It’s really not hard at all to be profitable in your small business. Yet, the majority of small businesses barely break even, year after year. Why is this? Continue reading
Dr. Sabrina Starling, The Business Psychologist™, reveals the simple habit that will double, triple, and possibly even quadruple your profit in less than a year’s time.
Hi, Dr. Sabrina Starling, The Business Psychologist™ at Tap the Potential, where we specialize in transforming life and cash-sucking small businesses into highly profitable, great places to work.
One of the systems that we use to help our clients double, triple, and sometimes even quadruple their profits in less than a year’s time is the Profit First System. Profit First is written by my friend, Mike Michalowicz. Many of you are familiar with him. In fact, he was recently here at the Entrepreneur’s Retreat Center with me when we hosted Breakthroughs on the Bayou.
We help our clients implement Profit First in their businesses, and we have a tool that we use with our clients, and it’s called the 1% Habit.
When our clients are starting Profit First, we tell them to go ahead and open up an extra account at their bank, call it the Profit Account, and start moving 1% of all the money that comes in in a two-week period into that Profit Account, just 1%. That’s the 1% Habit.
So much of what we do with Profit First is about behavior change and putting healthy habits in place, healthy financial habits in place, in our business. As a psychologist, I can tell you that money and finances causes so much angst for us. We don’t need to get into all of your deep, underlying issues around money. I’m not Sigmund Freud here. I’m all about let’s look at what works, and we know that these simple habits that we put in place in our clients’ businesses, work.
Chuck Parmely: The amazing part about this, and I haven’t implemented the whole thing, I started probably mid year this last year in 2015, and the first thing I did was I set up that Profit Account. I took a certain percentage and I put that percentage into that account every time I made a deposit, and we went from a $20,000 loss last year to over $220,000 profit this year.
Mike Michalowicz: Holy cow.
Sabrina S: There you have it. The power of the 1% Habit. Just get started. To get our Profit First starter kit, text the word PROFITFIRST, all one word, no spaces, to 44222.
Dr. Sabrina Starling, The Business Psychologist™ and author of How to Hire the Best specializes in transforming time-, energy- and cash-sucking small businesses into highly profitable, Great Places to Work!
Employee problems can be one of the biggest stumbling blocks for any business owner. With her background in psychology, and years of coaching small business owners to extraordinary results, Dr. Starling knows what it takes to find, keep and get exceptional performance out of your biggest investment-your employees. Access her comprehensive video training 5 Secrets to Exceptional Employee Performance (her gift to you!) at www.tapthepotential.com
WANT TO REPRINT THIS ARTICLE IN YOUR EZINE, BLOG OR WEBSITE? You’re welcome to, just please include the authors’ bio with the reprint.
Profit is a mixed bag for most of us small business owners.
It’s very discouraging year after year to pour your blood, sweat and tears into your business, trying to make it better, trying to grow and be profitable, then, at the end of the year to hear from your accountant that you barely broke even—yet again.
Then there is the general public’s perception of small business owners—that we are all rich… that our higher prices are padding our own wallets…that we pay our employees the lowest possible wages and provide the minimum amount of benefits, just so we can jet off to exotic locales, live lavishly and drive fancy vehicles. All it takes is for one customer to question a price and the owner feels pushed into lowering the price, even as the owner struggles to meet payroll.
The truth is that many business owners lay awake at night worrying about cash flow, dreading potential layoffs when the economy is bad, and worrying about meeting payroll—so much so that they are often the lowest paid employee on the payroll, and the first to skip a paycheck just to keep the doors open.
Profitable businesses are healthy businesses. When a business is healthy, the owner thrives. When the owner thrives, the employees thrive. When employees thrive, customers are treated well and have a good experience with the business. Continue reading
Did you hear that?
How do you make a profitable decision on where your business should go? Continue reading