Mike Michalowicz's Blog, page 96

Episode 19: Time Tracking and Maximizing Profits with Matt Rissell

Show Summary

Matt Rissell, co-founder and CEO of TSheets,  joins Episode 19 of the Profit First Podcast. Matt dives into how time tracking protects employees and helps employers maximize their profitability.

 

Our Guest

Matt Rissell is the co-founder and CEO of TSheets, an Eagle, Idaho-based technology firm that provides online, GPS-powered time tracking for companies with hourly employees.

Matt started TSheets, his sixth successful startup venture, in 2006, after discovering a gap in the employee time tracking and reporting market. Since then, the company has been named Idaho’s Innovative Company of the Year, currently employing 45 of the best employees in the business and growing and circling the globe with customers in over 50 countries.

With a passion for startups, strategy, and identifying high-growth opportunities, he speaks at conferences nationwide and is a regular contributor to The Huffington Post. Matt serves on the executive committee of the Idaho Technology Council, the advisory board of the Boise State University Computer Science Department, and the Vistage CEO Network. He has also received the 40 Accomplished Under 40 Award from Idaho Business Review, Cartridge World’s Franchisee of the Year award, and was named to the Verizon Wireless President’s Cabinet.

A native of Colorado, Matt enjoys spending time in the mountains of Idaho with his wife, three children, and his weimaraner, Brushy — bird hunting, bowhunting, and fishing.

 

Show Quotes

For business owners, typically your single largest expense item on your Profit and Loss statement is labor.

Tracking time is important for accuracy, protection of the employee and the employer. It’s also about job costing and making sure you allocate time to the right projects, so you know where your largest resource is being invested.

A time tracker protects both the employer and the employee. From a profitability standpoint, just by implementing a tracking system you can save money off of the top line on your payroll. It helps eliminate the possibility of extra minutes employees may be [unintentionally] giving themselves. Once time is tracked in the system, an employer can modify the employees time – but all changes are tracked in a log for employees to see (who did it, what they changed and what time they changed it).

Matt’s favorite quote: “Nothing in this world can take the place of persistence. Talent will not; nothing is more common than unsuccessful people with talent. Genius will not; unrewarded genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent.” – Calvin Coolidge (30th President of the United States)

There will always be people out there who are smarter than you, better funded than you, have a better education, a better pedigree or are more talented or whatever; but you get to choose if you give up or not.

Different personalities in business partners can compliment each other if you can learn to listen. We had a business coach that helped us communicate for the first 2-3 years because it was really difficult; once we were able to hear each other and communicate with each other it changed the company dramatically.

As the business grows, the business owner has to change their communication style and change the way they fit into it. Make sure everyone in the company understands where the company is headed, what it’s priority is and where they fit into the bigger picture.

Treat your employees the best that you possibly can and hold them to high expectations; employees naturally want to be held to higher standards, because people with drive and work ethic want to care about what they create. In return, your employees will want to do everything they can to help your company succeed.

 

Show Links

Website:  TSheets Time Tracking

Matt Rissell on Twitter: @MattRissell

 

Show Sponsors

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!

Our Visit to MSNBC’s Your Business

Mike Michalowicz was at MSNBC’s Your Business yesterday, to discuss pivoting, tax strategies, and other business strategies. Be sure to tune into MSNBC this Sunday at 7:30am ET (or set your DVR) to see the show!

Mike Michalowicz getting ready to go on set… or become a camera man.

Mike Michalowicz talking with JJ Ramberg, host of MSNBC’s Your Business. Notice Mike’s socks… they are the USA flag.

Ron Saharyan, Co-Founder of Profit First Professionals, with JJ Ramberg, host of MSNBC’s Your Business.

Mike Michalowicz and JJ Ramberg on set at MSNBC’s Your Business.

Ron Saharyan working the camera at MSNBC. Don’t quit your day job, Ron!

 

 

The Best Wins, The Better Goes Unnoticed

The faster runners are unknown, but the fastest is – Usain Bolt.

Stronger financial returns are nice, but the strongest financial returns are what everyone wants.

There out countless companies that are better than the competition, but they don’t get noticed.  Only the best company gets the attention.

Endeavor to be the best in your niche. Otherwise you’ll never get the attention (and the customers) you deserve.

A Lesson In Horrible Service (A Review of Simplify Commerce)

My experience with Simplify Commerce exemplifies the most important lesson in customer service: pick up the phone. Make sure you employ this lesson in your own business before its too late.

First a little background. I started a new business this past summer to help accountants and bookkeepers stand out in their extremely competitive industry. Just like any start-up, we set up our new office, hired our staff, and configured our e-commerce components. The shopping cart we selected was 1ShoppingCart (highly recommended), the merchant service provider was Simplify Commerce (avoid at all costs).

