Are You Getting Sucked Into the ‘Profit Black Hole?’

slide1Have you been noticing how difficult it is to be profitable as your business grows? If you’re like me, when you started out in business, you probably thought that “one day” you’ll actually make more than you spend—that you’ll actually be profitable.

Yet, for some reason, that day never comes. Your business grows, but so do expenses. You keep getting by paycheck to paycheck.

This is actually very common in businesses below $5 million in revenue. In fact, business owners in this range are very vulnerable to being sucked into the ‘Profit Black Hole’ where no matter how much revenue increases, costs increase even more.  Why is this?

PAYROLL!

Typically payroll is your largest expense. Most small businesses have employees on the payroll  who, for one reason or another, are just not productive enough to make your business profitable.

It all goes back to your hiring process.

Most small business owners follow traditional hiring practices.

You might be surprised to learn that traditional hiring practices set us up to mis-hire 75% of the time. That means that most likely, if you have 4 employees, 3 of those employees are not a good fit and not productive enough for you to be profitable.

If you continue to use traditional hiring practices as your business grows, the cost of mis-hiring grows exponentially with each new employee you add to your payroll. So, here you are, adding new employees to the payroll to keep up with the growing demand for your product or service. Yet, if you are mis-hiring, you end up with a lot more ‘employee’ headaches, and a payroll that is an expense, rather than an investment.

I’ve been studying employee productivity in small business for years now and I’ve noticed there is one area in your business that when you improve it…can have a significant impact not just on your profit, but also on YOUR enjoyment and satisfaction in being a small business owner.

What is it?

Learning how to attract and hire top performing employees.

It’s actually a simple skillset, yet so many business owners struggle here.  That’s why I’m excited to be offering my new MASTERCLASS:

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There are still some seats left.
Click here to claim yours now!

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I hope you’ll be joining us!

  Sabrina_blog picDr. 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

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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.