Fix This Next with Mike Michalowicz

One of our favorite guests, Mike Michalowicz, joins Dr. Sabrina in today’s episode to talk about his latest book Fix This Next.

Mike was the very first guest on the Profit By Design Podcast, and today marks his third occasion of being on the show.

Listen in to find out what inspired Mike to write his latest book, learn about the Business Hierarchy of Needs as a basis of applying our business fixes, and why we need to be asking our clients what they need from us.

Mike Michalowicz (pronounced mi-‘kal-o-wits) 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.

Profit by Design is a Tap the Potential Production in collaboration with Small Business Consulting Group.

Show Highlights:

  • The biggest challenge business owners have is knowing what their biggest challenge is.
  • The Business Hierarchy of Needs is based on Maslow's Hierarchy of Needs, and Mike explains how the five levels of need apply in business:
    1. Sales
    2. Profit
    3. Order
    4. Impact
    5. Legacy
  • Where you need to apply your fix is always in this hierarchy. Start at the foundation, work your way up, and pinpoint where you’re compromised, where that thing is not adequately satisfied, then fix that and go through the cycle again to find the next fix.
  • Many small businesses try to skip levels.
  • Being profitable is the only way you can be of service to your clients.
  • Dr. Sabrina shares a quote from Mike in his interview in Episode 1 that made a significant impression on her: “Our clients and customers crave for us to be profitable.”
  • Fear and lack of confidence have affected a lot of business owners, especially since the beginning of the coronavirus event. Mike has online training, The Confidence Course, that will help develop what you already have.
  • We should be asking our customers what they need now.
  • Valuable elements from Mike’s prior books, Profit First and Pumpkin Plan are discussed.
  • Understanding the needs of our top 20% clients that are responsible for 80% of our revenue historically in the business is a powerful way to move forward.
  • If we increase revenue from our top 20% by 25% we can replace the revenue from the 80% that we may have lost or we just might not want to do business with because they were not our ideal clients.
  • “Sell the Tell”: The new process to cater to that top 20%. Go to your existing client base and ask what they want, and bring imagination to it. Mike details this project.
  • Fix This Next pulls together Mike’s work. It helps us to understand where we need to focus. His previous books support different levels of the business hierarchy needs.
  • Tap The Potential has 50 copies of Fix This Next to give out! The first 50 to take the entrepreneurial burnout assessment and have a debriefing with the Success Team Lead will receive a FREE copy!

Links and Resources:

Taking care of yourself is important now more than ever. Are you ready to take your life back from your business?

The FIRST STEP is taking our Assessment at:

https://www.tapthepotential.com/assessment

NEXT, meet with our Success Team Lead to debrief your results.

THEN, join our Better Business, Better Life™ program!

Tap The Potential Strategy Session for Entrepreneurs Impacted by COVID-19

https://www.tapthepotential.com/strategy

Get the Book!! How to Hire the Best – Contractors Edition
www.TapThePotential.com/book

How to Hire the Best Toolkit

www.TapThePotential.com/Toolkit

Get Your 2020 Action Planner Now!

The Pumpkin Plan Action Planner 2020

https://www.tapthepotential.com/planner

Dr. Sabrina’s WEBSITE

Dr. Sabrina’s PODCAST – PLEASE RATE & REVIEW!

Profit by Design, a Tap the Potential production in collaboration with Small Business Consulting Group

For Resources & Tools from Sponsors – https://www.profitbydesignpodcast.com

Subscribe & Share Podcasts! – https://www.profitbydesignpodcast.com/podcasts/

Facebook Group: https://www.facebook.com/groups/ProfitByDesign/

The Q-Storming protocol is a useful tool that bypasses crisis-oriented tunnel vision. Current and past clients can request a FREE laser-coaching session. If you’ve never been a client, check out a 45-minute Q-Storming strategy session here: https://www.tapthepotential.com/strategy. It is a $250 investment.

Calm App

Maslow's Hierarchy of Needs

Are You Leading with Love or Know Another Entrepreneur Who Is Being a Gift from Their Gifts During This Time?

Please use hashtags #leadwithlove #beagift and we will be re-posting these social media posts!

Connect with Mike!

Mike’s Website – mikemotorbike.com

Mike’s Books

Recession Response – FREE Tools and Resources!

Fix This Next – FREE Evaluation, FREE Resources, Buy the Book!

The Confidence Course

Enjoy These Other Podcast Episodes Featuring Mike Michalowicz:

Episode 50: The Surprising Secrets of Successful Entrepreneurs

Episode 1: What Every Business Owner Need to Know to Avoid Entrepreneurial Poverty

About The Author

Dr. Sabrina Starling, The Business Psychologist and international best-selling author of the How to Hire the Best series and The 4 Week Vacation™, is the founder of Tap the Potential and host of the Profit by Design podcast. At Tap the Potential, we work to free business owners from the constant demands of a growing business.

We believe work supports life, not the other way around. Clients in our Better Business, Better Life coaching program have more time for what matters most and more money in their bank account than they’ve ever had. Next, we send them off on a 4 Week Vacation™ to celebrate their hard-earned journey to take their life back!

Dr. Sabrina and her team at Tap the Potential are on a mission to change the story of entrepreneurship from one of long hours, grinding it out, to one of sustainably profitable businesses that support and enhance life. The Tap the Potential Solution™ and our Tap the Potential Family of Business Owners are disrupting small business as usual. We are on our way to making the Tap the Potential Solution™ the mainstream model for growing business.

By 2023, 150 Tap the Potential clients will have taken 4 Week Vacations. These are the trailblazers, role modeling what’s possible for entrepreneurs. In many entrepreneurial circles, it is becoming more and more common for one entrepreneur to ask another, “Have you taken a 4 Week Vacation™?” (as opposed to asking “How many employees do you have?” or “What is your annual revenue?”). Taking a fully unplugged 4 Week Vacation is rapidly becoming the recognized symbol of entrepreneurial success.

Never one to accept the status quo or back down from a challenge, Dr. Sabrina’s How to Hire the Best series grew from her desire to solve the toughest hiring challenges interfering with her clients’ growth and profitability. What sprang from her experience working with entrepreneurs in rural areas catapulted her into becoming the world’s leading expert in attracting top talent in small businesses—no matter what hiring challenges those businesses are facing—and earned Tap the Potential’s reputation as the go-to resource for entrepreneurs committed to creating Great Places to Work with thriving coaching cultures and highly engaged team members working from strengths.

As The Business Psychologist, and with her years of driving profit in small businesses, Dr. Sabrina knows what it takes to find, keep, and motivate exceptional performance out of your biggest investment—team members.