70: Designing for Profit in 2020

<p>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.</p> <p>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”.</p> <p> </p> <p>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.</p> <p> </p> <p><strong>Show Highlights:</strong></p> <p> </p> <ul> <li>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.</li> <li>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.</li> <li>It’s hard to find money to attract A-players when you have tight cash flow.</li> <li>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.</li> <li>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.</li> <li>Budgets for traveling to conferences often get overlooked, as do retreats. Retreats should not be treated as a luxury.</li> <li>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.</li> <li>It’s critical as business owners to invest in ourselves to get that higher level support.</li> <li>Investments in training and development should be bringing a return on the investment and