0:00
Wouldn't it be absolutely amazing to have team members who are your strategic thinking partners
0:07
who think like entrepreneurs who understand the importance of profitability and want to make
0:13
the decisions that take exceptional care of your clients and customers and support the sweet spot
0:19
growth of the business? That would be amazing, wouldn't it? Well, this is what we teach your high
0:26
performers or, as we like to call them, your A-players to do in leadership boot camp.
0:32
Our next leadership boot camp course is forming now and spots are filling quickly. Head on over
0:39
to tapthepotential.com-leadership and get your A-players signed up. Get some thinking partners
0:47
who take things off your plate. We are objective observers of what's going on in their business.
0:54
We can look over their shoulder and we can point out, hey, your nose down looking over here,
0:58
but are you paying attention to this situation here that's impacting your profitability and
1:03
undermining everything you're doing right here? So let's solve the bigger problem first before
1:09
you go into the weeds and solve this other problem that you're working on.
1:19
Is your work supporting your life or is it the other way around? If you're ready to take
1:24
your life back from your business, pay yourself more and grow your profit. You're in the right
1:29
place. 94% of our clients in our Better Business Better Life program are achieving our promised result
1:35
of more time for what matters most and more money in your bank account than ever. You get to be
1:41
a fly on the wall as Melissa and I give you a glimpse of our secret sauce for making this happen.
1:47
You're listening to The Profit by Design podcast hosted by Tapthepotential lead strategist and
1:52
chief dream officer Melissa Kay. With me, Dr. Sabrina Starling,
1:56
Tapthepotential founder, The Business Psychologist, TEDx speaker, and author of the International
2:01
Best Selling Series, How to Hard the Best, and the Fully Vacation. But let's go.
2:08
You know how you get into your business and you work really hard to get it going.
2:13
And then as you start succeeding, the business just takes over your entire life.
2:19
So you want to grow the business, but you can't work anymore and you're already feeling
2:25
completely exhausted and stretched. And you're just tired of being the fixer. I'm sure you can
2:32
relate to this. Dr. Sabrina, just the business owner that is the one with the fallbot
2:37
plan and who just holds everything together. Well, I want to share with you today that you are not
2:44
alone. And if you're like most of the business owners that we work with, you have some great
2:50
revenue coming in, yet you're not profitable. You're struggling to make payroll. You're struggling
2:56
to attract profitable clients that you actually enjoy working with. And this is why Dr. Sabrina
3:03
created the Tapthepotential solution, which is a step by step, very simple framework that
3:10
increases your profitability while you work less hours, so that you can take your life back
3:17
from your business. And that is our mission. We want to make sure that you have a better life.
3:22
And this is why on average, our clients experience a 716 percent increase in time off, 215 percent
3:32
increase in profit, and 55 percent increase in owner's pay. And on average, in less than 12 months,
3:42
just imagine. So Dr. Sabrina, our research with the Better Business Better Life assessments
3:49
shows that nine out of 10 entrepreneurs are burning out. And here's the mind-blowing fact that
3:57
we have proven is that working less and with fewer clients will actually increase your profitability.
4:06
And this is because limits enforce innovation and creativity. And this is how our team, our entire
4:12
team at Tapthepotential all work 25 hours a week or less. And the coolest thing that I love to do,
4:22
the first amount for working the business owners is shave off 10 hours a week. Can you imagine
4:29
just shaving off in the next four weeks, 10 hours to free you up? Imagine all of the possibilities.
4:37
And we track these results. This is very rare in the coaching industry. It's just unheard of
4:43
that in the first year, 95 percent of our clients are achieving our promised result.
4:49
Our net promoter score, which is our client satisfaction score is 93 percent. And 94 percent
4:56
of our clients renew with us for a second year. So we live something exciting to share with you today.
5:05
We would love to meet with you and get live coaching time in with you in our upcoming jump start.
5:13
You can join our jump start, which kicks off on April 7th. And we are going to walk you through
5:19
step by step exactly how to free up 10 hours a week, pay yourself an extra $50,000 this year,
5:27
and take an extra week off of vacation. So we're going to tell you more about that at the end of our
5:32
episode. But we do want to give you the sign up link because what are you losing by not jumping
5:38
on this opportunity with Dr. Sabrina myself head over to tap the potential.com or slash jump start
5:45
and sign up today. So Dr. Sabrina, I just want you to jump in here and tell us why is it that
5:52
most small business owners hit a growth plateau? Oh my goodness, this is such. It's almost a universal
6:00
phenomenon where we grow these businesses and so much of our human nature as individuals go into
6:10
the business. So the business becomes a reflection of our strengths and our weaknesses. And we all
6:16
have strengths and weaknesses. So whatever you're good at, the business is going to excel in that.
