Get Everyone Involved

 

Manage Your Money for Maximum Profit

 

Lesson Info

Get Everyone Involved

I want to show you a strategy I've developed for myself because of one challenge that constantly presented itself to me. I figured out with the profit I wanted to have a figure out everything about my business, but I still had challenge every single day and my business how do I prioritize what to do, what should get done first? Well over time I came up with these cymbals and found ways to categorize businesses and these air available for the download jake mayo if people buy the course but for us in studio here you can see is the dollar sign it's my face in an infinity sign. Those are the three course symbols and play out at different frequencies as you go down this uh thiss chart the dollar sign means whatever this task is, I'm defining for myself whatever have to do in the moment if I give that task a dollar sign, it means going to generate money for my business in the next sixty days. So if I do this task, I'm highly confident it'll generate money for my business the next sixty days ...

the smiley face is if I do this activity it is serving an existing client of mine so dollar sign means is gonna generate money this task will generate money a smiley face says it'll generate it'll be do something for my clients and infinity sign is that it's a system whatever I'm gonna do once it's completed it can be done again automatically to some degree over and over again and I realized if I signed my tests one of these different symbols some tasks will get all the symbols sometimes I'm doing work for an existing client is generating money and once it's done I conduce for client for client one two three that's a great thing other times it's something I'm doing taking care of a climb for the clients not paying before other times it doesn't get any of these symbols so I want to show you with this system and jeff going to use you in the hot seat pal so get ready come on up to the next contestant on the price is right we're gonna go through your daily task list and I want you you're just the best you can offer top your head uh last week just give me a list of tasks that you did and maybe list of tasks that you have on hand right now just tell me the e mail e mails okay? Um phone calls, returning phone calls, phone call return okay and gets give me some detail behind because emails broad phone call return who what kind of calls we're turning people selling to you clients prospects kind of suspects and also um like vendors that I'm trying to do business with okay she had a prospect call you to vender call us more specific tasks you had to get done um proposals for new for new prospects okay, write proposals okay what else? Um for prospect I worked on a tax return. Okay. Good intentions tax return extension okay that's for a client of yours um you purchased the supplies for the office. Teo just kind of purchase anything good. Ok, good that's a good week. I know we worked on website oh, your website designer something yeah. Okay website design uh anything else do you think of I'm sure did a lot of other things. Okay, this should be a big enough less now the normal task list howard should be truth you've been told to manager task list is you signed dates to these right? So you gotta check your email you go check every day every couple hours means the rule but something like writing a proposal for a prospect maybe you committed to a certain date tax returns you get done by date the website you commit to yourselves getting done within a week, right? That's the traditional task management. So what we're prioritizing things are simply on urgency what's due next and that's a mistake I think we need to sort of mount based upon these categories so the sense rings out by dates I want to put a category or multiple categories next to each one we'll start off actually the bottom and work our way up with the website design when you were working your website design. Was this something that was for a client of yours? Not specifically. Because for you, right, it's. Not for client. So it doesn't get smaller face. Was it something that would generate revenue for you in the next sixty days? But I would hope it would. Okay? I would directly, indirectly and well, not so I would say would not. Is this system is is something that can live into turning. Continue. Serve your business without your involvement. Yeah. Okay. So this gets an infinity symbol. Okay, next one tax return extension. Is this for a client? Yes. Okay. So gets a smiling face. Will that activity generate money for you? The next sixty days? Yes. So it also gets a dollar sign. Is that something? A system that you've developed that will go into perpetuity for this client? No, no. Perfect. Right. Proposal for prospect. Is that existing client of yours? No. No eyes. This system that you is. Did you write the proposal in a way that you can use the proposal repeatedly? I actually did. You did us good, okay? Sometimes we don't do that but that's good just by signing these symbols you kind of rethink the way you're doing things like how do I make this? We can use it over and over again. Um will generate money for your next six days? Are you confident generate money for the next sixty days? No, no no okay, we're not gonna give a dollar sign it could but it's not yeah. Okay, let's go up the list. Uh vendor call not a client, not a system not gonna generate money, right? Okay says nothing prospect call uh none of these lovely none no. Okay, phone call returned who's a phone call you had to return. It would have been a current client. Our client beautiful smile that looks like the elephant man's face actually. Uh okay. It's an animal. Um in the email um emails somewhere current clients it was kind of a joke. It's a hodgepodge? Yeah. Yeah. And this is a classic thing is the track was email could be anything so we actually need to break it out different types of email client email versus so but now before sequence was do your email do the call this is what's do go down the list now the list becomes a different list when you do this system, you sort it in this order, the number one priority things are things that you're doing for a client or going to generate revenue in the next sixty days. And is a system this's like utopia first for ah, entrepreneur, then, uh, you get those things in first. The next things on your list or anything