243. Mike Michalowicz | Fix This Next

The ONE Thing

NOVA Media

Entrepreneurship, Business, Careers

4.8 • 1.1K Ratings

🗓️ 18 May 2020

⏱️ 63 minutes

🔗️ Recording | iTunes | RSS

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Summary

If you could only choose one of the needs of your business to meet, which would you choose? Humans have a hierarchy of needs. It starts with psychological needs like water, food, and air. We have a need for safety — personal security, access to resources. We have a need for belonging, love, esteem, and at the very top, self-actualization. And just like humans have a hierarchy of needs, so too do our businesses. As humans, we’re instinctually wired to go for these things, and in the right order, but our businesses are not. Mike Michalowicz, author of the best-selling book ""Profit First" and the upcoming book “Fix This Next,” talks about how you can adapt your business to focus on the things that matter most, and in the order that makes the most sense. To learn more, and for the complete show notes, visit: the1thing.com/podcast. In this episode, you will learn... [04:35] What inspired Mike to write “Fix This Next” [08:54] The 5 levels of business needs [12:58] The recession response pattern [22:31] The mindset that you need to adopt [32:29] Our obligation to sell in this market [36:05] How to figure out what to fix next [37:48] Focusing on profit first [42:43] How to implement the “Fix This Next” model effectively [50:48] The 10-10-10 Method [58:42] Block control Links & Tools From This Episode Learn more: mikemotorbike.com Read: "Profit First" Read: “Fix This Next” Twitter: @MikeMichalowicz Facebook: MikeMichalowiczFanPage Instagram: @mikemichalowicz Mentioned in this episode: Factor 75 Head to FactorMeals.com/one50 and use code one50 to get 50% off. That’s code one50 at FactorMeals.com/one50 to get 50% off! Factor 75

Transcript

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0:00.0	This episode is brought to you by Text Expander.
0:02.4	If you're like me, then you find that when you're texting or sending emails,
0:05.9	there are certain things that you end up typing repetitively,
0:08.9	like email addresses, phone numbers, common message replies,
0:12.4	and you just wish that there was a way to send it faster.
0:14.8	That's where text expander comes in.
0:17.1	It works everywhere you type like word processors, emails, messaging apps, and online forms. You can even use it as teams if you have
0:24.9	snippets that you want to manage for your company. Visit text expander.com
0:29.2	slash podcast for 20% off your first year. That's Text Expander.
0:34.0	dot com slash podcast.
0:36.0	This is the one thing podcast
0:40.0	where we teach you the surprisingly simple truth
0:42.0	behind extraordinary results.
0:44.3	I'm your host Jeff Woods. You and I as humans.
0:49.2	We have a hierarchy of needs. If you are familiar with Maslow's hierarchy of needs, it starts with on a
0:56.3	foundational level psychological needs like the need for air, water, food. We also have safety needs, the need for personal security, employment, resources.
1:06.7	We have the need for love and belonging, esteem, and at the highest level, self-actualization.
1:16.8	And just like how we as humans have a hierarchy to our needs, it's the exact same thing with our business. Here's the challenge though.
1:22.0	As humans we are instinctively wired to go for these things
1:26.7	to fulfill these needs. Yet our businesses they are not. And especially during a
1:32.4	time of crisis like we are in right now, we have to be
1:36.8	hyper clear of what are the needs of our business and of all the needs if we could
	...

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