Speaking of Influence

'Present Your Purpose' with guest Mike Michalowicz

May 29, 2020 John Ball Season 1 Episode 24
Speaking of Influence
'Present Your Purpose' with guest Mike Michalowicz
Chapters
00:01:39
Welcome Mike Michalowicz
00:02:49
What makes a good podcast?
00:04:08
How important is presenting for business owners?
00:05:46
Tips for presenting online
00:07:59
Let's talk about Fix This Next
00:10:49
Owning your mistakes
00:11:18
Tell us about your transition to being the spokesperson of your business
00:14:05
Books and speaking work synergistically
00:14:39
How do you get so much written?
00:15:03
Mike's personal mission
00:16:48
Finding your mission
00:20:05
Managing your business finances
00:21:39
Pay yourself first
00:22:44
All up in your business
00:23:21
What should I drink next?
Speaking of Influence
'Present Your Purpose' with guest Mike Michalowicz
May 29, 2020 Season 1 Episode 24
John Ball

A chat with best-selling business author and business speaker Mike Michalowicz about presenting authentically, podcasting and having a driving purpose.

If you don't know who Mike Michalowicz is, it could be that you don't read many business books. If you do, and you still don't know, allow me to introduce one of the best business authors and speakers of recent times, whose books I have been recommending to my business owner clients for some time now.

I was first introduced to Mike's work with his book 'Clockwork', which is a very helpful book on how to automate your business so that you no longer need to be there. Then I read Profit First right after and realised this was a great money management system for business.

Now, in a time of major business uncertainty, comes Mike's new book 'Fix This Next' where he helps business owners get clear about what is important for them to be dedicating time to and how to prioritise for results.

Mike is a prolific podcaster and a great speaker and so I wanted to make sure I got some insights and tips from him.

I know you're going to love this episode. Make sure to check out Mike's new book and enjoy some of his free resources online here...

If you want the password for drinkthisnext.com message me on my YouTube channel after you've liked and subscribed. https://youtu.be/yigYPlxA5rM



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Show Notes Transcript Chapter Markers

A chat with best-selling business author and business speaker Mike Michalowicz about presenting authentically, podcasting and having a driving purpose.

If you don't know who Mike Michalowicz is, it could be that you don't read many business books. If you do, and you still don't know, allow me to introduce one of the best business authors and speakers of recent times, whose books I have been recommending to my business owner clients for some time now.

I was first introduced to Mike's work with his book 'Clockwork', which is a very helpful book on how to automate your business so that you no longer need to be there. Then I read Profit First right after and realised this was a great money management system for business.

Now, in a time of major business uncertainty, comes Mike's new book 'Fix This Next' where he helps business owners get clear about what is important for them to be dedicating time to and how to prioritise for results.

Mike is a prolific podcaster and a great speaker and so I wanted to make sure I got some insights and tips from him.

I know you're going to love this episode. Make sure to check out Mike's new book and enjoy some of his free resources online here...

If you want the password for drinkthisnext.com message me on my YouTube channel after you've liked and subscribed. https://youtu.be/yigYPlxA5rM



Buzzsprout - Let's get your podcast launched!
Start for FREE

Disclaimer: This post contains affiliate links. If you make a purchase, I may receive a commission at no extra cost to you.

'Present Your Purpose' with guest Mike Michalowicz

Thu, 5/21 7:47PM • 23:08

SUMMARY KEYWORDS

business, books, profit, called, people, money, speaking, bit, funny, purpose, author, sales, hear, podcast, business owners, Harv Eker, organisation, present, uniform, questions

SPEAKERS

Mike Michalowicz, John Ball

John Ball  00:01

This week I'm super excited to have with me a very special guest if you haven't heard of Mike Michalowicz before he's an author whose books I have been recommending to a number of my coaching clients for quite a while now the author of amazing books like Profit First and Clockwork, books that I love myself and have read many times over and he has a new book out and it seems to come out at exactly the perfect time. And it's called Fix This Next. Please welcome to the show, Mike Michalowicz.

Mike Michalowicz  00:30

JOHN, thank you so much for hosting this and having me appreciate you.

John Ball  00:34

It's a real pleasure to have you here. And I was just watching one of your videos this morning, I like to watch all the emails you send out, about having a uniform for what you wear.

Mike Michalowicz  00:44

My vest? Yeah, I'm not the uniform right now. I should be.

John Ball  00:48

I was wondering if a cape might be a bit much? 