As I configured the shopping cart, Simplify Commerce was presented as the “suggested” credit card processor. Perhaps Simplify is part of 1ShoppingCart, or maybe it has a referral alliance or possibly they paid 1ShoppingCart a lot for the exposure. Regardless, it is highly influential marketing. It is just like your doctor suggesting the specialist you go to. If they suggest it, you do it. I followed suit and selected Simplify Commerce.

The setup was easy. The pricing and fees were not even close to competitive (albeit I only figured that out in retrospect since I didn’t take the time to competitively shop). Our first few payments processed, and then the first problem arose.

Our per day release of funds was capped to $500. I inquired with Simplify Commerce to see what we could do to resolve this. My emails to support where 1. not responded to 2. pointed the finger to underwriting and left me on my own to resolve with them.

Now, I get that we were a new company and that Simplify Commerce needs to mitigate its risk. But there is a lot more to us, that the simple application we submitted wouldn’t explain. So I just wanted to hop on the phone with someone at Simplify Commerce to explain more about our organization and to see what we needed to do to get past this problem. Welcome to problem number two.

Simplify Commerce doesn’t like to talk with their customers. Email communication are their preference – scratch that – no communication is their preference. Some technical questions were answered by their techie guy (he even picked up the phone and called us a few times). But the financial decision makers (ahem, underwriting) would never pick up the phone. Just abrupt emails, that came out of no where.

One email, one day stating that the $500 limit was adjusted up. One email, one day stating that since we took a client payment for an annual membership our account was on hold (as in we could continue to collect payments, but that Simplify Commerce would permanently withhold the funds until the situation was resolved… via email). One email, one day saying our account was reopened. Then the next day that it was on hold.

Finally out of pure frustration, I wrote the most aggressive email I could, hoping it would somehow get someone to call me. It worked! 48 hours after demanding I talk with someone, a person actually called me.

After thirty minutes on the phone, we resolved everything. Our account was fully cleared, funds were released. As we completed the call, the underwriter said “I wasn’t aware of how established your company and brand was. I wish we had known this. Your account is fully open.”

“I wish we had known this?” How absurd! Simplify Commerce did everything in its power to not learn about my business (their client). Simplify Commerce did everything it could to avoid communication with me (their client). Simplify Commerce did everything it could to make it difficult to do business with me (their client).

I left Simplify Commerce that day for a new merchant service provider, NMI (highly recommended). Oh, and during the on-boarding process, the NMI representative called me. We have talked multiple times since. The result of being able to talk with someone? We have received inter-change plus rates (far better rates than Simplify Commerce), we can accept annual member payments (something Simplify Commerce prohibits), we have no cap on receivables (something Simplify Commerce forced on us) and, surprise, surprise we have access to real live humans. Twenty four by seven.

The lesson is this. Customer service boils down communication. Landing a customer is the easy part, keeping is even easier, if you simply talk to them. Make sure you regularly communicate with your customers and you make it easy for them to talk to you when they want. The “savings” you achieve by making it impossible for customers to talk with you will cost you in the long run.

Ironically, when I tweeted out to Simplify Commerce that I was going to share my bad experience with them in this blog post, they called me immediately. Did you read that? They called me! Doh!

My suggestion to Simplify Commerce (and to you if you have customers) is this: Call your customer’s while you have them, not when you lost them. Communication is king.

A Lesson In Horrible Service From Simplify Commerce

My experience with Simplify Commerce exemplifies the most important lesson in customer service: pick up the phone. Make sure you employ this lesson in your own business before its too late.

First a little background. I started a new business this past summer to help accountants and bookkeepers stand out in their extremely competitive industry. Just like any start-up, we set up our new office, hired our staff, and configured our e-commerce components. The shopping cart we selected was 1ShoppingCart (highly recommended), the merchant service provider was Simplify Commerce (avoid at all costs).

As I configured the shopping cart, Simplify Commerce was presented as the “suggested” credit card processor. Perhaps Simplify is part of 1ShoppingCart, or maybe it has a referral alliance or possibly they paid 1ShoppingCart a lot for the exposure. Regardless, it is highly influential marketing. It is just like your doctor suggesting the specialist you go to. If they suggest it, you do it. I followed suit and selected Simplify Commerce.

The setup was easy. The pricing and fees were not even close to competitive (albeit I only figured that out in retrospect since I didn’t take the time to competitively shop). Our first few payments processed, and then the first problem arose.

Our per day release of funds was capped to $500. I inquired with Simplify Commerce to see what we could do to resolve this. My emails to support where 1. not responded to 2. pointed the finger to underwriting and left me on my own to resolve with them.

