Designing for Profit in 2020

If we aren’t designing our businesses and our lives in the direction that we want to go in, it’s too easy to let the business run everything.

If this is a rut you’ve fallen into, or a rut you wish to avoid, listen in to Part 4 of 4 in the Strategic Planning Series as Dr. Sabrina and Mike hash out money and cash flow in both the business and personal life, and the concept of “break-even to thrive”.

If you missed the first 3 parts, be sure to go back and listen to them so you have all the tools and direction you need to make your vision for 2020 a reality.

Show Highlights:

  • The concept of “break even to thrive” includes so much more than covering expenses, employees, and costs of goods sold. It also includes appropriate budgets for growing the business, budgets for investing in efficiency, proper compensation for the owner and the A-player team members, and investing into the business.
  • Clients that have been doing “Profit First” for 12-18 months discover they have more money in their compensation account than they’ve ever seen before, and often feel guilt.
  • It’s hard to find money to attract A-players when you have tight cash flow.
  • You must learn what you really need to feel good and for your team to be healthy and for this to be a great place to work.
  • Don’t forget to budget for your own coaching, training, and the development of the team. Dr. Sabrina and Mike offer suggestions on how much to allocate and where to find that budget.
  • Budgets for traveling to conferences often get overlooked, as do retreats. Retreats should not be treated as a luxury.
  • Dr. Sabrina explains why she doesn’t suggest investing in all team members until you’ve really analyzed who you have on your team as A-player’s.
  • It’s critical as business owners to invest in ourselves to get that higher level support.
  • Investments in training and development should be bringing a return on the investment and it’s that return where the business starts to grow, you get better team members, and the whole business operation becomes more efficient through the investments in training and development.
  • Mike discusses the wisdom of having a mindset shift if you’re prone to having the “shiny object” syndrome. Investing in things that you think will take you to the next level is not as important as investing in yourself and your employees.
  • Dr. Sabrina shares her personal headspace when she first started investing in coaching.
  • There’s a big “gulp factor” as you move from “break even” to “break even to thrive”.
  • What did your business do for you in 2019? What do you want it to do for you in 2020? Where did our businesses fail us in 2019? Dr. Sabrina and Mike take turns being in the hot seat!
  • Profit by Design Podcast is about designing businesses to support the lifestyle we desire.
  • Mike shares his excitement about reading Jeffrey Gitomer’s latest book, Get Sh*t Done: The Ultimate Guide to Productivity, Procrastination, and Profitability and how he plans to implement the tools and tips to carve out the time he needs to push things forward.
  • Dr. Sabrina and Mike share some tips about what has worked for them in reaching their goals.

Links and Resources:

Get  the Book!! How to Hire the Best – Contractors Edition
www.TapThePotential.com/book

How to Hire the Best Toolkit

www.TapThePotential.com/Toolkit

Get Ready for 2020!! Are you on track to creating a highly profitable, great place to work that lets you take a 4 Week Vacation™?

https://www.tapthepotential.com/assessment

This Can Be Used As A Strategic-Planning Tool!

Join Tap the Potential’s Exclusive Small Group Coaching Program:

Start your journey with us by taking our Assessment:
www.tapthepotential.com/assessment

Get Your 2020 Action Planner Now!

The Pumpkin Plan Action Planner 2020

https://www.tapthepotential.com/planner

Get Your FREE Wheel of Life Here!

https://www.tapthepotential.com/wheeloflife

Dr. Sabrina’s WEBSITE

Dr. Sabrina’s PODCAST –

PLEASE RATE & REVIEW!

For Resources & Tools from Sponsors – https://www.profitbydesignpodcast.com

Subscribe & Share Podcasts! – https://www.profitbydesignpodcast.com/podcasts/

Facebook Group: https://www.facebook.com/groups/ProfitByDesign/

Books Mentioned:

Get Sh*t Done: The Ultimate Guide to Productivity, Procrastination, and Profitability by Jeffrey Gitomer

Listen to the First Three Episodes of Dr. Sabrina’s End-of-Year Strategic Planning Series Here!

Part 1: Episode 67

Part 2: Episode 68

Part 3: Episode 69

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.