Mike Michalowicz  00:51

Hey, it can work. You know, there... it's funny. I know you're saying that in jest. But there was a business here in the US called Geek Squad. I think maybe even became International. And these were computer technicians that started to wear a funny costume tape glasses, short pants that were flooded. And they got a reputation for being extraordinary. Not because they were, just because they had this wonderful, funny uniform.

John Ball  01:16

Excellent. Well, you know, I do teach power pose in some of my presenter training. So it might be a good thing to have in there for teaching power pose, but maybe not as a uniform. One of the things I do want to ask you, you're a prolific podcaster yourself. And so you obviously see a lot of value in podcasting as something put out content and share with the world. What do you think, as someone who puts out a lot of content, actually makes a good podcast? Something that you would want to tune into personally?

Mike Michalowicz  01:50

I think when it goes deep, and particularly when it explores something that's unexpected or different, you know, I host podcasts and I interview often in podcasts, and it's very clear that many podcasts have their five prescribed questions that go through the same routine. And it's informative, but it's repetitive. So you'll hear a guest on one show. It's like, Oh, you hear them to answer the same questions. But other shows go really deep, super popular one here in the US is Joe Rogan. Have you heard the Joe Rogan Show? It goes in deep and it's a little bizarre, and he talks about his drug habits. So but you know, he goes in really deep and it feels like a fly on the wall experience. So instead of watching a canned newscast on television, it feels like you're in this room with the guests. To me, that's the game-changer.

John Ball  02:42

I like to have much more of a conversational style.

Mike Michalowicz  02:44

Yeah. 

John Ball  02:45

So I don't like to ask the same questions over and over again. But I do have something of a theme to the podcast that I put out that being around presentation skills and skills and tools of influence and persuasion, which I think are really valuable things for people to know and to learn. How important do you think the ability to present, whether that's online or in person, is for business owners particularly?

Mike Michalowicz  03:09

Oh, yeah. So presentation's everything, and particularly now that the way we come across is so important because the virtual environment flattens the experience,  it physically loses a dimension, it now becomes two dimensional. And the only way to bring that robustness again is our ability to present. And to me, presentation comes in so many forms, but in the end, it's an extension of our natural self. So I'm very, I gesticulate a lot, I move a lot, my energy goes all over the place, I get very voluminous and that's my style. I think the mistake that some people do is say, Oh, that's the style that works. I got to replicate that but it's not true to who they are and then it comes across as just plain weird. Some people are very serious. Or meticulous or thoughtful, others are just funny. Whatever our true style is, I think we need to concentrate on amplifying that the way we present ourselves distinguishes ourselves. So the one mistake is trying to be something we're not to try to placate. I think the greatest way to be noticed is by presenting by being authentic and that is key, particularly this environment.

John Ball  04:25

Yeah, I absolutely love that. A lot of people have been having to take themselves online recently, for obvious reasons. And not everybody is used to, or familiar with doing zoom and online presentation. 

Mike Michalowicz  04:38

Yeah

John Ball  04:39

What are a few things a few of your top pointers or things that you would recommend people to do just as best practice if you like?

Mike Michalowicz  04:47

Well, a couple of things just make sure you stage it properly. And part of it is lighting. I actually just hired a photographer because photographers are not too busy right now. I paid him a nominal fee, I think is $50. And just asked, How do I set this up properly he said, well get a key light. So there's a light, right? You can't say if it's off-screen there that's illuminating my face. Without that I'd be dark and shadowed, he said to be the top third so you can see right now my eyes are near the top third of the screen. That's natural eye level. You'll see you see some people that are down like this, like Hey, good to see you. Thanks for it's comical it's funny. You got to appear. Get good equipment. So I have a good microphone here. My speaker actually just died. So I had to put this headset on Normally, I wouldn't even have a headset, and then the scenery itself. So either get a great, we were talking about your background, a great virtual background is powerful. Yours is really solid. Mine's a physical background, but this is also strategically staged. I know my head's gonna be in this blue frame, which is a window which is blocked out. But I know my head's in the blue frame, and on the right side I have something that's interesting, happens to be my own books. So there's a marketing component Have something that's compelling but not distracting. So I don't want like have flashing lights and all this stuff that would distract you. I just want something that's visually pleasing. So as your eye drifts away from me, and then the last and final, probably the most important component that almost everyone misses out is to talk to the camera. So I'm staring at this. I'm not looking if I looked at you, I'd be actually looking like this to look at you. When I look here, because that maintains eye contact and trust is conveyed through eye contact I would argue if you do nothing else, if you present horribly if you have a horrible background, it's not lit properly. If you simply keep your eye locked on the camera, the trust and confidence people will have in you will be so much greater.

