Mike Michalowicz's Blog, page 88
July 6, 2015
Episode 35: Productivity and Cash Flow with Emily Morgan and Billie Anne Grigg
Show Summary
Emily Morgan and Billie Anne Grigg join us for Episode 35 of the Profit First Podcast to discuss how to be more productive in your business, and how to get that profit in your pocket!
Our Guests
Emily Morgan (left)
Emily Morgan helps entrepreneurs and execs strategically clear their plates so they can focus on what they love! She is the founder of Delegate Solutions, a Strategic Support Firm and the designer of the “Delegate Method” which helps entreps identify areas of their business they can delegate or automate for maximum efficiency. She’s helped hundreds of entrepreneurs master delegation and design systems to support and grow their awesome businesses! This year alone, her team cleared nearly 10,000 hours of tasks off the plates of overwhelmed business owners.
Emily speaks nationally on the topic of virtual teams and delegation. She’s been featured in the NY Times, NBC News and Martha Stewart Radio, and was recruited to develop a leading Virtual Assistant Training Program for an East-Coast college consortium where she personally developed two courses on virtual entrepreneurship. She is a Goldman Sachs 10,000 Small Businesses alum, and is an alumnae of UPenn. She also serves locally as a Board Member for the Economic Development Committee in Voorhees, NJ where she resides.
Billie Anne Grigg (right)
Billie Anne Grigg has more than sixteen years of bookkeeping experience in the retail and professional services sectors. She is a QuickBooks Online ProAdvisor, LivePlan Expert Advisor, FreshBooks Certified Beancounter, and is Oklahoma’s first Certified Profit First Professional. Billie Anne started Pocket Protector Bookkeeping in 2012 to provide a virtual bookkeeping solution for small to medium-sized retail and professional services businesses, with a focus on providing high-quality managerial accounting services to businesses who cannot yet justify employing a full-time, in-house managerial accounting staff.
When not keeping books, Billie Anne can usually be found with her nose stuck in one…or at least reading something on her Kindle. She is also a life-long crocheter, a fairly new knitter, a dance mom (but she’s not crazy, at least not in a mean way,) and is working with her husband (mostly on the financial side) to build their sustainable farm in northeast Oklahoma.
Show Quotes
To increase productivity in your business, focus on what goals you personally want to reach and what you want your daily tasks to be. From there you can delegate other responsibilities to your staff.
The three questions to ask yourself:
What tasks do you want to work on?
What tasks do you not enjoy working on? These are the tasks that can be delegated.
What tasks can be automated?
Scheduling and emails are the most common tasks that are delegated so the entrepreneurs can focus more on what they love.
Put the profit in your pocket.
There is always resistance with a new habit. Don’t get discouraged!
The wedge strategy: whatever your salary is – as your business increases, half of the increase is automatically diverted to a hidden account as another savings for yourself.
Have a question you’d like us to answer on the air? Email Kristina or Mike!
Kristina@MikeMichalowicz.com
Mike@MikeMichalowicz.com
Show Links
Emily Morgan
Webite: http://delegatesolutions.com/
Facebook: https://www.facebook.com/DelegateSolutions?_rdr=p
Twitter: https://twitter.com/Emily_Morgan
LinkedIn: https://www.linkedin.com/in/DelegateSolutions
Billie Anne Grigg
Website: www.pocketprotectorbookkeeping.com
Twitter: https://twitter.com/PPBookkeeping
Facebook: https://www.facebook.com/PocketProtectorBookkeeping
LinkedIn: https://www.linkedin.com/pub/billie-anne-grigg/67/190/799
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!
Episode 35 – Featuring Emily Morgan and Billie Anne Grigg
Show Summary
Emily Morgan and Billie Anne Grigg join us for Episode 35 of the Profit First Podcast.
