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“The biggest challenge business owners have is knowing what their biggest challenge is, so that became the thesis of the book. How do we figure out what our business really needs from us next?” – Mike Michalowicz
Whether you have a large or small business, often you can face times where you’re not scaling as quickly as you’d like. However It can be tricky to know what the main problem or problems could be, which is why I am so excited to have today’s Finding Brave expert on the show today to share his powerful knowledge of this issue.
Mike Michalowicz 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.
In this episode, Mike reveals the importance of knowing and relying on what he refers to as a “business hierarchy of needs,” especially during challenging times, to identify the hidden problems in your business. Mike shares his simple yet very impactful framework for gaining clarity on what to fix next, as well as bringing it to a successful conclusion.
Every time I interview Mike, I learn something truly instrumental to apply to my own business growth and I believe you will too.
Highlights from this Episode:
- What Mike says is his life’s purpose and the ways he wants to help entrepreneurs [2:38]
- How the challenges he’s faced, rather than the wins, have contributed more to what he’s learned [4:06]
- What is the message and big takeaway for readers in his latest book [6:33]
- The 5 levels of needs for a business, or his “business hierarchy of needs” and a case study of a company he’s worked with that used theirs to pivot successfully [9:11]
- Why more sales isn’t the answer for entrepreneurs who believe they are “stuck” [13:28]
- The probing questions to ask yourself to begin to uncover what needs fixing in your business [13:56]
- Why profit is so important to every business, and the margin to aim for [15:22]
- A common mistake most business owners make when money comes in, and what you should always do with the profit that you make [16:40]
- Some additional things that hold many businesses back [21:21]
- Ways you can come up with concepts and frameworks to increase you own thought leadership, as Mike has [23:56]
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“There was this undercurrent that women entrepreneurs were facing, so I started to speak to that community and they carried me on their shoulders to a much broader audience.” [5:48]
“Many people instinctively go to this response where more sales will cure everything, and it doesn’t.” [13:28]
“In many cases when a business has some degree of sales coming in, it’s actually a margin issue, which is part of profit.” [14:23]
“By looking at not just the immediate, but the mid-term and long-term, now we reflect holistically on the implications of a decision and we make much more thoughtful decisions.” [20:59]
“Most of us are making decisions based upon escaping crisis as opposed to pursuing improvement.” [20:09]
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