6:20
But wherever you have blind spots or Achilles heels, the business is going that's going to start to
6:26
plateau the business. So that is one of the reasons for a business plateau. And what that really
6:33
speaks to is we cannot do this alone. I am someone who loves to read and I consume learning when I have
6:42
an endeavor that's a goal that's important to me. So whenever I was starting tap the potential
6:47
and it was starting to grow, I was reading all the business books. I was going on webinars. I was
6:52
following all the thought leaders and listening, taking in all their advice. And I quickly saw
6:59
that while there were thought leaders out there giving good advice because I didn't have a cohesive
7:04
structure to put that advice into, I was doing things and I wasn't necessarily doing them in the
7:10
right order. And some things I was doing was we're conflicting with other things. So one thought
7:15
leader recommended this and I would go do that and another thought leader recommended that. So I
7:19
and nothing was coherent. And so that's where when I really started diving into working with our
7:25
clients and developing the tap the potential solution, I saw there was a real need for taking
7:31
the best business strategy that is out there that is proven that works for growing small businesses
7:38
and putting it into the tap the potential solution, but putting it in order so that we know,
7:44
okay, we've got to do one, two, three. And if we do step four, before we do step one,
7:51
we're working in the wrong areas in our business where we have problems that we're allowing to
7:56
exist at the top level that continue to create problems in other areas of our business. So
8:02
the top of the potential solution is such a good tool because it totally simplifies this for us
8:08
business owners. And the other piece is that as we start adding team members, we want to be
8:13
intentional to hire team members who have strengths that are different from our strengths so that
8:20
they can compensate for our Achilles heels in our blind spots. But we don't do that. We will go out
8:29
when we start hiring. We're nationally drawn to people who are like us. So we hire people who
8:34
are like us and then no surprise the problems in the business just magnify and magnify. So that's
8:40
just a couple of reasons the plateau and the business. Another big reason for the plateau in the
8:47
business is the revenue needed to grow. So as we start growing, we have to hire more team members
8:55
because the business very quickly gets to a point where it's beyond I can individual do. And so it
9:02
takes money and payroll. So the payroll starts growing as the business grows and payroll is the
9:08
biggest expense. And there's a lot of hidden costs in payroll. One of the biggest hidden costs is
9:15
if you're hiring C players and they're just average stand-around team members who are waiting to be
9:20
told what to do. Like they show up and they do the things that they make mistakes. There's rework
9:26
and they require all this guidance. Well, you think, okay, that's just costing me a paycheck. Oh no,
9:32
it's costing you way more than their paycheck. It's costing all the benefits that you're paying them,
9:38
the taxes that you're paying on them, plus the cost of the mistakes and the rework. But what is
9:43
also lacking is they're not contributing anything strategically to the growth of the business. They
9:49
are not thinking how do I increase this business's profitability. They're not thinking about the
9:54
sweet spot of the business. They're not thinking about how to use their strengths to serve the sweet
9:58
spot of the business. So all of that brain power is absent in the business and that is a cost.
10:05
And that keeps you the business owner stock. And so the profitability in the top of potential
10:12
solution, step number one, is design your business to be sustainably profitable. Every decision
10:20
moving forward is around profitability of the business because if the business isn't profitable,
10:25
it's going to go under. And so business is plateau because expenses grow faster than the revenue
10:34
comes in when you're in a growth phase. So this is something that most business owners try to think
10:41
their way out of on their own. And again, it's not something you need that strategist looking over
10:48
your shoulder who can see the blind spots. That's why our clients love us so much. That's why they
10:53
stay with us year over year because we are objective observers of what's going on in their business.