Our Guests
Emily Morgan
Emily Morgan helps entrepreneurs and execs strategically clear their plates so they can focus on what they love! She is the founder of Delegate Solutions, a Strategic Support Firm and the designer of the “Delegate Method” which helps entreps identify areas of their business they can delegate or automate for maximum efficiency. She’s helped hundreds of entrepreneurs master delegation and design systems to support and grow their awesome businesses! This year alone, her team cleared nearly 10,000 hours of tasks off the plates of overwhelmed business owners.
Emily speaks nationally on the topic of virtual teams and delegation. She’s been featured in the NY Times, NBC News and Martha Stewart Radio, and was recruited to develop a leading Virtual Assistant Training Program for an East-Coast college consortium where she personally developed two courses on virtual entrepreneurship. She is a Goldman Sachs 10,000 Small Businesses alum, and is an alumnae of UPenn. She also serves locally as a Board Member for the Economic Development Committee in Voorhees, NJ where she resides.
Billie Anne Grigg
Billie Anne Grigg has more than sixteen years of bookkeeping experience in the retail and professional services sectors. She is a QuickBooks Online ProAdvisor, LivePlan Expert Advisor, FreshBooks Certified Beancounter, and is Oklahoma’s first Certified Profit First Professional. Billie Anne started Pocket Protector Bookkeeping in 2012 to provide a virtual bookkeeping solution for small to medium-sized retail and professional services businesses, with a focus on providing high-quality managerial accounting services to businesses who cannot yet justify employing a full-time, in-house managerial accounting staff.
When not keeping books, Billie Anne can usually be found with her nose stuck in one…or at least reading something on her Kindle. She is also a life-long crocheter, a fairly new knitter, a dance mom (but she’s not crazy, at least not in a mean way,) and is working with her husband (mostly on the financial side) to build their sustainable farm in northeast Oklahoma.
Show Quotes
Coming Soon!
Have a question you’d like us to answer on the air? Email Kristina or Mike!
Kristina@MikeMichalowicz.com
Mike@MikeMichalowicz.com
Show Links
Emily Morgan
Webite: http://delegatesolutions.com/
Facebook: https://www.facebook.com/DelegateSolutions?_rdr=p
Twitter: https://twitter.com/Emily_Morgan
LinkedIn: https://www.linkedin.com/in/DelegateSolutions
Billie Anne Grigg
Website: www.pocketprotectorbookkeeping.com
Twitter: https://twitter.com/PPBookkeeping
Facebook: https://www.facebook.com/PocketProtectorBookkeeping
LinkedIn: https://www.linkedin.com/pub/billie-anne-grigg/67/190/799
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!
July 3, 2015
A Bad Economy Can Be A Good Thing; Here’s 7 Reasons Why
You read the headline correctly! You know all too well that the economy issues have taken its toll on the country. But there is always a silver lining, and the economy is not immune. While the media loves to cover all things negative (remember, if it bleeds it leads!), there are actually some good things that can come out of a bad economy. You may not hear much about them, but they are there, and if you focus them, the rewards will be immense!
Here are 7 reasons why a bad economy is actually a good thing:
1. Strengthening Relationships. When the economy is good and you are buried in business, you probably don’t get to spend much time nurturing relationships. Whether it’s with your family, friends, or those you would like to network with more frequently, now you have no excuses. You can give the time to strengthening those relationships and help reduce stress as the same time. Remember, laughter is sometimes the best medicine!
2. Scrutinizing Spending. As an entrepreneur, you are probably pretty free with spending when the economy is doing well. You don’t mind taking on some added expenses, even if there isn’t a return, because you are not hurting financially. But during a tough economy, you will need to look at each expense and really determine if it will bring you additional value or a return. If it will not, ax it and you will help your company financially.
3. Monitoring Cash Flow. During a strong economy people usually let the money fly, whether at home or at work. They spend freely, without giving it much thought. But during a down economy, you will be forced to keep closer tabs on your cash flow. This will make you better off financially at home and in the office. It will also help you learn to be better about making financial decisions.
