Podcasts about sales profit expenses

                                    Listen in as Erin and Rocky discuss: Focusing on leverage by identifying where minimal effort can yield maximum results Integrating life and business in order for clients to design their lives around their values and aspirations Focusing on internal satisfaction over external milestones Understanding the math of business via the Profit First philosophy in order to ensure sustainable growth How to evaluate the risks and rewards of scaling and being willing to pivot when something isn't working …and much more!                                           About Rocky Lalvani is the Profit Answer Man. He teaches them how to ensure they get paid and make profit a priority! As a certified Profit First Professional he implements Mike Michalowicz's Profit First System.  We change the accounting formula of Sales - Expenses = Profit to Sales - Profit = Expenses.  This ensures Profit comes first! (PS. It's not about money at all costs, people come before money!) Rocky started with nothing when his parents immigrated to the United States when he was two years old, and his parents were in their 40's. It was his parents' second time starting over in life as they moved here to experience the American dream. In spite of a lot of struggles and his mom passing away when Rocky was 7, he has been able to achieve financial and life success. Rocky loves to share his journey and inspire others to achieve their dreams even faster. How to Connect With Rocky Website: https://profitcomesfirst.com/ https://richersoul.com/ LinkedIn: https://www.linkedin.com/in/rocky-lalvani/ Facebook: https://www.facebook.com/ProfitComesFirst/ Instagram: https://www.instagram.com/profit_answer_man/

QFF: Quick Fire Friday – Your 20-Minute Growth Powerhouse! Welcome to Quick Fire Friday, the Grow A Small Business podcast series that is designed to deliver simple, focused and actionable insights and key takeaways in less than 20 minutes a week. Every Friday, we bring you business owners and experts who share their top strategies for growing yourself, your team and your small business. Get ready for a dose of inspiration, one action you can implement and quotable quotes that will stick with you long after the episode ends! In this episode of Quick Fire Friday, host Michael Denehey interviews Mike Michalowicz, author and keynote speaker, and discusses his revolutionary Profit First methodology. Highlighting the pitfalls of traditional profit models, Mike shares actionable insights on prioritizing profit to transform businesses and improve financial health. His approach is based on channeling behavior rather than discipline, offering solutions that resonate with small business owners globally. A standout success story involves a struggling horse farm in Australia, where adopting Profit First not only turned profitability around but also strengthened the owners' personal relationships. Other Resources: Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine Key Takeaways for Small Business Owners: Prioritize Profit First: Flip the traditional profit formula from "Sales - Expenses = Profit" to "Sales - Profit = Expenses." By setting aside profit first, you ensure your business operates within its true financial means. Set Up a Profit Account: Create a dedicated bank account for profit. Even allocating just 1% of your revenue to this account builds the habit and ensures consistent profitability over time. Automate Cash Management: Use Parkinson's Law to your advantage by allocating funds into specific accounts (e.g., profit, owner's pay, taxes). Automation minimizes temptation and ensures disciplined cash flow management. Our hero crafts outstanding reviews following the experience of listening to our special guests. Are you the one we've been waiting for? Reward Yourself as the Owner: Separate your wages for working in the business from profit, which is your reward for taking the risk of starting and running the business. Celebrate even small victories to stay motivated. Profitability Over Debt Dependency: Profitability is the key to eradicating debt. Allocate a portion of your profit to pay off debt while rewarding yourself with a small percentage to maintain morale. Start Small, Start Now: Don't wait for the perfect moment to implement change. Begin with small, manageable steps like opening a profit account and allocating a small percentage of revenue. Gradually scale up as you adjust to the system. One action small business owners can take: One action small business owners can take, according to Mike Michalowicz, is to set up a profit account and allocate at least 1% of every revenue deposit into that account. This simple step helps build the habit of prioritizing profit and ensures that, over time, your business will start to accumulate funds for growth and financial security. This action doesn't require changing your business operations but establishes a crucial financial discipline that can lead to long-term success. Do you have 2 minutes every Friday? Sign up to the Weekly Leadership Email. It's free and we can help you to maximize your time. Enjoyed the podcast? Please leave a review on iTunes or your preferred platform. Your feedback helps more small business owners discover our podcast and embark on their business growth journey.

