Why I Chose This Book
Mike Michalowicz is the author of Profit First, which I haven’t read yet, but appears to be the profit bible of small business. People follow and preach Profit First principles in just about every business space I have entered. When I heard about the term “pumpkin plan your business” in the same sentance as “reaching your ideal client and maintaining your client relationships”, from the same author as Profit First, I immediately put it on my wishlist.
I did listen to the audio version, narrated by Mike himself, which I throroughly enjoyed.
Quick Summary of The Pumpkin Plan
In the Pumpkin Plan, Mike draws an analogy between growing a giant, prize winning pumpkin and growing a successful business. Farmers who grow colossal pumpkins focus on the strongest seed, nurture it, and ruthlessly cut off the weaker vines = business owners should focus on their best clients and most profitable offerings and let go of the rest.
Mike argues that the key to sustainable growth lies in narrowing your focus to what works exceptionally well. Don’t try to be everything to everyone, but everything to the right one. There is a mix of story telling and practical actionable advice given throughout the book.
“There is always a direct correlation between diluted focus and a diluted bank account.”
Top Takeaways for Business Owners
Plant the Right Seed
What are your strengths? What do you like to do? Where do they overlap? What issues aren’t being addressed by your industry? Focus on the thing you do best that has the best potential to stand out.Focus on Your Top Clients
List your clients in order of revenue, highest to lowest. Strike out any that make you cringe. Evaluate who pays on time, repeat revenue, revenue potential, referral potential, history, or anything else that’s important to your unique business. Then keep your top clients, and cut the rest —EEK!Survey your top clients
How can you serve the better? What are their biggest gripes about your industry as a whole? Develop a strategy to meet their needs, then call them back and ask for their feedback on this strategy.Go line by line through your expenses and cut everything that isn’t serving your top clients.
Create a favorite client policy and share with your team.
When these clients call, we drop everything. Under promise, over deliver - most of the time.
Systematize Every Aspect of Your Business
We’ve all heard this before. In every business book you’ve ever read…it’s the least exciting part, but probably the most crutial for your foundation.Be Irresistibly Magnetic
You need to stand out in your industry. Create a venn diagram (or picture one). Top clients, unique offering, systemization. Where these areas overlap, that is your sweet spot and your area for growth.
How I’m Applying It to My Business
I’ve started to identify who our top clients are, the ones who truly value our work, and treating them like gold. This shift in my focus has helped me elevate our customer service and deepen those relationships. At the same time, I’m quicker and more confident in saying no to projects or requests that fall outside of our focus.
Our VIPs are not necessarily the biggest revenue projects. There are many aspects that go into determining who they are. Mike provides an assessment chart and many other great tools to “Pumpkin Plan Your Business”.
Do I Recommend This Book?
ABSOLUTELY! It’s been one of my favorites to date, and one I can see myself reading year after year.
Hi, I’m Naomi!
Founder of Charming Spaces, professional organizer, wife, mom of three and passionate advocate for women.
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