4. Back to the Basics. A rough economy will get people back to doing more of the free or low cost basics that help to build strong families. Spending a lot of money going out to the theater for a family showing of the latest flick isn’t the only way to build strong family bonds and be entertained. You can rent a new release for a buck, pop some popcorn, and gather on the couch in your pajamas and save a lot of money! Same goes for your business – rather than putting out money on expensive parties, you can opt for low cost company picnic-type ones.
5. Trim the Fat. This economy is the perfect time to take a look at where you are spending money and see what can be trimmed. There are likely things at home and at work that are getting your money that is completely unnecessary. Find those things, cut them, and don’t look back! You will have more cash flow, and as you have already read, that’s a good thing!
6. Get creative. During a strong economy, most people just go with the flow and reinforce the status quo. But during a weak one, people will innovate and find new ways to do things both at home and in the business world. New business ideas will come out of this economic slump, and one of them could be yours!
7. Do for yourself. During high economic times people eat out more, among other things, that they could do for themselves. By getting back into the kitchen to do your own cooking, you will have more dedicated family time, will spend a lot less money, and will most likely be eating a heck of a lot healthier!
These are just seven examples of the good that can come out of a tough economy. There are many more as well! A poor economy will make you better at watching your money, tracking your spending habits, and even creating stronger bonds with people. In the end, you will likely emerge a happier, well adjusted individual that has a keen financial sense. And that, my friends, is a good thing!
July 2, 2015
How Would You Rather Fail?
Entrepreneurship is risky. It is fraught with challenges. While you can choose to do exactly what you love to do, there is a real possibility that you will fail.
The alternative is a career where you will likely do what you don’t want. It’s a career, but there is a catch. You can fail there too. And worse, others can decide if you fail (you’re fired!).
So, if there is a real possibility you are going to fail anyway, wouldn’t you much rather fail doing what you love?
Go for it. Fail in love with what you do.
July 1, 2015
What Am I Doing Right?
Right now, pick up the phone, call your best client and after the appropriate niceties ask them this question:
“What am I doing right?”
They will surely share some details. Perhaps even insights you weren’t aware of. They may speak to the quality of your work, or to your responsiveness, or perhaps the knowledge you have of their industry. But there is a catch.
When you ask your best clients “What am I doing right?” they will not tell you what you are doing right. They will, in fact, tell you what you need to improve.
When they say they really like the quality of your work, your job is to do improve the quality of your work.
When they say you are responsive, your job is to become more responsive.
When they say you know their industry, that is your cue to learn a lot more about the industry.
You see, when your client tells you what you are doing right, they will actually tell you what they pay attention to. When you improve that thing, they will notice. So will others like them.
Catering to what your clients notice, is always rewarded with open wallets.
Did you make the call yet? No? Do it now. Your company’s success is waiting in the wings until you do.
June 30, 2015
The 4 Unexpected Ways Leaders Spark Innovation
What do Abraham Lincoln, King Arthur and Mahatma Gandhi have in common? No, this is not the start to a bad joke. These famed leaders are known for their ability to assemble disparate teams who, collectively, accomplished the “unaccomplishable.” They utilized techniques and strategies that brought the best out of their people. Not just hard work, but innovative thinking that changed the world.
Lincoln abolished slavery, by establishing a team of his “enemies.” Arthur defended England from the Saxons by empowering his comrades via the legendary Round Table. Gandhi established a peaceful force so powerful and so innovative that it defeated the British Empire without a single drop of blood being spilled.
Innovation can win wars without a single fight or change the course of a nation divided. You can have radical impact too, but only if you empower you team in some very unexpected ways. It requires one extraordinary step, though. You must be willing to challenge your own beliefs.
Productivity Stops Innovation Cold In Its Tracks
I suspect as you read that subtitle you either rolled your eyes or threw up in your mouth a little. I mean, how could something so critical to corporate success – productivity – be the one thing that prevents innovation? If anything, you would assume the opposite is true. The reality is leaps in productivity occur when a new way of getting things done is discovered. That happens through innovation.
