Pumpkin Plan Your Business, with Mike Michalowicz

Want to grow and scale a profitable business? It’s just like growing a giant pumpkin! Back on the show after discussing Profit First, we have multi-best-selling author Mike Michalowicz to discuss some of newest books: The Pumpkin Plan, and Get Different. https://www.youtube.com/watch?v=it6WjNmBU7A I promise, a few minutes with this guy and you’ll have a whole new perspective on your business. So if you want to transform your business, find out how to hit your sweet spot where you’re serving clients you love, profitably, and marketing in a way that always gets results… tune in now! Table of contentsWelcoming Back Mike MichalowiczStand Out from the CrowdWhy You Should Profit FirstThe Mindset ShiftThe Pumpkin Plan1. Match the seed to the soil. 2. Pruning.Creating JobsA Special OfferAbout Mike Michalowicz Book A Strategy Call Welcoming Back Mike Michalowicz For the second time, we’re excited to welcome Mike Michalowicz of Profit First back to The Money Advantage. You can read more from his first interview here. We’re fans of Mike because he helps entreprreneurs bring profit into their business FIRST, so that they can help more people.  It’s like putting on your own oxygen mask first, so that you can help others—you’ll do more good for more people when you take care of yourself and your business.  Stand Out from the Crowd Mike recently asked his clients, “What is your biggest struggle right now?” And for most, their pain point was that they weren’t getting consistent quality in lead flow. This prompted Mike to consider what the root of the problem was.  He determined that industry “best practices,” after some time, become a prime example of what NOT to do. That’s because once they’re adopted throughout the whole industry, everyone's the same. And prospects are seeking someone who stands out—someone who they perceive as  uniquely positioned to help them with their problems.  [3:23] “Do you vaguely remember getting that first email that was like, ‘Hey friend’?” In Mike’s example, he recalls how excited he was to receive his first “hey friend” email. The initial feeling was one of excitement and belonging, until he opened it and realized that it was just marketing. The second time he got an email with that subject line, he was more cautious. And by the third, he stopped opening emails with that subject line altogether.  We’re sure you can relate.  [3:57] “That points to the power of habituation. Meaning when we, the prospect, see something, we very quickly learn to qualify it as relevant or irrelevant. And ‘hey friend’ is irrelevant. What I researched was how to break through the habituation. Best practices are the ‘hey friend’s’ of the world.” Why You Should Profit First [5:30] "Every time you...sell something, you have a responsibility to deliver up what you sold--that product or service. So the more we sell, the more responsibility we have. And as small business owners, that’s more and more weight on our shoulders. It starts to show the cracks in the foundation. We don’t have the deliverable systems in place, the sales aren’t profitable. So we’re putting more burden on the organization, without extracting health.” So instead of placing all focus on sales, new businesses should actually be focusing on profit (first). Once profits are in place, sales and efficiency can come next. Otherwise, having attention too divided can be dangerous.  The Mindset Shift [7:37] “Most entrepreneurs and business owners, like us, call ourselves entrepreneurs and business owners. I believe hose words have become bastardized. An entrepreneur is about hustle and grind, how bad do you want it, workaholism. And I think that’s a horrible thing to put out into the market. I think what we are about is, we’re a creator of jobs. Our job is to create a business that actually provides for people who want jobs. The way to make this mindset shift is to frame it with a different word.