to the dollar sign means it's going to make you money and skin server clients. The best form of marketing that exists is serving existing clients because of throw client will tell other people. Right. So it's also your best former marketing. Then after get those lists, those things done you then do dar signs infinities. This means you're making money and you have a way to make it automatic. Yes, it's not serving the existing clients does not is important, but it's it's number three and you keep going down the list. Uh, two single item something. I will make you money something serve the client something as a system. And then the final thing on your list of the blanks. Looks like your email might be one of them. This prospect call the vendor called down here. As we go through this list, the most important thing that jeff needs to do is right here. So what you doing your task list is you sort of using these codes then you put a square around this and all focus goes on this now why do you put square on this? Because as he's doing the tax return someone may call you and you pick up the phone so yeah, I was going I take care of it you get interrupted if we don't markoff what we're doing we have for it what was I doing? Oh email and then we go back toward the fault protocol but you you circle the highest priority item cross it out and then you go to the next one the list which would be client so next thing you do is with his phone call get the client back. Great marketing, right? That's done. Now you write the proposal for a prospect you focus on this website cause I have a significant impact then you do the prospect called vendor call and then email that makes sense. Is that amazing? Thank you. Good that's your hot seat um is that amazing? I love that. Is that amazing? Yeah, I've seen better. Um your your team get your team involved was too so you have employees give us prioritization list at my office we all have his list we actually have a clipboard on everyone's desk with this this, uh, this system here and uh when I assign a task to one of my colleagues, I'll tell him is a smiley face or dollar signs? In fact I'll give you a secret if I ever email what email with with somebody and my colleagues involved needs get involved maybe scheduling something or something in the bomb my email next to my signature there space to put the symbol so I can communicate my colleague say jeff and I were talking and I respond back in my signature I'll put a dollar science my face infinity sign she'll make this a priority and she'll make sure she's on top it immediately if it's a blank or it's just down here, she'll prioritize it secondarily to other priority stuff so it becomes a great communication system I'll be on phone calls he actually called my assistant this morning, she said we got any dollar signs griffin and he's going on I'm like yeah, we kind of sweet though and she's prioritizing those things, so empower your team to do this here's the most amazing thing this is joo this will blow your mind, I just know it, you know? The vast majority of things you'll see become less and less relevant now prospect call is still some degree of importance clearly vendor call but you're gonna know all these different things pick up something here do this all this is your list that will sit there for a long time because other things keep being prioritized above it then all of a sudden you start disappearing on their own someone else will take care of it it wasn't relevant in the first place this is the eighty twenty principle applied to our time and if we focus like this it will drive your businesses profitability because we're hitting the dollar signs man and we're hitting the clients people are gonna come back and buy from us we're building systems to run more fish which means profitability so by doing this you're forcing more profitably and your business every single no reaction from j k no I'm it is your so mind boggling what it is it's so it's such a simple system but I think it takes the clarity to really to put it into practice into them to have it spelled out in this way yeah marcie I haven't had you up yet I would love to go through this one more time would you mind coming up with me you already know what I have you're pretty already you did my number's up there welcome to but you're sitting here were you where you stand in taint the hot seat this's the hot seat this's the hot seat your mission is to shoot j k o at any time were talking it's okay so I will load and cocky when you just feel he's not looking or pay attention if he loses interest in our conversation, you can just watch never happens. Okay, let's, talk about your business. Tell us this over nose again. What's exactly the business you do. Oh, my do support for north psychiatrist in attorneys. Okay, but it's like legal support, right? And you even said the death row process I mean someone's on death row you do? Processing for this case is right. I do work on death penalty cases, cases so okay, so you but uses litigated support. Yes. So let's go through your daily tasks and this is really where the rubber hits the road and profitability tell me, uh, what what's on your task list right now we're the things you have to get done just everything you could think of. I have a, um, fifty page social history to finish writing in order to do that, I probably have about fifty page social history to right to right? Yes, that sounds like so much fun. I wear we doing here writing a fifty page social history. What does that mean? It means that the next task that's probably right after that would be I have about five teo six thousand pages to get through to review and summarize in order to draft that social history you had to read five to six thousand pages I can't even get through my own books at lunch I said lunch I said I sort of wonder what I'm doing here a little bit but it's been great, right? So there has been great and everything is right you so you've creative live attendance task? Ok, what else got? I had to send out e mails about funding because all of that is a lot of work and I realized we're approaching our budget, ok, what else? Um I have a follow up e mails to an attorney on another case and another paralegal for the work that we're doing around discovery what does he have to do around the office just to keep the business humming along at this point? I'm starting out new, so I have to order