John Ball  06:44

Right. Now, it would be inept of me to not talk about a little bit about your new book and I'm on my second time listening to the audiobook version of that at the moment. I'm really loving it. As always from you good content. How important is it? Do you think to be an author in terms of Do you think it makes a big difference to credibility? And I'll follow that on with what is probably the number one thing that most business owners do need to fix next?

Mike Michalowicz  07:14

Yeah. Okay. So first of all, the authorship; does add credibility? Yes. And I can say that now unequivocally, I've been a business owner for the entirety of my adult life. So 25 years, and I am saying this some of the same stuff today in my books, that I said verbally before, and there's something interesting, it's just the human genome or something like that when we see something in writing, and we put creed in it, we see value in it, where we just hear it, it seems insignificant. So being an author brings a validity to what you say that cannot be touched through the spoken word, or rarely. So yes. In regards to what do we need to fix next? in our personal lives or our business, I developed a concept I call it the business hierarchy of needs. And what it is, is five levels of needs that every business has. And if you're a business of one, if you're a speaker, presenter, your business is as an individual. The foundational levels, we need sales. For every organisation, it's the oxygen for a business, if you have no sales, the business is suffocating. Once that's adequately addressed, then we move to the level of profit. Profit is the creation of stability for an organisation. It's the absorption, if you will, of that oxygen into the bloodstream of the business. So you can breathe all you want, but it's not getting your blood, it will kill you. So you need to bring sales in that support. profit. Profit then supports order, that's the muscle of an organisation. So now we're using oxygen to deliver and then there's impact, the impact is transformations where we're of service to others. Beyond the transaction, our business, highest levels. Legacy is the creation of permanence. And so what I argue is look at this hierarchy of needs always start the foundation, evaluate. Do I have any sales Are the sales adequate to support profit with adequate profit to support order and you keep on Ask yourself if it's adequate and you start building this structure like a building, and you level up the last I want to share is that it's not a ladder, you don't climb to the top and achieve legacy and you wave to your friends, you move around as you build your business, you have to go back to sales and improve sales more now that foundations have a bigger you build a bigger level of profit on that you can put a bigger level of order and efficiency, and you keep on moving up and down and address what needs to be fixed next. One thing at a time

John Ball  09:32

It's good advice. And as someone who does a lot of business speaking yourself one of the things I particularly like about listening to you and reading your books as well is that you are very honest about the mistakes that you've made in the past and what you did about correcting them and it's very real. You know, I've been in the personal development world for a long time. And you often hear some very similar stories that seem a bit sort of run out but yours very unique to yourself and you know that that's real stuff that you're putting out And that's super helpful to everybody. You made the transition though to be the spokesperson of your business. And so when did you actually make that decision that you were going to be a speaker and do more speaking?

Mike Michalowicz  10:15

Yeah. So initially, I started writing. Initially as an entrepreneur. I then had this turning moment in my life. I'd sold a couple of companies and I thought he's had all going on, I was so full of myself. I started another business, that was a calamity. I had no right to be in that space. I was blowing good money after bad. I had no idea I was doing and I evaporated all my wealth. I was on the verge of bankruptcy and lost my home over it lost my possessions. I didn't lose my family. That's the only thing that stayed with me the most important thing and went through some depression. I had restarted myself. I found there's an interesting phenomenon. There's a saying out there saying if you had all the money in the world, what would you do? It encourages you to pursue your dream, but it precludes you from pursuing That dream because it requires you to have all the money in the world. That's the danger. But I found there's a complementary question. It says, if you have no money, what's the vocation you desire most to support yourself? And when there's a line between the dream and alignment between your vocation if they can be the same, now, that's a calling. I always wanted to be an author. And once I was rock bottom, I said I want to be I want to have a vocation as an author that supports my lifestyle. And that's what I did. While I started writing books, I realised books alone, at least in the beginning are not enough to support someone, at least for most people, Stephen King, and some other authors would be the exception. But actually, even Steven, I take it back. He's not, he had to have a teaching career as he was writing until his books caught on. I needed to have a teaching career as a speaker. So I started writing books, I could make a lot more money, at least at that time, by delivering keynotes and speaking and doing a lot of them. Now that's exhaustive work, I could maybe do 60 or 70 a year if I really put everything in it. But what I noticed is that by speaking, you start becoming an authority, you have a captive audience for 45 minutes to maybe an hour that then may buy your book. If they buy your book and love your book, they may tell other groups and then you'll get a speaking gig. So these things started to work in conjunction with speaking sold books and selling books sold speaking. Today I, well, last year, I spoke about 50 times, so I still am very active in it. Now with this pandemic, the speaking in the traditional sense on stage has dropped off. But now it's a lot of virtual speaking. And I can't wait to get back on the stage. It is such a powerful experience where you can be of service to a community where you feel as listening to every single word because they've come there for that intention. And if you can engage them and shift their lives in that moment, you won't be forgotten. So that's how speaking has served me and I believe in that platform so much. books, books are the core of who I am. And if I had to pick between the two, I would simply do books. Books and speaking work in such a simple sort of symbiotic relationship that I foresee me doing that as long as I possibly can.

