1-Page Summary1-Page Book Summary of Fix This Next
In Fix This Next, Mike Michalowicz introduces the Business Hierarchy of Needs, a system for determining which of your company’s problems you should fix next.
Michalowicz says most entrepreneurs have the skill to fulfill their companies’ requirements—to maintain the essential functions that keep them in business—but struggle to do so because they don’t know how to prioritize. They’re overwhelmed by problems, so they focus on fixing the most immediate one instead of identifying the most impactful approach that’ll fix the problem’s root cause. For example, they may focus on mollifying an upset customer instead of changing the manufacturing process to avoid the problem that the customer complained about. Since the root cause isn’t resolved, problems continue to appear.
(Shortform note: In The 7 Habits of Highly Effective People, Stephen R. Covey says prioritizing impactful actions is a valuable skill for anyone who wants to live a successful and fulfilling life. For Covey, impactful actions are...
Want to learn the ideas in Fix This Next better than ever?
Unlock the full book summary of Fix This Next by signing up for Shortform.
Shortform summaries help you learn 10x better by:
- Being 100% clear and logical: you learn complicated ideas, explained simply
- Adding original insights and analysis, expanding on the book
- Interactive exercises: apply the book's ideas to your own life with our educators' guidance.
Here's a preview of the rest of Shortform's Fix This Next summary:
Fix This Next Summary How Michalowicz’s System Works
Michalowicz’s system helps you prioritize solutions for your company’s problems by identifying its most crucial requirement—or vital need, as he calls it. This is whichever essential function will cause the most damage to your company if it isn’t fulfilled. Framed positively, fulfilling this requirement will bring the most benefit to your company—it’s the most impactful approach. For example, if your business is failing because you’re not making enough sales, your crucial requirement may be attracting and converting customers.
(Shortform note: If you’re an employee, how can you apply Michalowicz’s idea of identifying a crucial requirement? While Michalowicz says it’s important for business leaders to identify and prioritize one crucial requirement, in Eat That Frog, Brian Tracy suggests employees prioritize three crucial tasks. Tracy explains that there are likely three tasks that account for most of your value to the company. By identifying and perfecting these tasks, you maximize your contribution to the company, increasing your value, efficiency, and...
Fix This Next Summary The Tiers of Michalowicz’s System
Now that we’ve covered using Michalowicz’s system to identify your company’s crucial requirement, we’ll further discuss what these requirements are and how to fulfill them. In each following section, we’ll cover one tier, first addressing how completing a tier (by fulfilling all the requirements within it) helps your company, then discussing how to fulfill said requirements.
Tier #1: Survive Through Sales
The first tier of Michalowicz’s system is helping your business survive through sales. Michalowicz defines sales as making and upholding deals with customers. By completing this tier, you ensure your company consistently earns enough revenue to remain in business.
(Shortform note: While you help your business survive, maintain your own well-being as well by taking breaks, getting enough food and sleep, and exercising regularly. Some business experts say that entrepreneurs are often tempted to neglect their well-being in favor of work, but taking time for self-care makes you more effective and productive. In contrast, not caring for yourself can lead to...
What Our Readers Say
This is the best summary of How to Win Friends and Influence People I've ever read. The way you explained the ideas and connected them to other books was amazing.
Shortform Exercise: Identify and Attract Your Ideal Customers
Attracting enough customers to meet your sales goals is one of your company’s most essential requirements. But it’s important to attract the right kind of customers—those who are both likely to buy from you and are enjoyable to serve. In this exercise, you’ll identify your ideal customers and brainstorm ways to attract them.
Describe your three best customers—the ones who bring in a lot of revenue and that you enjoy serving. What are the personal traits that make them buy from you? Note: Age, income, passions, and priorities are good places to start. (For example, say you run a nail salon. Your first customer is 50 years old, will pay more for high-quality work, and is local. The second is 25, a lover of nail art, and local. The third is 40, will pay more for high-quality work, and is local.)
