Apr 16, 2020
Natural selection: What does this mean for us as entrepreneurs?
Many businesses are in a constant state of survival, and that’s
never been more apparent than observing the current impact of the
coronavirus and its impact on business.
Some businesses will not make it through this time; some will
come out battered and bruised—but stronger; and some will come out
On today’s show, Dr. Sabrina and Mike explore the importance of
creating a sustainable business from Day One. They discuss what we
can do to get our businesses through this time and come out
stronger. Listen in for some strategies that can help you weather
this (and any) storm.
Profit by Design is a Tap the Potential production in
collaboration with Small Business Consulting Group.
- Mike shares the definition of “natural selection” and applies
it to the business world.
- Dr. Sabrina shares acceptable modes of competition, the danger
of competing on price, and the importance of building margins into
- Traditional thinking advised setting aside three months of cash
reserves, but current thinking is that six months is probably
- You should be able to answer “YES” to each of these questions:
- Are you bringing in work from your top clients?
- Are you doing work that aligns with your strengths?
- Is it work that can be systematized?
- Does this work align with your immutable laws?
- Does it move you closer to your vision?
- Some businesses are going through a “creative destruction”
right now, letting go of team members that are not a good fit,
creating a culture that they want to implement going forward,
- Dr. Sabrina explains the 80/20 principle, which involves
focusing on increasing business from our top 20 percent of our
clients that are responsible for 80 percent of the revenue in the
business, and the financial impact it can have.
- There are a lot of business owners who incorporate Profit
First, who have been in a good cash position coming into this
crisis. As business slows down, they may find it tempting to stop
Profit First until after the crisis has passed, but now is
the time to ramp up your good habit, NOT stop it.
- Dr. Sabrina addresses business owners who entered this pandemic
crisis with debt and have added more debt.
- Dr. Sabrina and Mike discuss options for struggling business
- Powerful questions to consider when projecting into the future:
- What do we think is going to be happening four months from
- Which competitors of mine will be gone four months from
- What opportunities does that create for us as a team?
- What kind of clients would we want to go after that our
competitors served, but we could serve better?
- What team members would we need to go after that kind of
- After this crisis, people will not want to go back to grinding
it out. They will want to be much more intentional about quality
time with family and integrating that time with work better.
Businesses will also implement virtual work more readily than ever
- Maintain good habits, pay attention to getting clarity around
sustainability, and stay focused.
Links and Resources:
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Profit by Design, a Tap the Potential production in
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The Game of Work: How to
Enjoy Work as Much as Play by Charles A. Conrad
Profit First: Transform
Your Business from a Cash-Eating Monster to a Money-Making
Machine by Mike Michalowicz