Mike Michalowicz's Blog, page 88

Become More Efficient By Using These 8 Old School Technology Pieces

The drive for years has been to do more with less – that is to incorporate the functions of multiple tools into fewer and fewer devices. We all know where this ends up – the smart phone has become the ultimate business tool, coordinating our communication, scheduling, transportation, marketing, personal contacts, travel, and more – all in a single, pocket-sized device. How convenient, right? Surely the more functions that you can pack into a single device, the better. But if you think about it, we all have instances in which we’re crippled by our consolidation of functions into a smart phone. Regardless of whether you’re an iFan or a Crackberry addict, or a ‘Roid user, you know the fallout from a device malfunction. If you put all of your technology eggs in a single basket, you run the risk of finding yourself unable to function if that single basket is overturned. Don’t let yourself fall into this trap.

Here are eight tools you should have at your disposal:

1. Calculator – if you only select a single device from this list, let it be the calculator. A pocket-sized solar powered calculator solves a number of problems. You won’t have to page through your apps to find the calculator function on your phone or laptop; you won’t have to figure out how to simultaneously use the phone and calculator functions on your phone; and you won’t need to rely on your phone battery. The calculator is a simple and efficient tool that you should carry in your pocket, briefcase, handbag, or backpack.

2. Typewriter – We’ve all faced the challenge of needing to fill in a few blanks on an online form and submit it, only to discover that you can’t edit a field on the document, or if you can edit the field that you screw up the formatting and it’s unreadable. Go old school here: print the form, type your information, and then you can either scan and email or fax the document. You’ll save time and frustration. Knock it out old school and move on!

3. GPS device – Yup, I know your phone can do that, but when you’re on an important call, hands-free of course, you cannot simultaneously listen to your GPS and take the call. Get yourself a separate unit (much cheaper than they used to be) and you’ll be able to see the map and visual directions, even if you have to handle a quick call. Again – battery power can be a factor here too — if your cell phone’s battery dies as you’re driving through a sketchy area in an unfamiliar city, do you really want to have to ask for directions to your swanky hotel at midnight?

4. Alarm clock – If you’re on the road, especially for business, there’s nothing more important than making it to your meetings on time. A battery operated alarm clock gets you up bright and early even if you’ve forgotten your phone charger or the power goes out. Better to be on time than to make excuses for being late.

5. Compass – Okay, you may think I’ve gone off the deep end here, but seriously, a compass takes up almost no space and it can save you at critical moments. In Manhattan and all those tall buildings interfering with your phone’s GPS? If you have a compass and know that your destination is uptown, you’re prepared to get yourself out of a jam with a compass. Also, you may find that this old school device can be quite a conversation piece.

6. Watch – We all rely on our phones to keep time, but you know that there’s nothing more frustrating than trying to have a conversation with someone who’s constantly checking their phone. If you’re wearing a watch, you can keep track of time without appearing to be rude by checking your phone, and you also have what’s rapidly becoming a rare fashion piece. Make your watch part of your business persona.

7. Pen and Paper – When you really need to streamline your routine, this pair of tools simplifies your life dramatically. Rather than spending sixty seconds looking for and opening your notes app on your phone, and then spending another ten minutes dealing with the emails that have distracted you, go low-tech, high-efficiency. Jot down a note and move on with your day. Making notes reduces distractions, and you can slip a single piece of paper and a pen in your pocket and work through a busy day without needing to lug a briefcase or bag.

8. Polaroid Camera – You won’t believe how useful this old school device can be. What’s the ultimate leave behind after a sales pitch? A Polaroid of you and your new client shaking hands. Did you deliver a great speech? Hand out a couple of Polaroids of you and your audience members and watch their delight as they shake the pics and wait for them to develop. People LOVE this technology, and it’s so much more satisfying to have an actual photograph that you can pin above a desk, rather than just another digital image in an email.