The real estate industry is full of promise and potential, but navigating its complexities can often feel like running a never-ending race. If you're a real estate investor looking to break free from the constraints of traditional financing and maximize your profits, you're in the right place. In a recent episode of the "Raising Private Money" podcast, Jay Conner and David Richter dive deep into the transformative strategies that have not only kept them in the game but made them leaders in the field. Let's unpack their insights on raising private money and implementing Profit First principles.Raising Private Money: A Game-ChangerUnderstanding Private MoneyPrivate money refers to funds sourced from private individuals rather than traditional financial institutions like banks. This method of raising capital has become increasingly popular among real estate investors due to its flexibility, speed, and accessibility. According to Jay Conner, known as the Private Money Authority, raising private funds allows investors to operate under their own terms, becoming both the borrower and the underwriter.David Richter's JourneyDavid Richter, an expert real estate investor and the author of "Profit First for Real Estate Investing," shares his personal experience with raising private money. His entry into real estate began with traditional financing methods. However, after realizing the limitations and high out-of-pocket expenses, Richter pivoted to private money through his networks—family, friends, and specifically, high-net-worth individuals.Effective Strategies for Raising Private MoneyNetworking Groups: One of the most effective strategies discussed was the power of networking. Richter emphasizes the importance of joining local Real Estate Investment Associations (REIAs), masterminds, and even specialized meetups like "Investor Addicts" or "Captains of the Deal" cruises. These platforms bring together lenders and investors, opening avenues for funding and collaboration.Building Credibility: Jay Conner and David Richter stress vetting potential lenders and showcasing your own credibility. Maintaining transparency and demonstrating a strong knowledge of what you plan to do with your money instills confidence, making lenders more willing to invest.Implementing Profit First: Maximizing Your EarningsThe Profit First PhilosophyThe core idea behind the Profit First methodology is deceptively simple: pay yourself first. Traditional accounting often follows the formula: Sales - Expenses = Profit. Instead, the Profit First approach flips this on its head, proposing: Sales - Profit = Expenses. This shift ensures your business not only generates revenue but also secures and grows profit from day one.Creating a Cash Flow SystemRichter's real-life expertise is underscored by his work in company finance, where he helps businesses identify and stem financial leaks. By implementing the Profit First system, businesses allocate their income into several predetermined buckets, such as:Profit Account:Ensuring a portion of every sale goes directly into profit.Owner's Compensation:Paying yourself adequately.Taxes:Setting aside money to avoid tax season panic.Operational Expenses:Budgeting what's left to maintain and grow the business.OPM Account:Other People's Money, which safeguards investment funds from operational expenditure.This structured cash flow system not only promotes financial health but also provides clarity, fostering better decision-making.Avoiding Common Financial PitfallsDavid Richter points out that many real estate investors fall into the trap of associating business growth solely with more deals, often neglecting the financial health of their company. The most common mistake, he su

Welcome to Episode 159 of "Let's Talk Money and More"! I'm your host, Lesley Thomas, and today we have a fascinating discussion lined up with our special guest, Rocky. In this episode, we'll explore some pressing financial topics, from the UK's end-of-financial-year spending pressures to essential tips for managing excess funds in the US.Rocky shares his profound insights on how maintaining financial security can lead to personal contentment and how he's transitioned to a lifestyle focused on enjoying life, maintaining health, and personal growth. We dive into the psychological aspects of money, exploring how societal pressures and historical factors influence our financial behaviors. Rocky also sheds light on the Profit First principle, a game-changing approach that prioritizes building cash reserves for businesses, ensuring long-term stability and success.Whether you're an entrepreneur struggling with cash flow issues or simply someone eager to improve your financial literacy, this episode is packed with practical advice and thought-provoking discussions. Tune in, and let's learn how financial health can pave the way for a richer, more satisfying life. Don't forget to like and share if you find our conversation valuable!Key Takeaways:End-of-Year Spending vs. Building Reserves (UK Focus): We discussed the pressure UK businesses face to spend remaining budgets before the financial year ends. Rocky highlighted the importance of building cash reserves instead of wasteful spending.Psychology of Money: Discover the impact of financial literacy (or lack thereof) on self-confidence and business success. We explored how deep-seated beliefs and money stories influence financial behavior and decision-making.Profit First Method: Rocky shared the transformative principle of "Sales - Profit = Expenses" over the traditional model. This simple yet powerful shift can help businesses prioritize profitability and build financial resilience.Connect with Rocky LalvaniLinkedin: https://www.linkedin.com/in/rocky-lalvani/Website: https://profitcomesfirst.com/Podcast: https://profitanswerman.libsyn.com/Connect with Lesley ThomasFREE Resources www.themoneyconfidenceacademy.com/resources/My website www.themoneyconfidenceacademy.com/Join my Facebook Group www.facebook.com/groups/letstalkmoneyandmoreYoutube channel www.youtube.com/@themoneyconfidenceacademyFollow me on Instagram www.instagram.com/lesleythomascoaching/Connect with me on LinkedIn www.linkedin.com/in/lesley-thomas Hosted on Acast. See acast.com/privacy for more information.

