget needed for completion, and incentives (like your products or service) for pledging money. The cool thing about it too is that you can get funded without giving up any equity and actually acquire a bunch of customers at the same time.
Thanks to Dahlia Roth of Free Government Auctions At GovernmentBargains.com

 



3. Friends And Family First!
Family and friends are always a good go-to for quick money provided you have an idea that works and won’t let them down in the end when it comes to you turning a profit. You would have to go above and beyond to repay them because they are your friends and family.
Thanks to Michael Pesochinsky of GovernmentAuctions.org

 



4. A Simple Process
The good old bank would be your best bet to get money fast. If you have any receivables or assets, you could put those or even your business up against a loan and get as much money as you need at a relatively low rate. Also, if you have good credit, you may even be able to get an unsecured loan. And one good thing about the bank is they don’t become your equity partner.
Thanks to Ben Farkis of Scams Info

 



5. Create An Expert Seminar
We believe in strong cash flow management in our businesses, so generating quick revenue isn’t generally a concern. If we have an unplanned desired expenditure, however, we want to pay cash. Often I’ll just create a small group seminar covering my area of expertise (making money with a blog).I create a date, post it to my site, and usually sell out in under a week.The seminars are really fun, the participants are appreciative for the information, and we have a nice little cash dump.
Thanks to Alison Smith of ProSapien
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Published on September 29, 2015 06:00

September 28, 2015

Episode 47: Growing A Colossal Business with Donna Leyens

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Show Summary

Donna Leyens joins us for Episode 47 of the Profit First Podcast! Donna deep dives into the concept of the Pumpkin Plan and growing a colossal business.


 


Our Guest

Donna Leyens


About Donna Leyens

Donna Leyens is an entrepreneur and a Certified Professional Business Coach. She began her career as a Wall Street executive, and earned an MBA in Finance from NYU-Stern School of Business. She started her first business, a handmade jewelry company, in 2001, where she learned that an MBA doesn’t even begin to prepare you for life as an entrepreneur. Leyens is currently the co-founder and President of Provendus Group, a team of business strategists who guide entrepreneurs to achieve business growth, profitability and personal freedom.



About Provendus Group

Provendus Group works with entrepreneurs and small business owners to grow their companies and obtain the personal and financial freedom they desire through its signature program, the Provendus Growth Academy. The Provendus Growth Academy is based on the book “The Pumpkin Plan: A Simple Strategy to Grow a Remarkable Business in Any Field,” by Provendus co-founder Mike Michalowicz. With guidance from Provendus Certified Coaches, clients work through the program, creating a framework and strategy that produces growth for their company and the internal systems that will support that growth, as well as personal balance for the business owner.


 


Show Quotes 

If you don’t start with the right foundation for your business, then you don’t have the right capacity to grow a giant business.


3 Element “Sweet Spot” to business growth:


1. You have to know who your top clients are. Evaluate your clients and figure out which ones are the most profitable for you, and which ones are taking up so much of your time and energy yet you’re not making money from them.


– 80% of your revenue or profit comes from 20% of your clients. What’s happening to the other 80% of your efforts? Go through a client assessment.


– Immutable laws – rules that you or your clients will never break in your business.


2. What is your unique offering (what makes you different)? Be unique in a way that your top clients care about. If you aren’t unique, you are basically just competing on price. What is your area of innovation: price, convenience, quality?


3. Scale and  systemize. A lot of services base businesses will run into this as a roadblock – they can’t grow anymore because they don’t have the systems in place to support their growth. When you don’t have systems in place, then at some point you can’t make any more of your product or service any more of your clients because no one but you can do these tasks.


If you fire the clients that are draining you, then you and your team will have time to focus on bringing in the better clients. It’s scary because it’s the unknown, but the people who do it reap the benefits.


 


Have a question you’d like us to answer on the air? Email Kristina or Mike!

Kristina@MikeMichalowicz.com 

Mike@MikeMichalowicz.com 


Show Links

Website: www.ProvendusGroup.com

Like us on Facebook: www.facebook.com/ProvendusGroup

Follow us on Twitter: www.twitter.com/ProvendusGroup

Join our circle on Google+: http://ow.ly/vS6Ke

Connect with us on Linkedin: www.linkedin.com/company/3035505?trk=tyah


 


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!

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Published on September 28, 2015 06:00