Now, I get that we were a new company and that Simplify Commerce needs to mitigate its risk. But there is a lot more to us, that the simple application we submitted wouldn’t explain. So I just wanted to hop on the phone with someone at Simplify Commerce to explain more about our organization and to see what we needed to do to get past this problem. Welcome to problem number two.

Simplify Commerce doesn’t like to talk with their customers. Email communication are their preference – scratch that – no communication is their preference. Some technical questions were answered by their techie guy (he even picked up the phone and called us a few times). But the financial decision makers (ahem, underwriting) would never pick up the phone. Just abrupt emails, that came out of no where.

One email, one day stating that the $500 limit was adjusted up. One email, one day stating that since we took a client payment for an annual membership our account was on hold (as in we could continue to collect payments, but that Simplify Commerce would permanently withhold the funds until the situation was resolved… via email). One email, one day saying our account was reopened. Then the next day that it was on hold.

Finally out of pure frustration, I wrote the most aggressive email I could, hoping it would somehow get someone to call me. It worked! 48 hours after demanding I talk with someone, a person actually called me.

After thirty minutes on the phone, we resolved everything. Our account was fully cleared, funds were released. As we completed the call, the underwriter said “I wasn’t aware of how established your company and brand was. I wish we had known this. Your account is fully open.”

“I wish we had known this?” How absurd! Simplify Commerce did everything in its power to not learn about my business (their client). Simplify Commerce did everything it could to avoid communication with me (their client). Simplify Commerce did everything it could to make it difficult to do business with me (their client).

I left Simplify Commerce that day for a new merchant service provider, NMI (highly recommended). Oh, and during the on-boarding process, the NMI representative called me. We have talked multiple times since. The result of being able to talk with someone? We have received inter-change plus rates (far better rates than Simplify Commerce), we can accept annual member payments (something Simplify Commerce prohibits), we have no cap on receivables (something Simplify Commerce forced on us) and, surprise, surprise we have access to real live humans. Twenty four by seven.

The lesson is this. Customer service boils down communication. Landing a customer is the easy part, keeping is even easier, if you simply talk to them. Make sure you regularly communicate with your customers and you make it easy for them to talk to you when they want. The “savings” you achieve by making it impossible for customers to talk with you will cost you in the long run.

Ironically, when I tweeted out to Simplify Commerce that I was going to share my bad experience with them in this blog post, the called me immediately. Did you read that? They called me! Doh!

My suggestion to Simplify Commerce (and to you if you have customers) is this: Call your customer’s while you have them, not when you lost them. Communication is king.

The post A Lesson In Horrible Service From Simplify Commerce appeared first on Mike Michalowicz.

You First

The premise of my newest book, Profit First, is to take your profit prior to expense. Ahem – take your profit first.

I am eternally grateful for the emails that stream in every day sharing how this simple “put the important stuff first” method has changed business after business. Emails sharing how entrepreneurs are achieving more and more financial strength with this simple premise.

Financial health is critical. But I am realizing there is another struggle for entrepreneurs. Our time. We work too hard for too long. And all the money in the world is of little value if you don’t have the time to enjoy it.

Now is time to fix your exhausting schedule, by again “putting the important stuff first.” Working too hard for too long? The fix is easier than you think. Put you first.

 

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Episode 18: Job Satisfaction and Profitability with Stan Genadek

Show Summary

Stan Genadek, owner of Genadek Landscaping and Excavating Inc. joins Episode 18 of the Profit First Podcast. Stan talks about the importance of job satisfaction and how it relates to the profit margins of your business.

 

Our Guest

Stan Genadek grew up join the country and has been working in the excavation and landscaping Industry since he was 13 -­ Shhh don’t tell the child labor laws. He moved to the Twin Cities Metropolitan area and paid his way through the college – ­the only way he knew how – ­running a landscaping crew. Stan quickly built this up from nothing into one of the largest specialty companies in the Midwest, and has now refocused his energy into helping others do the same. He runs the Landscape Business Pro Podcast – a program dedicated to finding experts from around the world and bringing their knowledge to help contractors everywhere Build a Better Business.

 

Show Quotes

I started to build my company focused on growth alone. We quickly grew to bring in $2 million dollars per year and were booked up months in advance – but the profits were not reflecting the amount of work we were putting into the business.

It can’t just be about profitability; the bigger we grew, the more miserable we became. When you have that much going on at work, it’s almost impossible to not bring that home with you. If you focus on your job satisfaction, ultimately that will result in profit.

You have the option to be the Jack of all trades and Master of none; take on any project that comes your way, but unable to do any of it really well or with the maximum amount of profits you could achieve. Instead, make the decision to become a Jack of all trades and Master of two – one bigger niche and a smaller one.