Our guest today is Rocky Lalvani of Profit Comes First. Rocky is a profit specialist. He helps small, owner-led businesses figure out ways to increase profitability. He does this strategically with a perspective that comes from doing this for a long time and for many companies.  Rocky Lalvani serves as Chief Profitability Adviser for business owners. He teaches owners how to ensure they get paid and make profit a priority.  As a certified Profit First Professional, he implements Mike Michalowicz's Profit First System. We change the accounting formula of Sales - Expenses = Profit to Sales - Profit = Expenses. This ensures Profit comes first! However, it's not about money at all costs, people come before money!) After listening to today's episode, visit Rocky's website to get two free chapters of "Profit" by Mike Michalowicz.   

Rocky Lalvani is the Profit Answer Man. He teaches them how to ensure they get paid and make profit a priority! As a certified Profit First Professional he implements Mike Michalowicz's Profit First System. We change the accounting formula of Sales - Expenses = Profit to Sales - Profit = Expenses. This ensures Profit comes first! (PS. It's not about money at all costs, people come before money!) Rocky started with nothing when his parents immigrated to the United States when he was two years old, and his parents were in their 40's. It was his parents' second time starting over in life as they moved here to experience the American dream. In spite of a lot of struggles and his mom passing away when Rocky was 7, he has been able to achieve financial and life success. Rocky loves to share his journey and inspire others to achieve their dreams even faster.

Explore the intersection of financial empowerment and entrepreneurial success with Rocky Lalvani, the Profit Answer Man. From overcoming cash flow struggles to implementing Profit First Systems, gain invaluable insights and practical tips to elevate your business profitability on this engaging podcast episode.   More about Rocky: Rocky Lalvani is the Profit Answer Man. He teaches them how to ensure they get paid and make profit a priority! As a certified Profit First Professional he implements Mike Michalowicz's Profit First System.  We change the accounting formula of Sales - Expenses = Profit to Sales - Profit = Expenses.  This ensures Profit comes first! (PS. It's not about money at all costs, people come before money!)  Rocky started with nothing when his parents immigrated to the United States when he was two years old, and his parents were in their 40's. It was his parents' second time starting over in life as they moved here to experience the American dream. In spite of a lot of struggles and his mom passing away when Rocky was 7, he has been able to achieve financial and life success. Rocky loves to share his journey and inspire others to achieve their dreams even faster.   Connect with Rocky:  https://profitanswerman.libsyn.com/   ------------------------------------------------------------------ Want more Business Choreography?  Check out… Business Choreography Website  Join The Business Choreography Group  Text Us "CHOREO NOW" To Get Started: 385-442-7188   Need the tech to build your Business Choreography? Check out.... ChoreoSuite

Episode 90 discusses Profit Comes First with Rocky Lalvani.Based out of Harrisburg, PA., Rocky Lalvani serves as Chief Profitability Adviser for business owners.  He teaches them how to ensure they get paid and make profit a priority!  As a certified Profit First Professional, he implements Mike Michalowicz's Profit First System. He states, we change the accounting formula of Sales - Expenses = Profit, to Sales - Profit = Expenses.  This ensures Profit comes first!  And, it's not about money at all costs, people come before money! Rocky started with nothing when his parents immigrated to the United States when he was two years old, and his parents were in their 40's.  It was his parents' second time starting over in life as they moved here to experience the American dream.  Despite a lot of struggles and his mom passing away when Rocky was 7, he has achieved financial and life success. Rocky loves to share his journey and inspire others to achieve their dreams even faster.The Business of Business, topics are divided into 4 Categories: Management, Operations, Sales, and Financial. Target Audience is Business Owners, C-Level Executives, Management, and anyone considering starting a business. Support the showHelping You Run a Successful Profitable Business !For Business Consulting or to be a Podcast Guest - Contact me at: www.bcforg.comLinkedIn: https://www.linkedin.com/in/brian-fisher-72174413/

