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The Unmistakable Creative Podcast

Designing a Business that runs itself with Mike Michalowicz

The Unmistakable Creative Podcast

Srinivas Rao

Society & Culture

4.81K Ratings

🗓️ 31 October 2018

⏱️ 52 minutes

🧾️ Download transcript

Summary

Mike Michalowiz is an author, entrepreneur and lecturer. By the age of just 35, Mike had founded and sold two multi-million dollar companies. After becoming an angel investor and then losing his entire fortune, Mike started all over again. Through this trying experience, he became driven to discover the recipe for a truly successful business. In our discussion we learn how Mike created the ‘Profit First Formula’. Join us and discover the secret to designing a business so healthy, that it runs itself.


To find more on Mike’s books, The Profit First Podcast, his blog and much, much more, simply visit MikeMotorbike.com

Subscribe for ad-free interviews and bonus episodes https://plus.acast.com/s/the-unmistakable-creative-podcast.



Hosted on Acast. See acast.com/privacy for more information.

Transcript

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0:00.0

FinX is a big promise to their customer basis that we will deliver your packages on time.

0:05.0

They have that famed commercial of if it absolutely positively needs to be delivered by tomorrow,

0:10.0

we'll make it happen.

0:12.0

Well, that's the promise they make. Then we say what's the one

0:15.5

function, the one activity, the one doing activity that is most important in making that

0:20.8

promise a reality. Therefore what's the one function that supports our survivability and

0:25.5

thriveability?

0:26.5

Because we've determined that delivering packages on time is what we want to be known

0:29.9

for, what we want to thrive on.

0:32.0

Well, the one activity behind that that's most

0:35.1

important to FedEx is logistics, the movement of packages. Therefore, they need

0:40.0

to invest in and protect logistics more than anything else. It is the number one activity.

0:46.7

To the point where if it's getting threatened, they have to reallocate resources to get up and running again.

0:51.2

And it's funny, it gets ironic, it gets threatened every single year. Usually around the winter holidays, you know, when we're recording this, we're starting to approach them very rapidly. And what happens is shipping demand increases. More packages

1:05.4

get shipped during the final quarter than any other quarter by a long shot. What FedEx does

1:11.0

is they don't say, hey drivers drive faster drive better.

1:14.0

No, the management team gets their butts from behind his desks and out into the trucks themselves.

1:18.8

They hire additional staff.

1:20.3

They make sure the QBR logistics for them keeps humming along.

1:23.4

So in the step two, as small business owners,

1:27.5

we need to figure out what's the promise we're making to our customer?

1:30.1

What's the one thing we want to be known for?

...

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