149: Little Known Secrets to Building a Profitable Business with Christine Rico

Hi, Profit Designers! As we at Tap the Potential gear up for a number of special, upcoming projects, we’re taking this time to bring you some of our most popular episodes from the vault! We hope you enjoy it, and we’ll be back with new episodes for you very soon!  Dr. Sabrina sits down with her guest, Christine Rico, to shed some light on things that we may not be thinking about in our business that have a pretty significant impact on whether or not we’re building a profitable, sustainable business. Christine Rico is a good friend and colleague of Dr. Sabrina. She is the owner of CFO On Speed Dial and a fellow Profit First Professional. Christine is a financial consultant, business growth expert, and social entrepreneur who got her start in financial management while keeping the books for Cooperative Home Care Associates in the Bronx, NY more than 20 years ago. The Cooperative was then a start-up and is now the country’s largest worker-owned business. At CFO On Speed Dial, Christine and her team help business owners set and reach financial goals and build companies that are making healthy, sustainable food products, installing renewable energy systems, and growing high-impact consulting businesses. Christine works with companies to improve profitability, craft expansion plans grounded in the company’s overall goals and vision, and get the cash that businesses need to grow. She is on a mission to close the gender-revenue gap by helping women-owned companies accelerate growth. Profit by Design is a Tap the Potential Production in collaboration with Small Business Consulting Group. Show Highlights: The “Gender Revenue Gap”: While there is growth in the number of companies owned by women, the percentage of revenue that these women-owned companies bring in is appalling. Growing your company in incremental steps for the short term may be reality, but you have to know where you’re going. If you don’t have a big dream that you’re aiming for, it’s really hard to get outside of the day-to-day and what you think you can accomplish next. What is your big dream? What impact would it have if your business is bigger? Christine shares her vision and the impact she hopes for, with CFO on Speed Dial. Christine recommends reading Profit First by Mike Michalowicz for structure in how you think about cash in your business and gives an overview of her five fundamentals needed in order to move to the next level in business. Dr. Sabrina shares her own personal story about her introduction to the Profit First philosophy. The distinction between social impact and charitable giving and some ways we might be thinking about these in our business. Ideas on how to measure impact. Christine describes the role of a CFO. Checklist of infrastructure needed to scale a business. Links and Resources: American Express Annual Report on the State of Women-Owned Business How to Make Your Time Worth $10,000 an Hour Register your A-Player team members for Tap the Potential’s Leadership Bootcamp: www.TapThePotential.com/Leadership NEW! Facebook Group: Entrepreneurs Take Your Life Back! Upon joining, you’ll get access to exclusive, free, mini-trainings from Dr. Sabrina, including the Better Business, Better Life™ jumpstart, as well as the “How to Hire the Best” jumpstart! No charge to join! Let’s get to know each other! 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/ Books Frequently Mentioned: The 4 Week Vacation by Dr. Sabrina Starling PhD - COMING OCTOBER 2021! 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 Fix This Next: Make the Vital Change That Will Level Up Your Business by Mike Michalowicz