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.

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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!