Jan 9, 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
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
- 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
- Dr. Sabrina and Mike share some tips about what has worked for
them in reaching their goals.
Links and Resources:
Book!! How to Hire the Best - Contractors
How to Hire the Best 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
This Can Be Used As A Strategic-Planning
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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