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.
- 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:
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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