Book Byte #351 "Fix This Next" by Mike Michalowicz
Make the Vital Change That Will Level Up Your Business
📣 Curious Quotes from the Author
“The biggest problem business owners have is that they don’t know what their biggest problem is.”
“instead of doing little bits of everything, what is the one thing I should fix next to move the business forward?”
“When things are moving along but just not moving forward, FTN points to your true north.”
“The trick is in the timing. Applying the right fix at the wrong time yields a little bit of benefit and a lot a bit of frustration. The key is to apply the right fix at the right time in your company’s evolution. The key is to know what to do next.”
“According to the Theory of Constraints, a business process can only operate as fast as its slowest part. Therefore, if you want to improve the overall output of your business process, you seek out the highest priority constraint, open it up, and the entire business will now perform at the speed of the next biggest constraint.”
“among all the apparent issues your business has, one and only one of them will be the most effective one at any specific moment.”
“So the only way to be sure that your solution worked is to measure it.”
“Metrics are the scoreboard. They are how you measure whether you are winning the game. Set up the scoring system, and the game reveals itself. No score, and you have no idea if you are winning or even if what you are doing is working.”
📚 Cognition of the Book’s Big Idea
There is a hierarchy of needs in enterprises. However, entrepreneurs rarely take this hierarchy into account while trying to advance their companies. Rather, they tend to become obsessed with trying to fix all the problems at once, giving each one equal importance. However, since the most important issue could remain unresolved, this does not always result in advancement. Their businesses thus continue to decline. Entrepreneurs may effectively solve their business issues in order of significance by knowing which issue to prioritize first. And profitability and long-term growth may result from this. And here's a bit more practical guidance. Make sure your company solutions are quantifiable by using the Omen Method.
Measurability is essential when establishing a target as part of your plan to solve a business issue. You won't be able to tell if you've achieved your objective otherwise. An excellent tool for this is the Omen Method, or O-M-E-N. Establish your goals and the outcomes you hope to get first. Next, figure out how to gauge your progress toward that goal. Next, assess by determining the frequency of measurement analysis. Lastly, cultivate your goal by deciding how you will modify your metrics and goals as needed.
Until Tomorrow,
Jason (Founder Club255)