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.