Business of Craft Episode 61 Mike Michalowicz on Clockwork and Profit First
Home > Podcast > Business of Craft Episode 61 Mike Michalowicz on Clockwork and Profit First
WELCOME TO EPISODE #61 OF BUSINESS OF CRAFT
My guest today is so very highly anticipated. I’ve been a fan of Michael since I was first introduced to his work through his book, Profit First. Michael’s personal mission is to eradicate entrepreneurial poverty and he does that first and foremost through his best selling books including, Pumpkin Plan, Surge and The Toilet Paper Entrepreneur. He is the founder of Provendus Group, a consulting firm that utilizes his business growth methodologies. He hosts the Profit First Podcast and he has been featured in the Wall Street Journal, Box Pro Magazine, Entrepreneur and Harvard Business Review.
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#1 Can you give us an example of a day in the life of a well-balanced Clockwork business? Paint us a picture of what our lives would look like as entrepreneurs if we could achieve that? [2:42]
#2 One of the basic tenants of the book is to identify what you call the QBR and that serving the QBR should be the main focus of the team or the owner. Tell us more about that? [13:33]
#3 One of the practical pieces of your advice is to actually capture your systems. What are other ways to capture systems that you know to be effective? [20:47]
#4 One of the critical steps in the Clockwork System is to balance your team and ensure you have the right people in the right seats on the bus. What is your advice for smaller businesses or solopreneurs when it might be really hard to have a team with broad skillsets? [28:07]
#5 In step 6 you talk about identifying your ideal customer and one of the arguments you make is that you have to consider the “congregation point” which I think is really important to our listeners who are working in craft niche markets. Can you explain why that is a critical aspect of Clockwork?[35:26]
#6 Why do you think most business owners don’t make a profit? [40:12]
#7 I know that you’re a fan of Terminator. I understand there will be a new installment coming out in 2019 called Dark Fate. What is your prediction for that story arc? [44:55]
I want to let our listeners know that Mike has generously offered up a free copy of the book to someone who leaves a review of Business of Craft on Stitcher, Itunes or Google Play. I’ll select someone randomly from all new comments July 15-20th