22/10/2021
Business Book of the Day
FIX THIS NEXT
Make the Vital Change That Will Level Up Your Business
Written by serial entrepreneur and angel investor MIKE MICHALOWICZ
Entrepreneurs pride themselves on being able to put out fires. They love to tackle problems – to calm irritated customers, to send out proposals, to make sales presentations ...and the list goes on and on. The problem is if you stay in firefighter mode forever, all you end up doing is running around in circles, and getting nowhere.
A better approach is to understand your business has a hierarchy of needs (from lowest to highest):
1 -- You need sales - to generate enough money to stay in business
2 -- You then need profits - to be able to grow the business.
3 -- You next need order and systems - so you can engage others.
4 -- You then aspire to make an impact - to do good.
5 -- Finally you hope to create a legacy that will outlive you.
To adequately address the high-level needs, you first have to make sure all your lower-level needs are sorted.
To do this, use the "Fix This Next" tool:
1 -- Identify your current level of failure
2 -- Pinpoint the unmet needs of that level
3 -- Apply level-specific fixes and solutions
4 -- Rinse and repeat at the next level up.
Don't try and establish a legacy until you first have solid sales processes, and your business is consistently profitable. Tackle all your low-level needs before you try and address your high-level needs.
"The biggest problem business owners have is they don't know what their biggest problem is. That’s why I developed a tool to find the biggest challenges and opportunities in any business quickly, and at any given moment. I’d been following the principles for years, and my books reflected that, but I hadn’t yet figured out how to break it all down for other entrepreneurs. The tool I created gets you out of guessing mode and into fast, impactful, deliberate action. It took me the better part of three years to perfect it, testing it out in my own business and with other entrepreneurs through multiple iterations. Now all you have to do is understand it and follow a 4-step process. Seriously, it’s so easy, it can be done in less than fifteen minutes."
-- Mike Michalowicz
More details at: https://lnkd.in/gdHspDUY
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