Episode
#165 - Mike Michalowicz - Fix The Biggest Problems In Your Business
51:57
Published: Sat May 02 2020
Description
Mike Michalowicz is an entrepreneur and an author. "An entrepreneur's biggest problem is they don't know what their biggest problem is" - hoooo boy if that ain't the truth. Expect to learn why running an effective company is so hard, how to bring order to the chaotic world of business, how to establish predictable sales, why it's crucial to transform that into permanent profit, how to identify your biggest problem and much more... Head to https://nadlab.uk and enter the code MODERNWISDOM for 5% off everything. Extra Stuff: Buy Mike's Book - https://amzn.to/2VLvDBy Follow Mike on Twitter - https://twitter.com/MikeMichalowicz Take a break from alcohol and upgrade your life - https://6monthssober.com/podcast Check out everything I recommend from books to products - https://www.amazon.co.uk/shop/modernwisdom - Get in touch. Join the discussion with me and other like minded listeners in the episode comments on the MW YouTube Channel or message me... Instagram: https://www.instagram.com/chriswillx Twitter: https://www.twitter.com/chriswillx YouTube: https://www.youtube.com/ModernWisdomPodcast Email: https://www.chriswillx.com/contact
Chapters
Learn about a framework that can be used to identify and fix problems in your business, based on the hierarchy of needs theory.
00:00 - 03:03 (03:03)
Summary
Learn about a framework that can be used to identify and fix problems in your business, based on the hierarchy of needs theory. Mike McCallewitz shares insights on how to assess sales, profit, order, impact, and legacy.
Episode#165 - Mike Michalowicz - Fix The Biggest Problems In Your Business
PodcastModern Wisdom
In this episode, the speaker emphasizes the importance of contemplation when it comes to prioritizing tasks.
03:03 - 08:56 (05:52)
Summary
In this episode, the speaker emphasizes the importance of contemplation when it comes to prioritizing tasks. He highlights the need to differentiate between what's important and urgent, what can be deferred and what should be avoided altogether.
Episode#165 - Mike Michalowicz - Fix The Biggest Problems In Your Business
PodcastModern Wisdom
As an entrepreneur, it's crucial to know what your biggest challenge is and to do the right thing at the right time.
08:56 - 12:05 (03:08)
Summary
As an entrepreneur, it's crucial to know what your biggest challenge is and to do the right thing at the right time. One of the biggest challenges for business owners is figuring out what that is.
Episode#165 - Mike Michalowicz - Fix The Biggest Problems In Your Business
PodcastModern Wisdom
Maslow's hierarchy of needs explains how unmet base level needs become primary needs.
12:05 - 16:31 (04:26)
Summary
Maslow's hierarchy of needs explains how unmet base level needs become primary needs. In the business world, this translates to businesses collapsing due to solely focusing on sales without addressing base level needs during the current Covid crisis.
Episode#165 - Mike Michalowicz - Fix The Biggest Problems In Your Business
PodcastModern Wisdom
Business owners should focus on efficiency to bring more value and margin to their business.
16:31 - 21:27 (04:55)
Summary
Business owners should focus on efficiency to bring more value and margin to their business. Neglecting the "Fix This Next" analysis or the hierarchy of business needs can lead to a lack of structural rigidity and the collapse of the business.
Episode#165 - Mike Michalowicz - Fix The Biggest Problems In Your Business
PodcastModern Wisdom
The bottom line of small businesses can be more profitable than some medium-sized enterprises, despite having fewer employees.
21:27 - 26:15 (04:48)
Summary
The bottom line of small businesses can be more profitable than some medium-sized enterprises, despite having fewer employees. However, many small business owners struggle with financial burdens and often need to cover personal expenses using company funds.
Episode#165 - Mike Michalowicz - Fix The Biggest Problems In Your Business
PodcastModern Wisdom
Small business owners often fear increasing their prices due to anxiety of losing clients, but fail to realize the potential value they provide.
26:15 - 32:27 (06:12)
Summary
Small business owners often fear increasing their prices due to anxiety of losing clients, but fail to realize the potential value they provide. Moving up to higher quality clients who understand the value can lead to business success, rather than relying on one client who can pose a risk.
Episode#165 - Mike Michalowicz - Fix The Biggest Problems In Your Business
PodcastModern Wisdom
The four week vacation is a concept of creating a business that can still thrive even when the owner is fully disconnected physically and digitally for four consecutive weeks.
32:27 - 38:47 (06:19)
Summary
The four week vacation is a concept of creating a business that can still thrive even when the owner is fully disconnected physically and digitally for four consecutive weeks. To achieve this, the business must have consistent sales and profitability before focusing on efficiencies and becoming independent of the owner.
Episode#165 - Mike Michalowicz - Fix The Biggest Problems In Your Business
PodcastModern Wisdom
Role specialization and matching to people's talents, coupled with removing titles, allows for an almost organic shifting of the business and provides benefits to the modern workforce.
38:47 - 45:14 (06:26)
Summary
Role specialization and matching to people's talents, coupled with removing titles, allows for an almost organic shifting of the business and provides benefits to the modern workforce.
Episode#165 - Mike Michalowicz - Fix The Biggest Problems In Your Business
PodcastModern Wisdom
The speaker discusses their focus on generating sales and efficiency in their business to ultimately leave a legacy, despite the challenges of their industry.
45:14 - 50:22 (05:07)
Summary
The speaker discusses their focus on generating sales and efficiency in their business to ultimately leave a legacy, despite the challenges of their industry. The conversation also touches on the speaker's shift away from valuing material wealth.
Episode#165 - Mike Michalowicz - Fix The Biggest Problems In Your Business
PodcastModern Wisdom
Chris Willett shares his experience and advice as a young business owner, and encourages listeners to connect with him on social media.
50:22 - 51:43 (01:20)
Summary
Chris Willett shares his experience and advice as a young business owner, and encourages listeners to connect with him on social media.