John Ball  13:11

Great. One of the things I mean, probably we've all got a book in us or something like that but and I myself, I've got maybe several books that I've started but you know, it's always a bit of a struggle to actually get them finished. How do you get past those sort of sticking points actually to make it happen and get out there?

Mike Michalowicz  13:31

so well for me, I'll show you my camera how I do it. There's a little sign over there. That's my life's mission, eradicate entrepreneurial poverty. And that came out of that moment, I lost all my money and just wiped myself out and realise that I'm not the only entrepreneurs gone through this. I have a very clear mission. This is unique to me. I have it all over like it says in this band wrapped on my wrist I never take this off since the day I've gotten it and it says eradicate entrepreneurial poverty every second of my life, I'm reminded of my life's purpose and mission as I've defined it. And when I get stuck, it's like, I almost swat myself in the head, like, I have no excuse to be stuck here I got something bigger than me I got to work on, I'm serving a bigger purpose. And if I'm gonna get stuck in my own pettiness of I can't do this or I really rather do something else. Shame on me, At least, that's how I judge myself. Maybe that's a little bit draconian or a little bit beating myself up. But I don't have an excuse. I write every single day this morning, six this morning. I wrote from six to seven o'clock this morning, and I will tomorrow and the day after. And that's not even in writing season when I'm in writing season. It's like four hours a day when working actively on a book. I think the mission for me has been magnificent. The other thing too is I'm in a writers group we call a sprint group. So this morning, I wasn't by myself. There were about 10 other writers in there all writing and The funny is we were talking, it's all virtual over zoom. We simply say, Alright, write for the next 20 minutes or 30 minutes we write, and then we stop, and we say, okay, a five-minute breather. How's everyone doing? Good. Okay, back to work, right? Just by observing seeing other people in that process, I have to get stuff done. It's very powerful.

John Ball  15:18

I like that. Yeah, I've got few online time accountability groups, and maybe don't take as much advantage of them as I could. But you're inspiring me. I was thinking about your message this morning. On my walk to the office listening to the audiobook and eradicating entrepreneurial poverty. And I'm thinking, yeah, maybe I need to focus more on my mission of eradicating crappy speeches, presentations, but make you both still need to be a bit more than that as well. And he's a bit more than that. hasn't quite gone.

Mike Michalowicz  15:49

Let me suggest maybe it doesn't need to be more than that. What matters is that your heart starts beating a little bit faster when you think of it that the little bit of bumps in the back of your neck and you get little chills on your arms? And I think that's where it is. I remember I met this entrepreneur, and we're talking about exactly this life's purpose mission. And I said, you know, my life's mission is to eradicate entrepreneur poverty. And he looks at me and a tear wells up and he goes, I'm so embarrassed. He's like, I don't have a life's purpose. He was all my life's purpose is to put food on the table for my children. And I looked at him and I said, your purpose is a great purpose. Please, let's not compare your purpose from many perspectives is far greater than mine. This is not something to be compared. You are called to do what you feel called to do and you must deliver on it. Well, and this guy, his wife had passed away. He was a single father caring for two daughters. And he said I bring food on the table. I do not remember his name. I only remember the experience. I ran into him again, we were some event I speaking out and he was the same event. So it was like 2 years later, and he pulled me aside say, hey, do you remember talking to me? I said, Yeah, the food on the table, I got it. Because I want you to know because I've been doing it for two years. And now it's transitioned. Because I've realised that single parents, the most important moments they have in their family life is often dinner because we got to work and do things. That is a that's a very important period of time. And I started a mission of single parents of providing them with dinners. You know, that's my new business is to give dinners to single parents so they can enjoy the time together. So they can be a family for that precious hour or two. And I was like, Oh, my God, that is massive. I was the one crying this time. So I think we got we as a society have to be very careful about diminishing our purpose. There's no better or worse purpose. There's a pathway. I believe it's God-given but we choose if a self-given, God-given whatever, but there's a pathway that is appropriate for us. And so let's never diminish our purpose. I think your purpose Powerful bro really powerful. It's all about true bro and they're very American of me. Bro.

