BBF118: Transform your Business from a Cash-eating Monster to a Money Making Machine with Mike Michalowicz

Mike Michalowicz really tells it how it is when it comes to business, so listen up! He’s written four excellent books and has presided over three multi-million dollar companies.

His journey is an interesting one. He admits to thinking he knew it all after his first successful business, and this caused him to waste his money on angel investment and egotistical purchases like fast cars. When bankruptcy loomed he started to write a diary, and it was this that formed the basis of his first book. The rest, as they say, is history! Read on for some of Mike’s top tips:

** We don’t need money to make a business. A lack of money helps spark ingenuity.

** Beware of conventional business plans driven by number forecasts. Mike recommends a tacking strategy akin to sailing, where you zig-zag in 90-day time periods in order to reach an end goal.

** Specialisation is the key. As tempting as it is to diversify, almost none of the most successful companies started that way. It was only when they had a big market presence that they broadened their range, i.e. Microsoft.

** Fewer variables in your business means fewer errors.

** Put your profit into a separate profit account so you can properly keep track of it.

** Identify the market you’re serving and watch their behaviour… what is the market missing that they really need?

  In this episode of Business Brain Food you will learn:

** The sales minus expenses myth

** How to major on profit from the beginning

** How to ‘pay yourself first’

** The basics of the ‘profit first’ system

** The danger of familiarity

** The benefits of outsourcing part-time work

  Resources mentioned in this episode:

** Mike’s books on Amazon

** Mike’s website: http://www.mikemotorbike.com

** Ben’s free business marketing plan: http://www.maxmyprofit.com.au or email [e-mail]

** Ben’s Daily Business Tips: http://www.dbtpodcast.com

** Facebook: facebook.com/businessbrainfood

** Facebook group: https://www.facebook.com/groups/businessbrainfood

** Twitter: https://twitter.com/bfewtrell

** ActionCOACH: http://actioncoachanz.com/itunes

** ActionCOACH: http://actioncoachanz.com/stitcher

If you only take one piece of wisdom from Mike, it has to be this: “It’s not what you make, it’s what you take”. Also, if you are enjoying these Business Brain Food podcasts, then make sure to share them via social media sites or email the links to family and friends. A lot of time and effort goes into producing each of these podcasts with the goal in mind of the more people we can inspire about business the better. You can help us do just that! Until next time, have a profitable day. Cheers, Ben Fewtrell [phone]