Rocky Lalvani joins the CIBL Podcast to discuss his business, Profit Comes First. As a business owner, you've probably know that Sales - Expenses = Profit. With this formula, many business owners end up with very little income or profit at the end of month, causing many small businesses to fail or feel squeezed. Rocky's profit formula is very different from the typical mindset. Rocky says Sales - Profit = Expenses. By putting your profit FIRST, your margins will begin to grow. How does this work? Tune in to find out!! Profit Comes First: https://profitcomesfirst.com/ Profit Answer Man Podcast: https://profitanswerman.libsyn.com/

Mike Michalowicz is the Best Selling Author of "Profit First" (REPLAY)Conventional accounting uses the logical (albeit, flawed) formula: Sales - Expenses = Profit. The problem is, businesses are run by humans, and humans aren't always logical. Serial entrepreneur Mike Michalowicz has developed a behavioral approach to accounting to flip the formula: Sales - Profit = Expenses. Just as the most effective weight loss strategy is to limit portions by using smaller plates, Michalowicz shows that by taking profit first and apportioning only what remains for expenses, entrepreneurs will transform their businesses from cash-eating monsters to profitable cash cows. Using Michalowicz's Profit First system, readers will learn that:· Following 4 simple principles can simplify accounting and make it easier to manage a profitable business by looking at bank account balances.· A small, profitable business can be worth much more than a large business surviving on its top line.· Businesses that attain early and sustained profitability have a better shot at achieving long-term growth.Want To Quit Your Job, Build Your Own Business, And Travel / Impact The World?Check Out The Action Academy Community / Schedule A Free Intro CallLearn How To Buy Real Estate & Businesses In 5 Minutes Per Week:Join Our Weekly Newsletter Follow Me As I Travel & Build:Twitter @theactionpodIG @brianluebbenTiktok @brianluebben

Our guest today is Rocky Lalvani of Profit Comes First. Rocky is a profit specialist. He helps small, owner-led businesses figure out ways to increase profitability. He does this strategically with a perspective that comes from doing this for a long time and for many companies.  Rocky Lalvani serves as Chief Profitability Adviser for business owners. He teaches owners how to ensure they get paid and make profit a priority.  As a certified Profit First Professional, he implements Mike Michalowicz's Profit First System. We change the accounting formula of Sales - Expenses = Profit to Sales - Profit = Expenses. This ensures Profit comes first! However, it's not about money at all costs, people come before money!) After listening to today's episode, visit Rocky's website to get two free chapters of "Profit" by Mike Michalowicz.   

Mike Michalowicz is the Best Selling Author of "Profit First" Conventional accounting uses the logical (albeit, flawed) formula: Sales - Expenses = Profit. The problem is, businesses are run by humans, and humans aren't always logical. Serial entrepreneur Mike Michalowicz has developed a behavioral approach to accounting to flip the formula: Sales - Profit = Expenses. Just as the most effective weight loss strategy is to limit portions by using smaller plates, Michalowicz shows that by taking profit first and apportioning only what remains for expenses, entrepreneurs will transform their businesses from cash-eating monsters to profitable cash cows. Using Michalowicz's Profit First system, readers will learn that:· Following 4 simple principles can simplify accounting and make it easier to manage a profitable business by looking at bank account balances.· A small, profitable business can be worth much more than a large business surviving on its top line.· Businesses that attain early and sustained profitability have a better shot at achieving long-term growth.https://mikemotorbike.comAre you wanting to: Make More Money (Passively & Actively) ? Find Peers, Mentors, Partners, and Friends (Like YOU) ? Replace your 9-5 Salary through real estate and business acquisition within six to twelve months? If So - Click the Link below and let's chat for 15 minutes. I'll coach you for free:Apply For The Action Academy CommunityFor Frameworks, Freedom Tips, and Millionaire Financial Breakdowns:Join Our Weekly Newsletter Twitter @theactionpodIG @brianluebbenTiktok @brianluebben