I don’t expect everyone to start discarding smart phones for an abacus and a sextant. I know I’m hanging on to my smart phone. What we can all benefit from doing, though, is taking a hard look at the ways in which we use the technology at our disposal. Sometimes the very best solution is the simplest, lowest-tech option.

Why Is “Doing Different” So Scary?

Different is scary for most people.

That alien fish larvae looking mush that was just plopped on your plate is awfully unappealing. You’ve never had it.  And if all things go as planned, you never will. Different is unsafe. Sticking with the stuff you have always been eating (and have always been just bearing) feels so much safer.

That beautiful diamond ring that looks so precious and is priced so well, is just too good to be true. That deal is not normal. Not normal equates to problems. Different is dangerous. Skipping on the ring feels so much safer.

That membership, organization or group that will finally change everything for you, is so important to you in achieving what you need that you avoid it. Change is different and different, as you know, feels dangerous and unsafe.

The “alien fish larvae” was passion fruit. You missed out on the sweetest flavor of all. But, you will never know it, because you played it safe.

That “too good to be true” diamond ring, was good and true. But you will never know it, because you played it safe.

That organization or group you passed up on was exactly what you needed. But you will never know it, because you played it safe.

Doing different is scary, because it’s the unknown. It always feels safer to continue doing what you have been doing, because it is the known (even if it sucks).

25 Business Quotes To Live By

Entrepreneurs in general are take-charge, independent people. I sure fit into this mold myself, but I also recognize the wisdom that can be gleaned from the words of business and thought leaders who have shaped world to accommodate their vision and passion. I’ve assembled some of the choicest bits of wisdom on several business topics.

 

Minimalism/Simplicity

One of the traits I admire in many thought leaders is their inclination to simplify their approaches to business and to their lives in general.

1. “Any intelligent fool can make things bigger, more complex, and more violent. It takes a touch of genius — and a lot of courage to move in the opposite direction.”

E.F. Schumacher

2. “Almost all quality improvement comes via simplification of design, manufacturing… layout, processes, and procedures.”

Tom Peters

3. “If you see a snake, just kill it. Don’t appoint a committee on snakes.”

Henry Ross Perot

4. “That’s been one of my mantras – focus and simplicity. Simple can be harder than complex: You have to work hard to get your thinking clean to make it simple. But it’s worth it in the end because once you get there, you can move mountains.”

Steve Jobs

 

Tenacity

Entrepreneurs, contrary to the common belief, aren’t superhuman. We make mistakes, and if we’re smart, we learn from those mistakes and make all new ones on the next venture. We shouldn’t strive to be perfect; we should strive to keep trying even in the face of difficulty.

5. “There are no secrets to success. It is the result of preparation, hard work, and learning from failure.”

Colin Powell

6. “Most of the important things in the world have been accomplished by people who have kept on trying when there seemed to be no hope at all.”

Dale Carnegie

7. “Sometimes when you innovate, you make mistakes. It is best to admit them quickly, and get on with improving your other innovations.”

Steve Jobs

8. “Failure doesn’t mean you are a failure. It just means you haven’t succeeded yet.”

Robert H. Schuller

9. “Just because something doesn’t do what you planned it to do doesn’t mean it’s useless.”

Thomas A. Edison

10. “Once you free yourself from the need for perfect acceptance, it’s a lot easier to launch work that matters.”

Seth Godin

11. “The most valuable thing you can make is a mistake- you can’t learn anything from being perfect.”


Adam Osborne

 

How to Treat Employees

Even though we may expend a lot of our time and energy hiring and retaining our staff, there a few things that we should always keep in mind.

12. “The way to get things done is not to mind who gets the credit for doing them.”

Benjamin Jowett

13. “You don’t lie to your own doctor. You don’t lie to your own attorney, and you don’t lie to your employees.”

Gordon Bethune

14. “Start with good people, lay out the rules, communicate with your employees, motivate them and reward them. If you do all those things effectively, you can’t miss.”

