TEB Book Review: Fix This Next by Mike Michalowicz

One of the greatest men I ever knew was a handy-man that used to go to our church in North Carolina. Rick was just one of those guys who knew how to fix EVERYTHING. From a warn out refrigerator to a broken antique wardrobe, he had real talent. I saw him start a project of restoring a ’57 Chevy and this thing needed a LOT of work. I asked him how long it would take to restore and he 2 hours later, I knew the plan that would take him more than 2 years to complete. I was amazed with how he was able to see what needed to be fixed first, so that his work would be impactful, meaningful, and support the overall plan.

When I read Fix This Next, the latest best-seller by Mike Michalowicz, I couldn’t help but think of Rick. Instead of mapping out a blueprint on how to fix a great American classic, Mike provides an outline of what many entrepreneurs struggle with. What to work on next? Anyone that has run a business for more than a day knows that there is so much that can be fixed, but how to overcome paralysis by analysis and start fixing the thing that is most impactful, meaningful, and support the overall plan.

There are so many gems in this book, but here are my top 3:

The Business Hierarchy of Needs. I don’t remember much from my Psychology 101 class, but I do remember Maslow’s hierarchy of needs. This is a school of thought that explains human motivation as we achieve specific goals.

Mike takes this same concept and applies it to your business.

Starting with the lifeblood of any business (the creation of cash) and working up to the leaving a legacy, the Business Hierarchy of Needs clearly shows the foundation on which the next level is built. Each level is explained thoroughly and an assessment is provided so that you can pin point exactly what needs to be fixed next.

The Vital Need. As you assess your company and identify what needs to be fixed, you may start to feel a cold sweat start to creep over your scalp. You know, the one that always appears when you realize all that is wrong with your business and how much work you have to do fix it. But understanding the concept of the Vital Need helps provide clarity on what to fix next. Simply stated, your Vital Need is the most urgent need that is the lowest level of the hierarchy. I got an education in concrete foundations in the most unlikely place, from one of the greatest soldiers I ever knew. I was a baby lieutenant on my first deployment to Iraq. I was still getting to know the soldiers in my unit, and Jeremy was a paratrooper that was totally squared away. Part of our job was reconstruction projects, and that is where Jeremy (whose family owned a concrete business in Florida) explained to me the vital need to have a strong foundation before you build on any structure. Without it, you are wasting your time; because if the foundation couldn’t support it – the building would eventually collapse. I didn’t know it, but Jeremy was teaching me another way to look at the Vital Need.

The examples. You can tell by reading this book that Mike has spent a significant amount of time interviewing and analyzing businesses. The principals are sound and spot on, and he delivers his insights with a proper amount of foot notes and scientific research. But what really made the concepts come alive were the examples. From entrepreneurs in the photography, entertainment, restaurant, and many more industries – Mike gives examples of how their principles can be applied in any business. I personally loved where he highlighted Zach Smith in the “Collecting on Commitments” section. To often, entrepreneurs read that and think that it is a one-way street – making sure that their client can collect on the commitments that they make. While that is true; it is definitely not a one-way street. Every sale requires another party; with commitments being made and agreed to on each side. Sometimes you fulfill your commitment, but your client doesn’t. For whatever reason, they don’t pay you! This was the situation that Zach found himself in. He had a client that owed him $25,000 and was getting stiffed. Zach had become the bank for this client and it was hurting his business. By using the principals in the book, Zach was able to work with the client and together they worked out a system that allowed Zach to collect all that was owed to him. It was not overnight, and it took creative thinking and patience, but it did not result in a $25,000 bad debt write off. This is just one example of entrepreneurs that identify parts of their business that they need to fix and come up with creative solutions. I found myself asking if what they did would apply in my practice and if so, I would adopt it. If not, then I would store it away to pull out in the future.

I truly believe that I am placed exactly where God wants me at this moment. But if I were ever to leave the banking industry, I think that I would become certified in all of the disciplines of Mike Michalowicz and have one of the most impactful coaching businesses in the world. I am a huge Michalowicz fan and this book knocks it out of the park again. If you feel like you need to improve your business, but are not exactly sure what to do – might I suggest you click HERE and find out what to FIX NEXT!

Being an entrepreneur is one of the most difficult and demanding things you can do. The good news is that entrepreneurship today is a team sport. Hit the connect button on LinkedIn or Facebook NOW and together we will work towards hitting your 10-year target. Along the way we will increase your profit, strengthen your leadership skills and transform your banking relationship into a strategic partnership. This will lead to confidence in your path, freedom to dream up bigger targets and a business that is enjoyable to own. When we connect, tell me what you believe you need to fix next AND how I can encourage/ support you.

Greg Martin is an entrepreneur’s insider to the banking industry and passionately believes that every person was uniquely designed for a higher purpose and calling. Greg guides entrepreneurs in defining and achieving their purpose and calling. His deepest passion is living life with his wife and their wonderful son.