Is it possible for real estate investors to increase their profits with a fractional CFO? The answer is yes. Fractional CFOs can significantly reduce risk and increase profit margins for real estate investors in a number of ways. What is a fractional CFO? The CFO is the Chief Financial Officer and fractional means part-time. A Fractional CFO is a way to utilize the CFO's skills at a fraction of the full CFO price tag. In this episode, Toby Mathis, Esq, of Anderson Business Advisors welcomes David Richter, Founder and Owner of SimpleCFO. David empowers business owners to make more profit and live life on their terms with the SimpleCFO Fractional CFO program. He is also the author of “Profit First for Real Estate Investing.” Toby and David discuss the benefits of incorporating a CFO into your real estate investing business. David has an interesting range of solutions that will help investors increase their business revenue, owner's pay, cash reserves, and more! Highlights/Topics: David's background as an investor, and starting a fractional CFO What a Chief Financial Officer (CFO) does 3 reasons investors need these services The “hope and pray plan” and comparison system Making money is easy - what to do next is the hard part Profit first, allocating bank accounts for taxes, etc. Sales - Profit = Expenses with the Profit First system Getting clarity around how much you actually need to keep SimpleCFO's structure and meeting schedule with clients At what point should you get in touch with SimpleCFO? Click the link below Resources Download the FULL Ebook of Profit First For Real Estate Investing https://simplecfo.com/anderson/ Anderson Advisors https://andersonadvisors.com/ Toby Mathis on YouTube https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ

Get ready to take your accounting firm to new heights with the 'Building the Premier Accounting Firm' podcast! In this episode, your host Roger Knecht sits down with Rocky Lalvani, entrepreneur and profitability advisor, to discuss all things related to fractional CFO and advisory services. Rocky shares his unique definition of fractional CFO and advisory services, as well as what led him to offer these services in the first place. He dives into his 'Profit First' philosophy, explaining how it complements his CFO and advisory services. By utilizing his accounting formula, 'SALES - PROFIT = EXPENSES', Rocky empowers businesses to prioritize profit and achieve sustainable growth. In addition to discussing the 'Profit First' philosophy, Rocky sheds light on the Parkinson's law and how it applies to business. He also delves into the behaviors and habits that accountants can help their clients change to better understand their businesses. He outlines the steps to implementing the profit first philosophy and how he complements it to achieve even greater success. But the conversation doesn't stop there! Rocky also shares his insights into the future of accounting and what he sees as the key trends and changes on the horizon. If you're looking to take your accounting firm to new heights, you won't want to miss this insightful and engaging conversation with Rocky Lalvani.   Your Host: Roger Knecht, president of Universal Accounting Center Guest Name: Rocky Lalvani, EA Rocky Lalvani serves as Chief Profitability Adviser for business owners with his business, Profit Comes First.. He teaches them how to ensure they get paid and make profit a priority! As a certified Profit First Professional he implements Mike Michalowicz's Profit First System.  We change the accounting formula of Sales - Expenses = Profit to Sales - Profit = Expenses.  This ensures Profit comes first! (PS. It's not about money at all costs, people come before money!)   Rocky started with nothing when his parents immigrated to the United States when he was two years old, and his parents were in their 40's. It was his parents' second time starting over in life as they moved here to experience the American dream. In spite of a lot of struggles and his mom passing away when Rocky was 7, he has been able to achieve financial and life success. Rocky loves to share his journey and inspire others to achieve their dreams even faster.   Sponsors: Universal Accounting Center ●        Helping accounting professionals confidently and competently offer quality accounting services to get paid what they are worth.   Offers: Learn how to organize your finances to reach financial independence faster. freefinancialself.com/UAC Get a FREE copy of these books all accounting professionals should use to work on their business and become profitable.  These are a must-have addition to every accountant's library to provide quality CFO & Advisory services as a Profit & Growth Expert today: ●        “Red to BLACK in 30 days – A small business accountant's guide to QUICK turnarounds” – the how-to-guide e-book for accounting professionals ●        “in the BLACK, nine principles to make your business profitable” – e-book ●        Profit First - Transform your business from a cash-eating monster to a money making machine using this proven system. Offer CFO and Advisory services with confidence and competence following the Universal Business Builder process.  As a certified Profit & Growth Expert you will help your clients apply the principles of Profit First & Value Builder as you apply the CFO Project processes.    For Additional FREE Resources for accounting professionals check out this collection HERE!   Be sure to join us for GrowCon, the LIVE event for accounting professionals to work ON their business. This is a conference you don't want to miss.   Remember this, Accounting Success IS Universal. Listen to our next episode and be sure to subscribe.   Also, let us know what you think of the podcast and please share any suggestions you may have.  We look forward to your input: Podcast Feedback   For more information on how you can apply these principles to start and build your accounting, bookkeeping & tax business please visit us at www.universalaccountingschool.com or call us at 8012653777 

