The business version of Maslow’s hierarchy of needs: a 1-minute insight from “Fix this Next: Make the Vital Change That Will Level Up Your Business” by Mike Michalowicz
KEY MESSAGE In 1 Minute
When operating in crisis mode, you feel the pressure to fix everything that’s wrong with your business. The problem is that you stretch yourself too thin, and as a result you fail to move the needle anywhere. Instead, focus on your weakest link, starting with the most fundamental layer of your business.
Similar to Maslow’s hierarchy of needs, businesses also have a 5-layer pyramid of needs. And you must tend to these needs from the foundation upwards.
At the base of the pyramid is SALES, money coming in. Above sales sits PROFIT, which gives you stability and allows you to scale. Then comes ORDER, which means that you have effective business systems that create staff autonomy. Next comes IMPACT, which enables you to shift business interactions from transactions to transformative experiences. And finally comes LEGACY, which ensures that your business lives on after you’ve retired.