Lee Iacocca

15. “People are definitely a company’s greatest asset. It doesn’t make any difference whether the product is cars or cosmetics. A company is only as good as the people it keeps.”

Mary Kay Ash

16. “Hire character. Train skill.”

Peter Schutz

And because it helps to have a sense of humor:

17. “Employees make the best dates. You don’t have to pick them up and they’re always tax-deductible.”

Andy Warhol

 

The Nature of the Successful Entrepreneur

What qualities differentiate the successful entrepreneurs from everyone else?

Originality:

18. “The secret of business is to know something that nobody else knows.”

Aristotle Onassis

Direction:

19. “If one does not know to which port one is sailing, no wind is favorable.”

Lucius Annaeus Seneca

Independence and Focus:

20. “Hell, there are no rules here – we’re trying to accomplish something.”

Thomas A. Edison

Vision:

21. “The entrepreneur always searches for change, responds to it, and exploits it as an opportunity.”

Peter Drucker

Thirst for knowledge:

22. “What we actually learn, from any given set of circumstances, determines whether we become increasingly powerless or more powerful.”

Blaine Lee

Drive:

23. “The critical ingredient is getting off your butt and doing something. It’s as simple as that. A lot of people have ideas, but there are few who decide to do something about them now. Not tomorrow. Not next week. But today. The true entrepreneur is a doer, not a dreamer. “

Nolan Bushnell

Flexibility:

24. “It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change. “

Charles Darwin

Dedication:

25. “Good business leaders create a vision, articulate the vision, passionately own the vision, and relentlessly drive it to completion.”

Jack Welch

I don’t think that memorable quotes are a panacea, but I know for sure that I’ve found it heartening to know that giants of business and captains of industry have struggled with the same issues that I face as an entrepreneur.

Provide A Solution For What Will Be Needed

Wayne Gretsky is famous for saying, “I skate to where the puck is going to be, not where it is.”

Successful entrepreneurs know to deliver a solution for where the client is going, not where they are.

Episode 27: Business Growth and Profitability With Jill Salzman

Also Available On

 

 

Show Summary

Jill Salzman, founder of “The Founding Moms” joins us for Episode 27 of the Profit First Podcast. Jill shares her secrets to growing and maintaining a successful business.

 

Our Guest

Jill Salzman is currently growing her third entrepreneurial venture, The Founding Moms, the world’s first and only collective of offline meetups and online resources for mom entrepreneurs that was just named a  Top 10 Website for Women Entrepreneurs in 2013 by Forbes. She recently launched her fourth, The Founding Kit, which helps startups get started. A graduate of Brown University and law school, she started a music management firm and then launched a baby jewelry company before creating her current venture. She’s the author of Found It: A Field Guide for Mom Entrepreneurs, one of the Best Chicago Marketing Speakers in 2014, a co-host of the entertaining business podcast, Breaking Down Your Business,host of the Tip Top Tips for Entrepreneurs video series, gave her own TED talk on 11/11/11, and most recently was dubbed a “mommy mogul” by CNNMoney. In her spare time, Jill enjoys kloofing, baking, and erasing her daughters’ crayon artwork from the kitchen walls.

 

Show Quotes

There is power in labels. Assign a label for your community that makes them feel and realize they are distinct, and they will be attracted to your business.

Never assume you have it right. Tweak certain things about your business to appease your customers, but always be in alignment with what you want for yourself.

Never ask a question just once; ask a question many times and many ways.

Share your ideas more often! Networking is essential.

 

Show Links

Website: www.foundingmoms.com

Podcast: www.breakingdownyourbusiness.com

Twitter: @foundingmom and/or @bdybiz

Linked In: www.linkedin.com/in/foundingmom

 

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!

Sticky Note Your Way To Mastery

Step 1 – Take 10 sticky notes and write one of the ten most important things your company does on each individual note.

Step 2 – Now stick each one of these 10 important things on the wall.

Step 3 – Of the 10 on the wall determine the 3 that are comparatively the least important. Take them off the wall and throw them out.