Here's what you'll learn in this episode:Why it's more important to focus on the bottom line, than the top lineWhy we have the wrong equation for profitabilityHow do most business owners manage their financesWhat Parkinson's law is, and how to use it to our advantageHow to implement Profit FirstWhy "spend money to make money" is the wrong messageRocky Lalvani serves as Chief Profitability Adviser for business owners. He teaches them how to ensure they get paid and make profit a priority! As a certified Profit First Professional he implements Mike Michalowicz's Profit First System. We change the accounting formula of Sales - Expenses = Profit to Sales - Profit = Expenses. This ensures Profit comes first! (PS. It's not about money at all costs, people come before money!)Rocky started with nothing when his parents immigrated to the United States when he was two years old, and his parents were in their 40's. It was his parents' second time starting over in life as they moved here to experience the American dream. In spite of a lot of struggles and his mom passing away when Rocky was 7, he has been able to achieve financial and life success. Rocky loves to share his journey and inspire others to achieve their dreams even faster.Follow Rocky:https://profitcomesfirst.com/https://www.linkedin.com/in/rocky-lalvani/https://twitter.com/rockylalvaniGet the weekly show updates and occasional freebies delivered straight into your inbox. Sign up here. Follow the Constructive Liberty podcast and join in the conversation:Telegram channelTelegram groupMeweFB pageYT channelOdysee channelRumbleConstructive Liberty website Here's a few ways you can support the show:Share the show with a friendLeave us a 5-star review: Apple, Google, Spotify, Stitcher, PodchaserUnderstand yourself and others a little better, learn the why and how behind the things people do, with a

Are you looking to take control of your business finances and make your business more profitable? In this episode, Rocky Lalvani shares his insights on how businesses can remain profitable by utilizing the “drip” method. Learn about creating an income account, allocating funds into different accounts such as operating expenses, taxes, and profits, and using the “drip” method for controlling your finances. Tune in now to learn more about how you can increase profitability for your business! About Our Guest Rocky Lalvani started with nothing when his parents immigrated to the United States when he was two years old, and his parents were in their 40s. It was his parents' second time starting over in life as they moved here to experience the American dream. In spite of a lot of struggles and his mom passing away when Rocky was 7, he has been able to achieve financial and life success. Rocky loves to share his journey and inspire others to achieve their dreams even faster. If you want to add the business part: Rocky serves as Chief Profitability Adviser for business owners. He teaches them how to ensure they get paid and make profit a priority! He implements Mike Michalowicz's Profit First System as a certified Profit First Professional. We change the accounting formula of Sales - Expenses = Profit to Sales - Profit = Expenses. This ensures Profit comes first! (PS. It's not about money at all costs; people come before money!) Connect with Rocky Facebook - https://www.facebook.com/ProfitComesFirst/ Instagram - https://www.instagram.com/richer.soul/ Twitter - @rockylalvani Connect with Tiffany Facebook: Money Talk With Tiff Twitter: @moneytalkwitht Instagram: @moneytalkwitht LinkedIn: Tiffany Grant  

