583: Mike Michalowicz- Fix This Next to Level Up Your Business

Apr 29, 2020

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We Warriors often try to fix everything that's going awry in our business all at once. But we often don't notice that there's one specific thing that we keep banging our heads up against. Most of the time there is one particular core issue that needs to be fixed before anything else can and should be addressed. And everyone knows, I love a good system.

So, rather than bouncing around trying to fix things based on emotions, what we need is a reliable system to help us figure out what it is that truly needs to be fixed next in our business. Entrepreneurs might fear the term "going under" but sometimes all that is is taking a deep dive into your business' pyramid of needs and tightening up those base levels before resurfacing at the top.

To help identify our most vital needs I've brought back my good friend and one of my favorite authors, Mike Michalowicz.

Mike is the author of Profit First, Clockwork, Surge, The Pumpkin Plan, and his newest release Fix This Next. By his 35th birthday, Mike had founded and sold two companies - one to private equity and another to a Fortune 500. Today he is running his third multi-million dollar venture, Profit First Professionals. Mike is a former small business columnist for The Wall Street Journal and the former business makeover specialist on MSNBC. Over the years, Mike has traveled the globe speaking with thousands of entrepreneurs, and is here today to share the best of what he has learned.

To figure what you need to fix next, download this episode now.

THE JOKING WARRIOR

"The biggest problem entrepreneurs have is that they don't know what their biggest problem is." - Mike Michalowicz

Highlights -

- If we want to lead, we have to differentiate.
- In times of crisis, many entrepreneurs fall into a "survival trap."
- The Business Hierarchy of Needs are: Sales, Profit, Order, Impact, Legacy.
- We are not biologically wired into our business but we act like we are.
- In times of crisis it is imperative to look forward rather than backwards.
- Lifestyle Congruence: figure out the lifestyle of the shareholders and then figure out what the sales need to be to fit that lifestyle.
- It's not the age of the business; it's the stage of the business.
- Entrepre-jones' lifestyle is when you think you have to be performing at the level of everybody else all the time.
- We often overlook the exact thing we keep banging our heads up against.

Guest Contact -

Mike's Website
Mike's Free Evaluation
Mike's Twitter
Mike's Instagram
Mike's Facebook

Contact Jeffrey -

Resources -

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Music by Jawn