Step 4 – Of the 7 remaining notes take 4 of the least important ones off the wall and discard them too. I understand that this is hard, but do it nonetheless.

Step 5 – Of the 3 remaining remove 1 that is the least important of the 3 and put them in the trash.

Step 6 – Yes, it is time. Remove and discard the lesser important of the two remaining.

Step 7 – Stare long and hard at the one remaining sticky note on the wall. This is the most important thing your company does. Your company’s survival and success depend on your absolute commitment to it.

Step 8 – Devote every resource at your disposal to being the world’s best at that one thing. Period.

 

One More

The best athlete takes one more lap than the other guy.

The best student studies one more hour than the other guy.

The best entrepreneur does one more thing than the the other guy.

The best isn’t a thousand times more. It’s usually just one more.  But it is always more.

Your Long Term Business Strategy According To Vilfredo Pareto

Okay, here’s your history lesson for today … with a practical application to your business, of course!  In 1906, an Italian economist made what seems like a simple observation, but it was one that immediately resonated with his fellow economists and has been codified into a principle named after the man who first stated it.  Vilfredo Pareto observed that 80 percent of the land in Italy was owned by 20 percent of the population, and furthermore, he observed that the same ratio was applicable to other areas of economics.

The Pareto Principle – also known as the 80-20 rule – doesn’t just describe the way things are; it can also be used as a powerful tool to help you focus and redirect your energies, becoming more efficient and more profitable … in the long term.

The reason Vilfredo Pareto’s observation is so powerful is because it applies far more widely than he originally imagined.  The 80-20 rule holds true for wealth distribution in many countries, to economic principles in addition to wealth distribution, and even … wait for it … in Signor Pareto’s garden.  That’s right, Pareto observed that 80 percent of the produce he grew came from 20 percent of the plants in his garden.

Pareto’s Principle even holds true for things that seem trivial.  If you were to look at what you’re wearing today and at your entire wardrobe, you’d almost certainly discover that you wear 20 percent of your clothes 80 percent of the time.

So what does Pareto’s Principle have to do with your long-term business strategy?  Here goes:  we’ve been taught to treat everyone equally – that every customer is valuable.  We’re encouraged to devote equal amounts of time to every client, simply because we don’t want to appear elitist, giving preference to some customers over others.  We want to spread our time and attention around.

But we’re doing it wrong!  If we heed Pareto, we learn that 20 percent of our customers do 80 percent of our business.  Wow.  The vast majority of our revenue comes from a small minority of the clients who walk through our doors.  If you spread your time and attention out evenly among all of your clients, you’re missing out on the enormous opportunity you have to maximize the business you do with the customers who matter most.

And that’s a fact – some customers do matter more than others.  The customers who generate 80 percent of your revenue – the ones who spend the most with your company and who purchase your highest dollar, highest profit offerings – those are the ones who deserve the lion’s share of your time and attention.  Those clients are the ones who would seriously damage your profitability if they left to patronize another company.  Those are the ones who keep the lights on.  Your best long-term interests are tied to those customers, and you must focus additional resources on ensuring they get the very best service you can provide.  You want to keep these clients.

Additionally, you want to find MORE of these clients.  One strategy I’ve found useful is to sit down with my heavy hitters and interview them.  I ask questions to find out who they are and learn where I can find more clients like them.  How did they hear about my company?  What clubs or organizations do they belong to?  Can they refer me to friends or associates who might benefit from the services I provide?  If you’re looking to lengthen your list of powerful, profitable clients, it’s worth your time to ask for referrals from the folks who already spend the most with you.

Another way you can incorporate the Pareto Principle into your long-term strategy is by looking at the clients who consume the most of your time and attention.  You’ll nearly always find that 20 percent of your clients take up 80 percent of your resources.  Make a list of the squeakiest wheels on your client list and compare that list to the list of the clients who generate the most revenue.  If you discover you have exceedingly demanding customers who don’t contribute much in the way of income, you might want to look at ways you can decrease the resources you expend on keeping these costly customers around.  Conversely, if you discover you’re spending most of your time tending to clients who generate the most profit, then you’re spending the resources of time and attention wisely.