The constant pressure for higher productivity, is the exact reason innovation gets frozen. Productivity is a short term measurement, tracking how much got done during the last hour, day or week. And with constant pressure to be productive, every day there is more and more work piled on. The drive for productivity becomes a never ending cycle to produce more. With the constant focus on getting things done, the time and freedom to find a better way to get those things done, goes out the window.
Innovation requires time, deep thought and mistakes, the exact things that a highly productive team doesn’t have time for. So the next time you want to improve productivity, give your team the time to innovate. As my grandmother said, “It’s impossible to have a workable pan if all you do is keep frying eggs.”
Uber-Collaborative Workspaces Kill Innovation
Walk into any modern office and the setup is full of open spaces. The idea is simple if people can talk they can share ideas. But few people excel in environments of constant distraction, and in many cases these workspaces cause the introverted intellectuals to fizzle out.
Thomas Edison, arguably the leader of one of the greatest innovate teams in history, establish a work environment that was a key to radical innovation. He realized that conversation is enlightening, yet silence is golden. So he gave his team both. Edison configured his Menlo Park Laboratory to offer his talented workers opportunities to mingle and argue ideas, or to work in seclusion for as long as they needed (hours, days or even weeks). Edison’s goal was to bring about world changing innovations. His strategy was to give the workers the exact environment that they thrived in, at the exact time they needed it.
Words Don’t Inspire, Actions Do
A fundamental human behavior is the law of reciprocity. Simply put, human beings are wired to respond in kind to the behavior of another. For example, if you walk down the street and someone waves to you (even if you don’t immediately recognize them) you feel compelled to wave back. The feeling to respond in kind to a person who waved to you is the behavior of reciprocity. It happens in all circumstance, not just friendly greetings. If someone talks behind your back, you are likely to talk behind theirs. If someone says you are doing a great job at your review and then decides to demote you, the action wins (not the words) and you will surely reciprocate with ill will toward your (jerk) boss.
To inspire your team to be loyal to you, you must first be loyal to them. To inspire your team to work smarter, you must challenge yourself to work smarter for them. To inspire a team to be innovative, you must challenge yourself to be embrace innovation and been an innovator yourself.
There is no way around it. Your team will measure your actions and reciprocate in kind. It’s law. Behavioral law.
Encourage Failure
Sara Blakely the founder of Spanx (which generates an impressive $250M in annual revenue and more impressive net profit margin estimated at 20%) attributes her success to her father’s daily inquiry “What did you fail at today?” Blakely had been steeped in a core element of innovation: failure.
For your team to successfully innovate they need to experiment and explore the unknown. And whenever you enter the realm of the unknown you are bound to fail. In fact, the only way to succeed is by failing, learning and improving.
For you team to successfully innovate, you must set up an environment where failure is expected. Setup an environment where failure is encouraged in a unique way: Fail often and fail early. The earlier you fail, the less costly it is. The more often you fail, the sooner you find the solution.
As famed as Thomas Edison is for all his innovations, he and his team had a constant string of failures. But Edison understood the importance of failure and encouraged it. In his own words, “I have not failed. I’ve just found 10,000 ways that won’t work.”
June 29, 2015
Episode 34: Married to Mayhem Featuring Susan Fuller and Krista Michalowicz
Show Summary
Susan Fuller and Krista Michalowicz join us for Episode 34 of the Profit First Podcast. They share their stories of what it’s like to be married to busy entrepreneurs!