John Ball  18:08

I'm a big believer in choosing your life's purpose and deciding what that means, what that's gonna mean for yourself. So I really appreciate what you say there as well. And so one thing I do want to do one thing I really love about a lot of your work is how you give some really nice reframes on stuff. And you may not know but I've been working with Harv Eker for about last 10 years I don't know if you know half but half teachers this money jar system you may have heard of it and I constantly get asked but what about for business? Does it work for business? Well, I think there is a variation of it but profit first is the thing that works for business. It's like the money jars for business and it just makes sense of how to how to organise stuff. Every business owner that I've recommended that too has had big breakthroughs and realisations and this is such a big thing in terms of actually being able to take profit out of business, the thing that you took in your books is that you weren't doing that for the longest time and be willing just to get that bit higher, have that been more sales get to this next bit and it will start happening. It won't until you actually start managing things correctly, right?

Mike Michalowicz  19:23

That's exactly correct. So, it is human nature to prioritise what comes first and to de-prioritise what comes last. So the traditional approach to profit is that we have to have sales or turnover minus expenses, results in profit. And so the traditional model tells us that profit comes last. But it's human nature. when something comes last it means it's insignificant. So most business owners don't consider profit, well, maybe at the end of the month. They look at their income statement and say, didn't net profit maybe next month, at the end of the year. So doing your taxes they look and was there any profit? No. Maybe or even worse, there's an accounting profit where says, oh, here's a number, you have $5,000 or something. And then we ask the accountant, well, where is it right? Oh, that's not real money. That's funny money. It's accounting money, there's no cash left. Well, what we do with profit first is exactly that. It now takes our profit first. So when there's sales, we immediately take a percentage of that money, wherever you deem appropriate. And there's a method I teach in the book, but 5, 10 or 15%, of whatever, you take that percentage, hide it away from yourself, put in that jar, the Harv Eker jar, and then the money left over is what's appropriate run your business. So it's the pay yourself first principle applied directly to business and the impact's extraordinary, we estimate and we think it's pretty accurate is about 350,000 companies that are now doing profit first. And it's something that can be started immediately, you know, even during a pandemic, you can, you can start by just allocating a simple small percentage, start slow and let it grow maybe 1% of your income. Today, hide away from your business, put an account called profit, don't touch it, accumulate that over time that will grow two to 3%. They'll start moving up to higher levels. But what will happen is you'll start seeing what's truly available for your business. Because if I want my company to have a 20% profit, then I take it away, then my business will tell me, then here's what you must run off of the remaining 80%. And we start adjusting our business operations accordingly.

John Ball  21:25

Yeah, some really good stuff. And I will continue to recommend your books for a very long time. And you've got a new podcast coming out as well. Is that right?

Mike Michalowicz  21:34

Yeah, so I'm we're retiring with a podcast called entrepreneurship elevated. It ran for 350 episodes, or thereabout, and we're starting a new show called all up in your business, and it's a little cheeky, but the idea of this is to investigate topics that aren't investigated all the time to go a little bit deeper to scratch the surface. So just last episode recorded we started talking about racism, and how it affects business and we're just exploring topics a little deeper. deeply, but it's the same old me I can't help a joke around, we horse around, have a lot of fun. But we talked about some serious stuff.

John Ball  22:07

I'm gonna look forward to listening to that. And one more question, and then you have to go pretty shortly but what should I drink next? 

Mike Michalowicz  22:14

Haha. Oh, well played sir well played. So that's so funny. So there's a parody book that may or may not exist, there may be a website called drinkthisnext.com and maybe password protected and you have to know my nickname all one word to get in there. And I'm gonna tell you my nickname is maybe you can reveal it or other people could figure it out but they are as a joke who made this parody book called drink this next and it's surprisingly popular.

John Ball  22:44

They can find out if they buy it if they buy the book, right? Or at least Yeah, yeah, the

Mike Michalowicz  22:47

code the codes in the book. So if you get fixed this next in the book, I reference it in the audiobook. I reference it so you'll find it in there.

John Ball  22:55

I wish we had more time to talk. I really appreciate everything you've shared with us today. Thank you for coming on the show. It's been a real joy to speak to you. Thank you,

Mike Michalowicz  23:04

John, a pleasure being with you. Thanks for having me.

Welcome Mike Michalowicz
What makes a good podcast?
How important is presenting for business owners?
Tips for presenting online
Let's talk about Fix This Next
Owning your mistakes
Tell us about your transition to being the spokesperson of your business
Books and speaking work synergistically
How do you get so much written?
Mike's personal mission
Finding your mission
Managing your business finances
Pay yourself first
All up in your business
What should I drink next?