066 - Making Small Business Magic with Mike Michalowicz
Are you a small business owner looking for a how-to book to grow your start-up? Odds are, you’ll end up reading Mike Michalowicz’s acclaimed books about all things business. Mike is an author, speaker, and entrepreneur who specializes in guidance and empowerment for small business owners. If you find yourself overwhelmed by your day-to-day, listen to this episode for business fundamentals that will soon be a constant in your company.
Show Notes
How Mike got here. (1:30)
What is profit first? (3:30)
The 4 elements to remember. (6:35)
Managing retainers. (10:22)
The foundational five. (13:00)
Parkinson’s Law. (17:00)
Quotable Moments
“Out of the 200 million small businesses in the U.S., (companies that do $25 million in annual revenue or less), 85% of them are in check-to-check survival.” – Mike
“The first element is human nature. When things are pre-allocated to its intended use, we work within the confines.” – Mike
“Most business owners go right for the meat, which is paying the bills. They forget about themselves, which is the health of the business.” — Mike
“You have to pay [yourself, the business owner] the owner's salary, which is different from profit.” – Mike
“The third step is to get into a rhythm. Most businesses are very reactive. You have to have control and be able to throttle it.” – Mike
“Parkinson’s Law – when a resource expands its availability. The more money we have, the more we spend.” – Mike
“The most effective marketing is noticeable marketing.” – Mike
“Good books can be used to make decisions.” – Martin
“Profit first is sometimes confused with an accounting system. It’s not, it’s a cash management tool to ensure positive cash flow. Your accounting system – that’s the tea leaves and it can be the best asset you have.” – Martin
Resources
Mike’s Free Resources.
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