Sabrina Starling , PhD talks to Dr. Justin Trosclair, DC on A Doctor's Perspective Podcast

Discover the profit first system for doctors. Implementation, red flags, and we discuss onboarding staff to get A players. Dr. Sabrina Starling of Tap the Potential shares so many nuggets you can implement.

If you treat profit like a leftover you will never have profit and for many, not much of a salary neither. The business owner should not have to experience sleepless nights worrying about paying their personal expenses.

Profit First in a nutshell.

· Bank accounts: Income, Profit, Owner’s Compensation, Taxes, and Operating Expenses· Tax and profit accounts at a different bank to make it more delineated and harder to spend· When you make a sale money goes to said accounts as follows: Taxes 15%, profit 15%, salary 25%, expenses 45-55%. (For 250-1m of revenue)· For sub 250k: Taxes 15%, profit 5%, salary 30%, expenses 45-55%.· Take 50% of amount in the profit account as a dividend quarterly.· Rainy day / emergency fund· Cutting expenses, up to a certain point

The owner salary can eventually be a set dollar amount instead of percent because when the business makes enough money, you want to pay yourself in more tax advantage ways than to just keep it a percent.You can only cut a certain amount of expenses before you start letting key members of staff go or reducing marketing that is important.

How do we deliver more value so we can charge more for our services. Hint: part of finding that balance is niching down.

What mind-shift and best practices do we need to go from a sales- expense = profit model to the profit first model of sales- profit = expenses.?

Some profit does have to be reinvested into the business, how do we know when enough is enough?She has the Tap The Potential Solution to handle implementing Profit First, On-boarding, and more business coaching needs.Owner salary is for the work they do in the business and the profit is your compensation for the entrepreneurial risk you bear.

Line Of Credit

Don’t forget that a Rainy Day fund or Emergency Fund does need to be in place. Cash is king as they say and it really helps you to get a bank loan or line of credit for operating expenses or equipment purchases when the bank sees a cash reserve. Plus, they usually wont give you enough money without you putting up a certain percentage.

Onboarding Employees

What are the 5 components to hire the best and actually trust the employees so you can unplug for a week or two?What do employees most want so they stick around: coffee, sleeping pods, money, autonomy, the best micro manager?

Best Ways to Train New Employees so we Hire the Best

Why are task flow videos not quite the best way to train your new staff? Instead of videos to save you time, listen to her view on setting goals as to what makes an A List employee a year from now.

Hire with a clearly defined role and someone who has the personality strengths to achieve the goals of that role. Then identify a clearing defined result that they are responsible for. Train this person for 1 clear role. For a receptionist it could be answering the phone for new patients and rescheduling.

How do we become the Employer of Choice even If you are in a Rural Area?Where do the A players hang out: online and offline? What values in a person are you looking for?

Marriage and Kid tip: have blocked out time with your loved ones with no electronic devices.

Show notes can be found at