Our Guests
Susan Fuller (left)
As the wife of a guy with too much tolerance for risk, Susan Fuller has endured, conquered and made peace with the high-flying, high-risk, entrepreneurial spirit that has been her steady course for 21 years of marriage. She bucked the conventions and stuck with him as he helped launch and/or found more than a dozen companies, two industry associations and one non-profit, raising over $50 million and commitments for an additional $120 million. She stood by him when his risk tolerance motivated him to quit a job and start a company with just $10,000 in the bank, the US economy in recession, two children and an apartment in Silicon Valley’s epicenter city, Mountain View, California. His constant travel, interaction with many women, rapid company success and equally rapid failure provided many exits to the marriage she chose to bypass. Now, after being married 21 years to the same spirit that has built the world we call home, she is stepping out on her own. As an author and speaker, Susan’s mission is to encourage the life partners of entrepreneurs and provide them the emotional and pragmatic context of the entrepreneurial spirit. Without this spirit, jobs, freedom and the world as we know it would not exist. Without supportive life partners, entrepreneurs could be crushed by the energy that fuels them. They need balance. They need you.
Krista Michalowicz (right)
Being an entrepreneur is not easy, being married to one is even tougher. Krista Michalowicz is the Domestic Engineer of the Michalowicz family. Her keynote “Married To Mayhem” explains what it takes to not just manage an entrepreneurial marriage but to thrive in one. Krista and her husband Mike have three children.
Show Quotes
-Know when to take a break from work and live in the moment with your family.
-Maintain consistency! Stay on the same page and communicate with your spouse.
-Learn from each other’s experiences; persevere and just keep reaching for your goals. Don’t give up!
-Trust is essential. Know who you’re married to and what your marriage is about.
Questions dictate what we see. Here’s question 4 of 4 you can ask your clients to become more profitable:
Ask your best clients “what vendors do you work with?” Once you find out who the other vendors are for your best clients, that is the gateway to other clients like them.
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.susanfuller.me
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!
June 24, 2015
4 Phrases of Amazing Customer Service
I’ve grown my companies by focusing on great customer service. We didn’t always have the biggest names in business working at the firm, and we sure couldn’t always afford the flashiest equipment. What we did better than all our competitors was ensure that our customers were thrilled.
In fact, superlative customer service can be your very best (and cheapest!) form of marketing. Customers talk about their experiences, especially if they’re unexpectedly good. Sometimes even the most difficult situations can yield satisfied customers, depending on how you and your team handle the problems that arise. Even a failure to meet expectations can offer an opportunity for a great recovery and a happy customer.
Here are four phrases that will help you bring up the level of service your customers receive:
1. “I don’t know, but this is what I’m going to do.”
You’re not always going to have the answer to every question at your fingertips, and your customers will understand that. What they expect in exchange, though, is honesty and follow-up. The key here is to make a clear commitment like,” I’ll call you by 5pm with the answer,” and then keep that commitment! Even if it’s taking longer to get a problem resolved or to get the answer to your question, follow up with customers to let them know you’re still working for them. Customers want you to be honest and to keep your word. If you promise to call by 5pm, then you must call by 5pm, or you’ve betrayed your customer’s trust, and you’ve let that customer down.
2. “I am very sorry.”
When you or your company has made a mistake, the customer wants to hear you accept responsibility and apologize. Too many customer service reps have been trained not to accept responsibility, in some cases because they fear the legal record of having admitted failure. Realistically, though, the probability of a lawsuit is minimal, while the chance of losing a customer is virtually guaranteed. It’s important to manage the unhappy customer’s expectations while you apologize, though. Be genuine, and save your apologies for the instances when your company has truly made a mistake, rather than apologizing to every customer displeased by circumstances that are beyond your control. The apology is only a step, albeit an important one, and the goal is to turn the failure into a success by determining what your company can do to make it right.
3. “Yes.”
“Yes” is what your customer wants to hear, and your goal should be to say that word whenever possible, even if – especially if – you’re working through a problem. Customers want progress. Imagine two scenarios: Customer 1 calls with a complaint and asks for a 10% discount. The customer service rep says no, finally hands the customer off to a manager, and twenty minutes later you have an angry, frustrated customer with a 10% discount from the manager. Customer 2 calls with a complaint, and the customer service rep apologizes and offers a 10% discount. The cost to the company – 10% — is the same, but call #1 took longer, involved two staff members, and left a customer feeling frustrated rather than satisfied. Call #2 yields a customer who truly believes that your company cares about their business. Say yes to reasonable requests as soon and as often as possible, and leave your customers pleasantly surprised at how easily the problem was resolved.