11:01
We can look over their shoulder and we can point out, hey, your nose down looking over here,
11:05
but are you paying attention to this situation here that's impacting your profitability and undermining
11:11
everything you're doing right here? So let's solve the bigger problem first before you go into the
11:17
weeds and solve this other problem that you're working on. That is the value of having a business
11:24
strategist on your team serving the business and making sure that you aren't buying into and acting
11:32
from your blind spot. And that's really, it's our blind spots that are the number one reason for
11:39
we work very hard to free uptime and mental capacity for our business owners and we help you get
11:48
out of your head. So right now you are probably feeling like your own own island and you're
11:54
spending your wills and spending a lot of time just overthinking maybe a team member who is not
12:01
performing or a client who is a PETA client, you know, those pain in the assets clients who are
12:07
really not profitable and we shortcut all of that for you. We help you get out of your head,
12:13
make decisions that are profitable for the business and help you stay focused on the things that
12:19
are most important. And one of our clients shared that, you know, there's some level of burnout
12:27
for most of our clients as they come into our program and within a couple of months with working
12:32
with one of our clients, Dr. Sabrina, he shared, you know, I just no longer feel burned out,
12:38
not having to continue to go through this alone and just having a strategist to show up and ask him,
12:44
how might I support you and just help him think through things has completely changed his mindset.
12:50
And he's just sure that alone is worth the investment of coaching with us and that the
12:55
better business, better life program. And what I'm seeing now that he's experiencing his regular
13:00
vacations and he's falling back in love with his business and he's leveling up his business,
13:04
doing things that he had dreamed of before but wasn't able to accomplish. So Dr. Sabrina speak to
13:12
like that hidden reason that revenue doesn't lead to profit always. So most business owner,
13:20
entrepreneurs are like, oh, this is my revenue and it sounds great. But really, just because they
13:25
have a high revenue doesn't mean they're actually profitable. No. And this is, we go into this
13:32
in such depth on day two and the jumpstart Melissa and I love it because it is so eye opening for our
13:39
jumpstart participants when they realize this. So we have a variety of different types of revenue
13:46
that come into our business. Some of it is profitable and a lot of it is not profitable revenue.
13:52
So if we apply the 80, 20 principle, that means 20% of our clients and customers are responsible
13:59
for 80% of our revenue. So 20% on average across your number may be a little bit different,
14:06
maybe it's 25% or maybe it's 15% of your clients that are responsible for 80% of your revenue.
14:13
But if we flip this around, the inverse of it means that 80% of our clients and customers
14:20
are only responsible for 20% of the revenue. And in the jumpstart on day two, we take our participants
14:26
through an exercise where they list out their clients by revenue. And it is so eye opening when
14:34
they see the list and number of clients that are responsible for 20% of the revenue, the 80% of
14:43
those clients that are responsible for just that 20% of the revenue. And then they start looking
14:48
at that list and the cringe moments happen because they look at the names on that list and they
14:54
recognize those names Melissa because often those are the pita clients and customers, the pain
15:00
and the assets. And then they see how little revenue they actually contribute individually to
15:06
the business. And that is the big eye opener because we put all this time and effort into
15:13
fixing their issues, responding to their complaints. They spend very little money in the business,
15:18
but they have these big needs and big demands on us and our team. And it is a huge just from an
15:26
energy perspective. It is a huge energy trainer for the business owner and the team members.
15:31
It is one of the biggest contributors to burn out when business owners aren't paying attention
15:35
to this. And so in the jumpstart, we teach away so that you can start adjusting your focus in the
15:42
business around the top 20% that are responsible for 80% of the revenue. But what is even more interesting
15:52
is in the jumpstart, I reveal a hidden secret. It is just a simple mathematical calculation.
15:59
But when you make this one shift, you actually don't have to bring in any more clients and
16:07
customers into the business in the next year. But you can increase the revenue from your top clients
16:13
and customers and replace the revenue from your bottom 80% of clients and customers that are
16:21
only contributing 20% to the revenue. So it is a very simple mathematical secret that I reveal
16:27
in the jumpstart for how to do this. But this is the key to working less and having fewer clients
16:34
and customers in the business, but they are more aligned with your sweet spot. They are more aligned
16:39
with what you and your team can deliver on from your strengths as a team. And it creates ease.
16:46
And that ease is where our business owners and our Better Business Better Life program really
16:52
start shifting out of the survival trap and moving into a place of thriving. Because things that
17:01
were hard six months ago are no longer hard. They are gone. They're no longer part of what the
17:08
business owner and the team is having to deal with. Like we've just taken that off their plate.
17:12
Their revenue has either increased or stayed the same, but profit is steadily increasing. And
17:20
that means the business owner is able to pay themselves more. And there's more cash reserve
17:25
building up in the business. And that's where the peace of mind really started. Man, and we hear
17:31
it time and time again, most of the clients in our Better Business Better Life program just a few
17:36
months into working with us. Like their stress is just falling off because of these simple strategic
17:43
ships. I experienced that just this week. So one of our newest clients came into our jumpstart
17:51
that we just had. And she's been in business for almost 20 years, complete plateau with her revenue
17:58
in her capacity. So she began her work in the jumpstart and identified her top clients.