supplies. Okay, that's a legitimate task was the order. I have to set up a printer. I said a printer. Okay, um and invoice I have multiple invoices that need to get done and need to go out your invoice customers. Okay, what else? Anything else, anything of, um go through emails? Because today I'll probably come back to about one hundred fifty to two hundred emails. Oh, my god, are they all five to six thousand page manuals, okay, because every six billion pages all right now let's go through our privatisation and and why I'm putting so much emphasis on this you are the prophet for a system you know the money management system but it's the daily execution of driving revenue and profit in your business every day that matters fifty page social history if you do that will that be for a client? It will be ok well that generate revenue for you the next sixty days it will okay, it will be a system something you can use repeatedly or is it a one time deal? It's a one time deal for that but it's I'm in the process of creating systems so when I do it I can do it the same thing over and over guys you develop this process can be system I mean are you saying you're developing systems with way more efficient? Right? So I'm breaking it down into categories that I can I can use later. Okay, so once this one is done, the next one will be significantly faster because the system's okay, that gets a system like you know you were just my prioritizing this way really address is how were going toe tackle these tasks? Next task five to six thousand pages are you going to pay for that? Yeah are you paid a lot of money? I hope is that for a client that is for clinton existing client is that I wait assistant you just read creative live attendance this for client are you making money? Dealing in our is a system something you can use professionally in the future. It's just set up, but it's not I'm not doing here sending emails for funding. Will that generate money in sixty days? No, no, it was a four client. Yes. Okay, uh, and will, uh, money will generate money for you in sixty days. I mean, yeah, you may, uh and then is it a system that one's harder to say? I mean, it should be a system, but it's not a bug and won't be systemized in this process, right? Okay, follow up. Uh, e mails for a paralegal. Um, is that for a client it's your client that you're gonna make money? Just just not really. Not really. Is this system no system order supplies, I presume, is none of those. None of those set a printer sounds like it's a system it's very much a systems critical system because you got a printout six thousand pages to read. Is it for client? We get paid for it. No payment, no client invoice customers. I presume this is immediate money. It's immediate money. Okay, so this isn't next it's past teo money, that's what that is, are these for clients or that may not be their reaction when they receive your invoice on and then is it a system that you're going to is this are you gonna improve the system is asian or business through this um I actually did that this weekend because I created invoices yeah good and then go through email for clients money clients money it's sort of a hodja hodja thie all the emails always a hodge okay again the old task is what I'd be doing the interesting thing is I think the right choice you chose creative life in your attendance you said I'm gonna go to here and learn some stuff there's absolute value to it but when it comes to the profitability of your business this system is saying the first thing you gotta do right when we're done here uh assumes you can start getting fifty page social history because you're going to make money for your business we'll be more profitable uh it's a system you will be developing a system so we can do is reputedly more efficiently we means we'll make more money and the elephant man's gonna be happy about this so this is a horrible drawing again toe but so you have a happy customer this is the one you prioritize the second one is going to be your choice between this actually get three things you could choose between these three things okay but you do want at a time all these things were money opportunities, then you're going to take care of his client's father with emails and then set up the printer, and the only thing with this printer is, if it's a necessary component for something else you're doing it's gonna force its way into the thing. So to read these fifty five thousand six thousand pages, if you need the printer up and running it's gonna force itself in there, you're gonna have times when you complete the task, it actually automatic crosses out another task, I guess my question to you is, how do you get? Because I have one printer set up now, and I have a second that I have to replace it, and what's happened is I keep putting off that task because I don't want to have the downtime and that's where I'm really running two problems with prioritising is it'll take me an hour, hour and a half to set up the printer to make sure it's working right can't afford the down time, so I don't do it right and that's, what happens? You can't afford the hour or an hour? No, I can't afford what happens if it takes me longer than an hour, an hour and a half, so if something happens with the printer set up or it doesn't work that's, when I freak out about is if I do something like that, then I'm not getting to the other stuff and it's putting everything behind yeah, well, the challenge you're facing is there's an inevitable what's the existing system is on the verge it's gonna break at some point right? Some points stop printing so you know you're going to be forced inevitably to do that. So the question is can you do it before it happens and put it in a sequence that matters to you? This system that which went through says keep limping along because this is the absolute biggest priority right now let's bang this one out then let's start tackling these three because it sze immediate money to your business and its existing clients through the better we take care of clients in the sooner we do it generally the rule is the happier they are. So if you focus on the printer today and put these guys off, you can be upset clients and you could lose some serious money, so we've prioritized the profitability in the happiness of your clients, your business now we found out that during some of these prices is in me force the printer to be done