123: Strategic Planning Series: Designing for Profit in 2021

At Tap the Potential, we are keenly aware that your business is happening within the context of your life, and what a challenging year 2020 has presented for many of us, both professionally and personally. Tap the Potential’s year-end tradition for our clients in the Better Business, Better Life™ program is to take them through in-depth strategic planning to prepare for the year ahead—helping them build a business that gives them their life back. We are all eagerly looking forward to a much better experience in 2021, so we are bringing you a four-part series around strategic planning. Please join Dr. Sabrina and her co-host, Mike Bruno, on this fourth and final part of this series with some questions to consider in determining what goes into budgeting and planning, so that you can build profit right into your business. This is our gift to you, and we sincerely hope that you find value in this experience. Profit by Design is a Tap the Potential Production in collaboration with Small Business Consulting Group. Show Highlights: If you haven’t done so yet, Dr. Sabrina invites you to download the Strategic Planning Workbook to use as a reference tool as you follow along and work through this special series. Since all good strategic planning begins by taking a business and personal well-being inventory, Dr. Sabrina also encourages you to take the FREE assessment for immediate feedback regarding how your business is currently set up to support your quality of life and to understand which parts of your business need to be addressed and strengthened. Dr. Sabrina discusses the Survival Trap Image from the workbook and how the day-to-day decisions we make have long-term ramifications. Designing for profit includes considerations such as health insurance, life insurance, building a retirement for the entrepreneur, personal development, coaching, and training for example. Ask yourself what you need to be better compensated in your business. Dr. Sabrina addresses the feelings of guilt around raising prices to reflect the true value of services provided. There is a chart that shows what sort of percentage you should be targeting for profit that is based on business revenues. This chart, called “Profit First Target Allocation Percentages,” can be found near the end of the Strategic Planning Workbook. What can you be doing for your top clients that can make them see tremendous value in what you're delivering for them? Make this your opportunity to design your business for profit in 2021 and beyond! Links and Resources: Strategic Planning Series Ep 1 of 4: Building Your Resiliency Strategic Planning Series Ep 2 of 4: A Gift to Yourself Exercise Strategic Planning Series Ep 3 of 4: Design Your Compelling Business Vision to Support Your Life BUY THE BOOK ON AMAZON: How to Hire the Best: The Entrepreneur's Ultimate Guide to Attracting Top-Performing Team Members by Dr. Sabrina Starling PhD How to Hire the Best Toolkit COURSE: How to Hire the Best Taking care of yourself is important now more than ever. Are you ready to take your life back from your business? The FIRST STEP is taking our Assessment at: https://www.tapthepotential.com/assessment NEXT, meet with our Success Team Lead to debrief your results. THEN, join our Better Business, Better Life™ program. Dr. Sabrina’s WEBSITE Dr. Sabrina’s PODCAST - PLEASE RATE & REVIEW! Profit by Design, a Tap the Potential production in collaboration with Small Business Consulting Group For Resources & Tools from Sponsors - https://www.profitbydesignpodcast.com Subscribe & Share Podcasts! - https://www.profitbydesignpodcast.com/podcasts/ Facebook Group: https://www.facebook.com/groups/ProfitByDesign/ Are You Leading with Love or Know Another Entrepreneur Who Is Being a Gift from Their Gifts During This Time? Please use hashtags #leadwithlove #beagift and we will be re-posting these social media posts! Books Mentioned: How to Hire the Best: The Entrepreneur's Ultimate Guide to Attracting Top-Performing Team Members by Dr. Sabrina Starling PhD How to Hire the Best: The Rural Business Owner's Ultimate Guide to Attracting Top Performing Employees by Dr. Sabrina Starling PhD How To Hire The Best: The Contractor’s Ultimate Guide to Attracting Top Performing Employees by Dr. Sabrina Starling PhD Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine by Mike Michalowicz The Pumpkin Plan: A Simple Strategy to Grow a Remarkable Business in Any Field by Mike Michalowicz