Dan interviews business author and entrepreneur Mike Michalowicz, delving into the transformative concepts from Mike's books — "Profit First," "The Pumpkin Plan," Clockwork", and more.
They explore the power of prioritizing profit and why most small businesses are often “crushed” by the owner. Mike discusses his concept of the Queen Bee Role and advocates for specialization to scale effectively.
Stick around as Mike reveals the three horsemen that keep businesses right on the brink of success, often never finding breakthrough.
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Show Notes
- (00:00:49) Intro
- (00:07:10) Take profit first and hide it from the business to force it to run within expenses
- (00:13:35) Profit First case study: What happened to the Savannah Bananas
- (00:17:44) The most important function in a business is the one that supports the brand promise
- (00:23:53) Owners try to be the “superhero” instead of stepping back and building structure
- (00:29:33) A minority of customers represent the majority of profitability
- (00:30:20) Focus on becoming a specialist in your market
- (00:35:50) Each stage of growth requres different levels of management and leadership
- (00:38:03) Over-selling can lead to organizational death
- (00:41:50) Three common causes of businesses not achieving success
Links:
Past guests on TMBA include Cal Newport, David Heinemeier Hannson, Seth Godin, Ricardo Semler, Noah Kagan, Rob Walling, Jay Clouse, Einar Vollset, Sam Dogan, Gino Wickam, James Clear, Jodie Cook, Mark Webster, Steph Smith, Taylor Pearson, Tommy Griffith, Justin Tan, Matt Gartland, Travis Jamison, Ayman Al-Abdullah, Tynan, Lucy Bella Simkins, Brian Balfour, Nick Huber, Dana Lindahl, Anthony Fasano, Adam Palmeter, Carrie & Dave McKeegan, Mike Michalowicz
Additional episodes you might enjoy:
Business Basics: Revenue Durability, “Small” Goals, & High-Leverage Meetings
Non-Obvious Ways to Grow Your Business + Favorite Moments of 2023
End-of-Year Brainstorming, Goal-Setting, and a Mexico Meltdown