but maybe not you can limp along, but after these three you're done, then it's going to be focus focus actually over this focus is here he's gonna come up you're gonna have other task and I'm sure this is just a little sampling you've other task going way down this list that this now is toward the middle, but as you cross these out they'll keep coming up higher and higher higher okay um but also disaster strikes you know, that printer may go, you make it back in the printers is gone and then that becomes mission critical because the setting here changes if the current printer goes down this one all of a sudden isn't just a system my customers are depending on me so this becomes smiling face and the on ly way gonna make money is by doing this and now this bed to fall becomes number one so that will happen if the other printer goes, but for now it's a little bit lower and it's going to get sequence through once we take care of these folks first got it? Yeah, so is this command you're out? You know that this will come on the future app? Yeah this's not part of the act currently but it's so it will sort you'll sort your stuff right now the app that's coming profit first at dot com they prayed the app that's coming we'll uh we'll sort out the distribution of money um and this is for the version to help people sort out the actually daily tasks but but you can download this for free to I halve it the download I think we should have it available through create alive and you could do that yourself almost using that list right on an excel spreadsheet you excel spreadsheet until you have your app of you exactly on a piece of paper yeah, thank you watch your step you may die if you didn't shoot you she didn't shoot you I just tried to shoot you think so that another dribble yeah, the typical mike what we dug into accountability if there's anything I implore in addition to doing the profit first system starting accountability group get involved one run one it's working for ricketts work for mei they're extremely powerful uh profit first professionals thes air the experts you know when it comes to training physical training they say the best ways to get physically fit gym is to have an accountability partner meaning someone else appear that's also going through the same experience is you because the day you don't want to go jim there like I'm going to the gym and then they're taking you along. But the second thing they said is have a trainer someone that knows the proper exercises so as you implement all the systems in your business team up with someone else and find an accountant or bookkeeper of financial professional that can help guide you through the nuances of your business um you always end on puppies uh that's the on ly reason those air up there is um is that the last thing I want to share the guys as you can bring this into your life profit for the last two segments or sessions we've been talking about is all been about implementing this near business well surprise surprise all the stuff translates directly to your life too so you don't have to just do in your business accounts you can do in your personal life toe you can set up a vacation fund instead of a profit fund you can set up uh a uh going out fund instead of an owner's pe fund but you could do the exact same system for your your personal life the last thing I want to share is loss aversion when it comes to the human habits and tendency is that we have a tendency to want to avoid loss if I have my current home today is threatened I'm gonna lose it I'm gonna work so hard to keep the house but I won't work that same degree of effort to get the house next door was slightly bitter better or bigger we have lost a version so as you move your business forward we're very fearful of taking steps back as you implement profit first take small steps forwards you never have to take the step back it comes very painful when you take a step back the last thing is the wedge as you move forward in your business, start taking more profit is your business grows bigger, keep putting a wedge of more and more profitably coming out into you into your profit coffers than investing into your operations and in your personal life. As more mohr income comes out, you've achieved a standard lifestyle you're living now. I'm sure all of us are relatively comfortable through lifestyles. It's nice to ratchet up a little bit, but as your income increases and you will start experiencing, don't increase your lifestyle at the same rate, put a wedge in, take more money out and stored away for your long term benefit guys. It's been an absolute privilege. Honor it's been fun. We've been horsing around there's. Some craziness that happened last night. That may be revealed pretty shortly. Uh, I want to thank every single one of you. Talking numbers for two days straight is grueling. And the fact that everyone stayed pretty much awake through the entire thing is amazing. I appreciate attention your time and I'm wishing you huge profits. Successful business. Thank you, thanks very much. Thank you.

Class Description

Ready to take full control of your business’s financial health? Join Mike Michalowicz, author of The Pumpkin Plan, The Toilet Paper Entrepreneur and his newest book Profit First, for an immersion into understanding the shockingly simple principles behind financial management and leveraging it to grow your business.

In this course, you’ll learn the core four principles of financial health and how to use them to create a profitable "rhythm" for your company. You’ll also learn about the psychology of managing your debt, whether you’re struggling with credit card debt, loans, or personal guarantees. Mike will also cover ways to bring new money into your business through cost-cutting, renegotiating, finding lost revenue opportunities, and much more.

By the end of this course, you will have escaped the panic-driven cycle of operating check-to-check and you’ll have a foolproof way of ensuring that your business becomes permanently profitable... from the very first day that you watch this course.

Reviews

Ella Heath Photography
 

Wonderful class!! Not only is the content very impactful and life-changing but Mike's funny character made the class very entertaining - the marker on the forehead story made my husband and me laugh to tears!! We are implementing Profit First right away. Thank you CL for hosting such an amazing class.