Design a Highly Profitable Business

Here’s a sneak peek into my upcoming book: How To Hire the Best: The Entrepreneur’s Ultimate Guide to Attracting Top Performing Team Members (Releasing September 15, 2020)

 

 

The solution to your hiring challenges will come through effective execution of these five strategies:

 

1. Design Your Business to be Sustainably Profitable

 

Take your profit first. This is what we help our clients do in the Better Business, Better Life™ Program  in my coaching and consulting company, Tap the Potential, a Profit First Mastery Firm. Many of our clients are enjoying profit of 10 percent to 15 percent or more, year after year. Because of that, many of us experienced far less anxiety and worry as businesses across the country shut during COVID19.  We had built a substantial cash cushion that allowed us to weather a crisis. Now that’s what I call a good investment. You can do this, too!

 

2. Niche Down with a Clearly Defined Sweet Spot

Have a clear niche. Become the sought-out solution in that niche. A tightly focused niche broadens your opportunity for scalable growth, while streamlining your business, reducing your labor needs, and driving profitability.

Complexity is the enemy of profit! Standardized repeatable work makes it much easier to systemize, automate, and scale a business. All of this translates into greater profitability for you (along with fewer employee headaches).

 

3. Innovate

Niching down makes it easier to innovate within your niche. Innovate with technology and automation as well as materials and processes that reduce your need for labor.

Most inefficiencies relate to the amount of labor involved. If three people are on a project, three people will work on a project. This is Parkinson’s Law in action. Parkinson’s Law states that work expands to fill the time available to complete it. When it comes to project-based work, work expands to the time and people allotted to do it.

Hiring more help may not be the solution. Hiring the best team members to work within an efficient system is the solution.

 

4. Build a Lean and Mighty Team

Successfully growing your team comes down to this: Hire top talents who are good fits for clearly defined roles. Compensate them well. Create a great place for them to work that retains and attracts A-Players. The efficiencies and profit growth you gain through niching and innovation make it much easier to do that.

 

5. Network using the Hire the Best A-Player Attraction System™

While A-Players are everywhere, there is a good chance they are employed elsewhere. So, you must always be on the lookout for A-Players and build relationships with them. If you wait for an opening, you are too late.

Use strategic networking to develop a steady pipeline of interested candidates for your next opening. Access our Hire the Best™ Toolkit to dive into this right away. This is a critical system to get in place in your business. The sooner the better!

 

For tips on how to work through these problems and coach your team more effectively, please be sure to check out How To Hire the Best:The Entrepreneur’s Ultimate Guide to Attracting Top Performing Team Members, releasing September 15, 2020.

About The Author

Dr. Sabrina Starling, The Business Psychologist and international best-selling author of the How to Hire the Best series and The 4 Week Vacation™, is the founder of Tap the Potential and host of the Profit by Design podcast. At Tap the Potential, we work to free business owners from the constant demands of a growing business.

We believe work supports life, not the other way around. Clients in our Better Business, Better Life coaching program have more time for what matters most and more money in their bank account than they’ve ever had. Next, we send them off on a 4 Week Vacation™ to celebrate their hard-earned journey to take their life back!

Dr. Sabrina and her team at Tap the Potential are on a mission to change the story of entrepreneurship from one of long hours, grinding it out, to one of sustainably profitable businesses that support and enhance life. The Tap the Potential Solution™ and our Tap the Potential Family of Business Owners are disrupting small business as usual. We are on our way to making the Tap the Potential Solution™ the mainstream model for growing business.

By 2023, 150 Tap the Potential clients will have taken 4 Week Vacations. These are the trailblazers, role modeling what’s possible for entrepreneurs. In many entrepreneurial circles, it is becoming more and more common for one entrepreneur to ask another, “Have you taken a 4 Week Vacation™?” (as opposed to asking “How many employees do you have?” or “What is your annual revenue?”). Taking a fully unplugged 4 Week Vacation is rapidly becoming the recognized symbol of entrepreneurial success.

Never one to accept the status quo or back down from a challenge, Dr. Sabrina’s How to Hire the Best series grew from her desire to solve the toughest hiring challenges interfering with her clients’ growth and profitability. What sprang from her experience working with entrepreneurs in rural areas catapulted her into becoming the world’s leading expert in attracting top talent in small businesses—no matter what hiring challenges those businesses are facing—and earned Tap the Potential’s reputation as the go-to resource for entrepreneurs committed to creating Great Places to Work with thriving coaching cultures and highly engaged team members working from strengths.

As The Business Psychologist, and with her years of driving profit in small businesses, Dr. Sabrina knows what it takes to find, keep, and motivate exceptional performance out of your biggest investment—team members.