Fix This Next in Your Small Business with Mike Michalowicz
How to identify and Fix This Next in your Small Business with Mike Michalowicz. What to focus on next, and why we need to focus on Profit First.
Mike Michalowicz is an entrepreneur, speaker, author and podcaster (The Entrepreneurship Elevated Podcast).
He is the author of top-selling and influential books including, “Surge”, “Profit First”, and “The Pumpkin Plan”, and his latest book, “Fix This Next”.
He is the founder of Profit First Professionals. The Profit First Professional organization is designed to support accountants, bookkeepers and other financial professionals to substantially differentiate themselves in the market by introducing a significant service differentiator – the tools and techniques to maximize the profitability of their clients.
He previously founded, built and sold two technology service-based companies. His second company, PG Lewis & Associates, was sold in a public transaction in 2006. His first company was acquired by a private equity group.
Topics and questions covered in this episode The How of Business podcast, include:
- After university, you worked for a couple of years in technology sales and then launched your first business – Olmec Systems. Please share the story of what led to launching this first business.
- When did you know you wanted to be your own boss? Who were early entrepreneurial influences?
- What are two personal characteristics you believe has been instrumental to your success in business?
- You have connected with over a million entrepreneurs so far, and have identified the biggest challenge business owners face is knowing what their biggest challenge is. (Subject of “Fix This First”). Why does this happen? Please introduce how the book helps small business owners determine what they need to fix next?
- Please introduce the crisis exercise, and the Business Hierarchy of Needs for a business.
- Let’s discuss the Profit First Formula (From the “Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine”). Would you please introduce this approach to managing a business? (Sales – Profit = Expenses)
- Why is this approach so seemingly counter-intuitive to most small business owners?
- Why is it important to calculate Real Revenue (Total revenue minus materials and subcontractors. Period. You do not subtract any labor of full or part time employees or other costs.) Is this in part so can then manage expenses relative to this number instead of total income?
- What initial steps can a small business owner take to begin moving away from “Bank Balance Accounting”?
- Are there common themes that emerge when you think back to your business ventures that were not successful? Common mistakes, assumptions, etc.?
Episode Host: Henry Lopez is a serial entrepreneur, small business coach, and the host of this episode of The How of Business podcast show – dedicated to helping you start, run and grow your small business.
Books mentioned in this episode:
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- Profit First: Transform Your Business from a Cash-Eating Monster to a Money by Mike Michalowicz
- Fix This Next: Make the Vital Change That Will Level Up Your Business by Mike Michalowicz
- Rejection Proof: How I Beat Fear and Became Invincible Through 100 Days of Rejection by Jia Jiang
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