Pick your niches strategically and become an expert in those two things. Once you do this, you can put systems in place to maximize the use of your time and learn how to run a healthy, profitable business (because you are mastering two specific services).

Tip of the Day: Stop asking how BIG your business is, and start asking how HEALTHY your business is.

 

Show Links

The landscape business pro Podcast

Twitter

Linked In

Dirt Monkey:  https://dirtmonkey.net

Genadek Landscaping and Excavating Inc

 

Show Sponsors

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!

The post Episode 18: Job Satisfaction and Profitability with Stan Genadek appeared first on Mike Michalowicz.

Improve Your Office Productivity By Making 6 Changes

Too often we conflate being productive with quirky new apps designed to help us do a million things at once.  Now don’t get me wrong…I love gadgets and apps as much as the next guy, but I have found that we often neglect some simple changes in our physical environment that can help up be productive – no gadgets or downloads required.  Here are my top six changes that can boost your office productivity.

1. A “Do Not Disturb” sign.  When you’re up against a deadline or facing a task that requires extraordinary focus, closing your office door and keeping folks out can be your very best move.  Forcing yourself to buckle down and removing the distractions that keep you from staying focused can yield great results.  It’s important to save the sign for times when it really matters.  If the sign’s always up, people will start to ignore it.

2. Two screens.  Using dual monitors will improve your productivity more than you’d think.  You’ll find it easier to copy and paste between the screens, rather than having to switch from one window to another.  The interesting thing here is that two screens are ideal.  Any more, and you’ll find that you waste time trying to locate pieces of data or that one of the screens ends up being a distraction in the form of social media or a news feed.  Moving from one screen to two, though, will astonish you.

3. Use both standing and sitting desks (or a convertible desk.)  Taking the simple step of changing your posture will keep you fresh and give you a sharper focus.  Your body fares best – both in terms of health and attention span – if you change your position frequently.  If you can possibly fit two desks in your workspace, give yourself a couple of options.  If you’re working with a small office, you can find convertible desks that raise or lower as you need to change position.

4. Paint your office.  We’ve known for decades that colors affect our moods, so why not put the power of color to work for you?  Blues tend to have a calming effect and actually lower blood pressure – that’s why NYC police cars were light blue for many years.  Orange and red can stimulate your energy, but can also stimulate your emotions, making them questionable choices for the office.  Yellow is cheerful and sunny, but your best choice is probably green.  Green invokes balance and concentration, and is the least likely to alienate or rile up visitors to your space.  Even if you’re in a rented space and can’t paint your walls, try employing splashes of color to brighten your space and boost your productivity.

5. Natural light.  No matter how much we evolve, our bodies are designed to respond to – and even crave – natural light.  Just think about how grouchy we all get in the depths of winter when we haven’t seen the sun for days…or even weeks!  Situate your desk near a window if possible, or add a window to your office if you can.  Natural light brightens your outlook and stimulates you, keeping you fresh and focused for your workday.

6. Get a plant.  Even if you don’t have the option of installing a window, you can still bring a little of the outdoors into your workspace.  You might not be able to paint your walls green, but you can green up your office with a living plant.  It may sound like a small thing, but a 2013 study showed that living plants in a workspace may improve both productivity and focus.  Another study showed that during computer tests designed to simulate stressful working conditions, the presence of live plants decreased stress, improved reaction times, and lowered blood pressure among participants.

Sure, you can find apps to help you manage your time better, or you can buy a wristband to monitor your sleep and exercise.  Don’t make the mistake of overlooking your physical space, though, when it comes to maximizing your productivity.  A fresh coat of paint, new lighting, and physically reducing distractions are all effective ways to get the most out of your workday.

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Double The Results, Half The Effort

What are you working on right now? I want you to pause just for a moment and ask a question about it: “How do you double the results with half the effort?”

I know it sounds like an extreme question. But ask it of yourself anyway. In fact, ask it of all things you do. How do you double the results with half the effort?

You will only ever get answers to the questions you ask. So ask big questions.

Sometimes you’ll discover the answer. Other times you will find ways to get closer to the answer. Either way you win.

So, I’ll ask you one more time. How do you double the results, with half the effort?

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Snow

My friend, Barrett owns a lawn care business. To grow his company he hired a company to do outbound calls as the new season approached. As frustrating as it may feel to get sales calls at home, Barrett gets one new customer for every three hundred outbound calls. The numbers work. Barely.

Then Barrett analyzed the data. Certain days he was able to get one new customer for every seventy five calls. A little more research and he found on those days a snow storm had hit the community he was calling. People were home.

Now Barrett chases snow, so to speak. He calls the homes he is trying to sell services to when he knows they will be there – snow days.

What about you? When are your prospects “home?”

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