Your long term strategy should be to maximize your profitability, and Pareto’s Principle can help you selectively cultivate the clients who will help you achieve that goal.

 

The Next Knock At The Door

It is the achilles heel of every struggling entrepreneur. We answer the next knock at the door.

The next prospect that seeks service (and has some money in their hand) gets serviced. Even if what they want isn’t truly what we are good at. It’s money after all.

The next customer who needs a product we don’t make (but can if we stop making what we are good at making, for a while) gets the product they want. It’s money after all.

The next client who will hire us only if we include a service that we have no clue about gets what they want. Even though we will lose money (and lot’s of it) trying to figure it out. And even though we will never do that service again (albeit we will convince ourselves that we will). It’s money after all.

Doing anything for money sounds awfully a lot like prostitution.

Stop answering ever knock at the door. Only serve the prospects, customers and clients that you can serve extraordinarily well, doing an extraordinarily specific thing.

Episode 26: Business Appreciation and Profitability with Andrew Moon and Peter Verlezza

Also Available On

 

Show Summary

Andrew Moon and Peter Verlezza join us for Episode 26 of the Profit First Podcast. Andrew and Peter share their experiences with working on their businesses and increasing profit margins.

 

Our Guests

Andrew Moon (left)

I’m a serial entrepreneur who has launched and run several successful businesses of my own since age 8. I am the founder of Orange Nomad, a unique business consultancy that takes a progressive approach to educating small businesses and entrepreneurs on all things digital.

I am also the author of “Insider Technology Secrets That Will Make Your Business Run Better And More Profitably”. The seat of my passion has always been the entrepreneurial spirit, which drives me to bring the technology and business philosophies of “The Big Guys” into small business. My goal is to guide small businesses in implementing their business vision, while aligning their digital strategy to meet that mission.

 

Peter Verlezza (right)

For over 28 years, Peter Verlezza has been the architect of technology solutions that make sense for medical practices, businesses and non-profits.  His unique way of approaching challenges comes from a belief that it all starts with people.

In the early years, Peter worked at his family’s deli and catering businesses where the foundation of exemplary customer service was instilled by his family.  The value of serving has extended to his professional relationships with clients as well.   Peter internally asks the question, “Is this in the best interest of the client?” while remembering the old saying, “You can’t change what you have been handed only how you deal with it.”  He approaches both of these with a sense of humor, charisma and genuine care for others – it’s become a way of life.

He is the author of 3  books, “Hassle Free IT MD,” and the 2 Amazon best selling books, “The Tech Multiplier,” and “The Business Owners Essential Guide To IT and All Things Digital.” Peter recently completed an audio series titled “Touching People In Appropriate Ways” a series that speaks to the importance of connecting and communicating with an audience. That series has turned into a podcast of the same name where he interviews movers and shakers around the world to find out what they do in their businesses or professions to “Touch People In Appropriate Ways”.

 

Show Quotes 

When working on your business, document and systematize everything (once process at a time) to bring about repeatability.

Have clarity on who and who not to do business with.  Focus on the clients you want to serve, rather than having to spread the love to some people that you don’t want to be involved with.

Make the decision to profit from the business you build.

In order to start appreciating what you have, start rewarding yourself. The small bites that you take will be bigger than no bites that you didn’t take

Lesson of the day – When it comes to profitability there are 3 steps to get there.

1. Cut costs.

2. Build efficiencies.

3. Increase your margins.

 

Show Links

Andrew Moon

Website: www.orangenomad.com

Linked In: www.linkedin.com/in/orangenomad/in

Twitter: https://twitter.com/theorangenomad

Facebook: www.facebook.com/orangenomadllc

Peter Verlezza

Podcast: www.tpiaw.com

IT Business: www.smbnetworksllc.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!