4. “Is there anything else I can do for you?”
Here’s your perfect wrap-up. Not only does this question give your customer the opportunity to bring up additional concerns, but it also lets the customer feel like they’re in control. They can ask for additional information or they can thank you for your spectacular service. Giving your customers the opportunity to raise additional concerns lets them know that you value them enough to spend time ensuring that they’re satisfied. Even if the customer called with a problem, if your customer service team can work through a resolution and end on a positive note, you can earn and keep those customers for life.
Great customer service relies first and foremost on authenticity. You and your team must be committed to satisfying your customers, and being trustworthy is the foundation. If your customers trust you to keep your word, then you’re more than halfway there. If your customers know they can rely on you, even if there’s a problem, that’s the rest of the journey.
Work on training your customer service reps to listen, determine what the customer expects, and do what they can to make sure that customer is satisfied.
June 23, 2015
The Extraordinary Power of Lack
When you lack the money to do what others do you are forced to find a new way.
When you lack the resources you need to get the work done you are forced to innovate.
When you lack the contacts to gain the exposure you need you are forced to blaze a new trail.
Lack changes paradigms. Lack changes industry. Lack changes everything.
Lack is a gift. It may come in damn ugly gift wrapping. But if you tear into, lack will reveal the greatest gift an entrepreneur could ever ask for.
June 22, 2015
Episode 33: Personal and Business Growth with Hal Elrod
Show Summary
Bestselling Author Hal Elrod joins us for Episode 33 of the Profit First Podcast. Hal shares his life transformation tips from his latest book, The Miracle Morning.
Our Guest
Hal Elrod died at age 20, hit head on by a drunk driver, he broke 11 bones and his heart stopped for 6 minutes. After 6 days in a coma and being told he would never walk again, he defied the odds and went on to become a hall of fame business achiever, international keynote speaker, ultra-marathon runner (which means he’s run 52 consecutive miles), and most notably – he is now the #1 bestselling author of what’s being widely regarded as ‘one of the most life-changing books ever written’ (with over 700 five-star reviews on Amazon). His book is called, The Miracle Morning: The Not-So-Obvious Secret Guaranteed To Transform Your Life… (Before 8AM).
Show Quotes
Put yourself in a peak physical, emotional and intellectual space every morning to win the day. How you start your day is arguably the single most important thing you can do to upgrade any area of your life.
Use your Life SAVERS:
Silence – Meditation or Prayer
Affirmations – What do you want? Why do you want it? What’s holding you back?
Visualizations – See the end result, and more importantly, see yourself doing the action to get there.
Exercise – Get your heart rate up in the morning! Hal uses the 7 minute workout app
Reading – Even if it’s 10 minutes a day, give your brain an intellectual workout.
Scribing – Start a journal! Write down your ideas and aspirations.
Do not wait… become determined to start personal development on a daily basis. Once you do this, you’ll become more determined at work.
Questions dictate what we see. Here’s question 3 of 4 you can ask your clients to become more profitable:
Ask your best clients “what vendors do you work with?” Once you find out who the other vendors are for your best clients, that is the gateway to other clients like them.
Hal’s personal quote about Profit: “You are just as worthy, deserving, and capable of becoming wealthy as any other person on earth, but it’s up to you to prove that through your daily actions.”
Have a question you’d like us to answer on the air? Email Kristina or Mike!
Kristina@MikeMichalowicz.com
Mike@MikeMichalowicz.com
Show Links
Hal’s Book: www.MiracleMorningBook.com
Get 2 FREE chapters of The Miracle Morning (PLUS Audio & Video Training) at www.MiracleMorning.com
Website: http://halelrod.com/
Join The Miracle Morning Community (on Facebook) at www.MyTMMCommunity.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!
