Little Known Secrets to Building a Profitable Business with Christine Rico

In keeping with the theme of “Designing for Profit in 2020”, Dr. Sabrina sits down with her guest, Christine Rico, to shed some light on things that we may not be thinking about in our business that have a pretty significant impact on whether or not we’re building a profitable, sustainable business.

Christine Rico is a good friend and colleague of Dr. Sabrina. She is the owner of CFO On Speed Dial and a fellow Profit First Professional. Christine is a financial consultant, business growth expert, and social entrepreneur who got her start in financial management while keeping the books for Cooperative Home Care Associates in the Bronx, NY more than 20 years ago. The Cooperative was then a start-up and is now the country’s largest worker-owned business. At CFO On Speed Dial, Christine and her team help business owners set and reach financial goals and build companies that are making healthy, sustainable food products, installing renewable energy systems, and growing high-impact consulting businesses. Christine works with companies to improve profitability, craft expansion plans grounded in the company’s overall goals and vision, and get the cash that businesses need to grow. She is on a mission to close the gender-revenue gap by helping women-owned companies accelerate growth.

Show Highlights:

  • Christine and Dr. Sabrina discuss a recent blog post of Christine’s, which celebrates growth in the number of companies owned by women but highlights the appalling percentage of revenue that these women-owned companies bring in. This is what she calls the “Gender Revenue Gap”.
  • Growing your company in incremental steps for the short term may be reality, but you have to know where you’re going.
  • If you don’t have a big dream that you’re aiming for, it’s really hard to get outside of the day-to-day and what you think you can accomplish next.
  • What is your big dream?
  • What impact would it have if your business is bigger?
  • Christine shares her vision and the impact she hopes for with CFO on Speed Dial.
  • Christine recommends reading Profit First by Mike Michalowicz for structure in how you think about cash in your business and gives an overview of her five fundamentals needed in order to move to the next level in business.
  • Dr. Sabrina shares her own personal story about her introduction to the Profit First philosophy.
  • The distinction between social impact and charitable giving and some ways we might be thinking about these in our business.
  • Ideas on how to measure impact.
  • Christine describes the role of a CFO.
  • Checklist of infrastructure needed to scale a business.

Links and Resources:

Blog post mentioned

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Book Mentioned:

Profit First: Transform Your Business from a Cash Eating Monster to a Money-Making Machine by Mike Michaowicz

Connect with Christine!

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Christine’s Gender Revenue Gap Blogpost

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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.