18:06
And then we continued that into coaching sessions. And this is mind-blowing.
18:11
They're looking at her top clients, looking at her current revenue the last time she had
18:17
increases. What was possible just by me helping her open her mind into what's actually possible?
18:25
We've created a system to almost double her revenue and give her a full day off without
18:34
meeting with clients. It's creating a sustainable business, allowing her to grow that most
18:39
importantly, it's giving her the life that she's dreamed of. Absolutely. You know, Melissa,
18:45
one of the things that I think is so unique about what we do at Top the Potential is we are not
18:52
like typical business coaches. Typically when you hire a business coach, you are getting thrown into
18:58
hustle culture. They want you to do more, more, more to generate more revenue. When you come
19:06
in at Top the Potential, we never say do more. We tell you what to stop doing because it's
19:13
ineffective. And we tell you what to intentionally do more of, which is what you're already doing.
19:20
And that's the beauty. Like you don't have to do more. We take away the things that are ineffective
19:27
and say put a little more intention over here because this is what's really getting you results
19:33
and profit. And that allows for the freed up time and the experience of things coming off the
19:40
business owners plate immediately. Yeah, that's what she shared. She shared, I've hired coaches
19:46
for years and I have never had the kind of support from you and Dr. Sabrina. She's reading
19:52
a four week vacation book. And you know, it's really opening up her mind to what's possible and how
19:59
she should be thinking. But I'm going to give you tough love. I'm going to challenge you.
20:05
And we're going to get to the core of really what's important to you. And then I'm not going to
20:09
sugar code it. And also it's a simple step by step solution. So you're not doing it alone. These
20:16
are simple steps. And one of the very first thing that we start with in our Better Business Better
20:21
Life program is your profit first assessment. So we take a look at what your profit actually is,
20:29
what your profit percentages should be, help you get set up with profit first. And we do a deep
20:34
dive into your expenses. And that is your one of the first wins that you experience because
20:40
immediately you're going to free up some money. So it's incredible to see how quickly our clients
20:46
just aren't able to breed again and experience success. And that's how we get you to those
20:54
milestones in that first year. So Dr. Sabrina, if you could just share one last gold nugget as we
21:01
wrap up about why business owners are plateauing. And what's one action that they could take today?
21:08
Do less like really look at what is on your plate for today and to ask yourself what's the one
21:18
thing that I can do today that is going to have the greatest impact in terms of making everything
21:24
else easier or unnecessary. That will drive the profitability of this business. So what is the
21:31
one thing I can do today that makes everything else easier or unnecessary. And that drives the
21:37
profitability of the business. When you identify that one thing, do that one thing. That is your
21:42
$10,000 an hour activity for today. And the other things are if you get to them, you get to them,
21:50
but they're not important. And that really shifts how we are in reactive fighter flight mode as
21:58
business owners trying to just knock out that list of all the things that we've got to do. And
22:02
that's where we start becoming more strategic. And so beyond that, sign up for the jump start.
22:08
Because then when you're in the jump start, you get Melissa me showing you what your $10,000
22:12
an hour activities are. You no longer have to guess because it's hard when you're in the fighter
22:17
flight mode and that adrenaline is coursing through your body. It is hard to make a strategic
22:22
decision about all the things that are in front of me today. What is going to be the most
22:25
profitable and what makes everything else easier or unnecessary. So let us support you. So get into
22:30
the jump start. Go to tap the potential dot com for slash jump start and sign up.
22:35
Great friends. Thank you so much for tuning in today. We will see you next week on the
22:39
proper design podcast. Thank you for spending time with us. Experience the power of high
22:44
accountability from business strategists who own businesses and have coached thousands of
22:49
entrepreneurs to take their lives back from their business. We get what it's like to be in your shoes.
22:55
Our guarantee more time for what matters most and more money in your bank account than ever.
23:01
Ready to join us in our Better Business Better Life program and experience this for yourself?
23:06
Book a call with us at tapthepotential.com. Let's go.
23:14
Hey there. Don't forget leadership boot camp is forming now. Get your A-Player signed up.
23:20
Head on over to tapthepotential dot com forward slash leadership. Turn your A-Players into your
23:26
strategic thinking partners who are taking one thing after another off your plate. You don't have
23:33
to do this alone anymore.