Yes Profit Comes First when you are doing it right! Check out this fun and engaging episode with special guest  Rocky Lalvani, MBA, EA Chief Profitability OfficerRocky serves as Chief Profitability Adviser for business owners. He teaches them how to ensure they get paid and make profit a priority! As a certified Profit First Professional he implements Mike Michalowicz' s Profit First System.  We change the accounting formula of Sales - Expenses = Profit to Sales - Profit = Expenses.  This ensures Profit comes first! (PS. It's not about money at all costs, people come before money!)  Rocky started with nothing when his parents immigrated to the United States when he was two years old, and his parents were in their 40's. It was his parents' second time starting over in life as they moved here to experience the American dream. In spite of a lot of struggles and his mom passing away when Rocky was 7, he has been able to achieve financial and life success. Rocky loves to share his journey and inspire others to achieve their dreams even faster. rocky@lalvani.net https://profitcomesfirst.com/ His podcast:  https://profitanswerman.libsyn.com/Here are 4 ways you can achieve business growth and BEYOND Common Success.1. Get the Beyond Common 12 Essentials for Success in Life and the Workplace book. 2. Take your business to the next level Enroll in   BEYOND Common Success Essentials Course  today!https://www.beyondcommonbusinesssecrets.com/BCSE3. Send us an email  with your wish list and book Tracey to speak at your next big event support@traceywattscirino.com4. Take your personal business growth assessment to see if you are a good fit for one of our Beyond Common Business masterminds or group coaching programs.  Are you ready to get off the overwhelm hamster wheel? You're in the right place. Welcome to the Beyond Common Business Secrets Podcast with Tracey Watts Cirino . To learn more about Tracey and beyond Common Coaching and Training Co. go to www.TraceyWattsCirino.com Ready to gain the confidence to charge what you're really worth? Join us in the BEYOND Common Success Essentials TrainingTo learn more go to https://www.beyondcommonbusinesssecrets.com/BCSEStay Connected on Social

In today's episode, we have a guest that can help you take your business from non-profitable or somewhat profitable, to Profit First! Rocky Lalvani serves as Chief Profitability Adviser for business owners. He teaches them how to ensure they get paid and make profit a priority! As a certified Profit First Professional, he implements Mike Michalowicz's Profit First System. They change the accounting formula of Sales - Expenses = Profit to Sales - Profit = Expenses. This ensures Profit comes first! (PS. It's not about money at all costs, people come before money!) Rocky started with nothing when his parents immigrated to the United States when he was two years old, and his parents were in their 40's. It was his parents' second time starting over in life as they moved here to experience the American dream. Despite a lot of struggles and his mom passing away when Rocky was 7, he has achieved financial and life success. Rocky loves to share his journey and inspire others to achieve their dreams even faster. Topics include: Implementing Profit First (this book and the author Mike Michalowicz has a large following and I am certified to share the information on Profit First) How to ensure you have a growing and more profitable business. Understanding Business Finances. Managing Cashflow and Profitability. Why your accounting reports don't tell you what you need to know http://richersoul.com https://profitcomesfirst.com/ https://www.linkedin.com/in/rocky-lalvani/ --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app

Rocky Lalvani serves as Chief Profitability Adviser for business owners. He teaches them how to ensure they get paid and make profit a priority! As a certified Profit First Professional he implements Mike Michalowicz's Profit First System.  We change the accounting formula of Sales - Expenses = Profit to Sales - Profit = Expenses.  This ensures Profit comes first! (PS. It's not about money at all costs, people come before money!) What problem do you solve? He helps businesses to have increased cash flow, more profit, and continue to grow in inappropriate way. Show Notes: Mike Michalowicz is the author of Profit First Mike realized we have the wrong equation for profit. We look at the top line given by the accountants. Mike created a cash flow system that works for business owners. It help people figure out what's going on in their business without opening up their accounting books. Sometimes the accountant says you were profitable but you don't see the money. You may be profitable but not have the cash to pay the tax bill. With the Profit First system you take every dollar that comes into the business and you give it a job. You put your money in separate accounts. You go to your tax account to pay your tax bill. When you want use your profits, you go to the account that has your profit in it and you can actually see it. Parkinson's law says that a business will use all the time and money allocated to it. The 80:20 rule says 20% of what you do creates 80% of the results. Also, 40% of what you do creates 96% of the results. So that means 60% of what you are doing is useless. You need to think about what you are doing and what you should not do. If you are grinding you are not being efficient. Islands of Profit in a Sea of Red Ink: Why 40 Percent of Your Business Is Unprofitable and How to Fix It by Jonathan Byrnes — He says 20-30 % of what a company does makes over 100 % of the profit, 30-40% loses money and the rest breaks even. You must take the time to understand your business. You need to slow down and really look at your business. Rocky gives input on his podcast: Profit Answer Man Rocky Lalvani‘s Best Small Business Tip At the end of the day you have to understand your financials. Use resources if you need to. Connect with Rocky: Website: ProfitComesFirst.com Twitter Instagram LinkedIn Learn more about Gary's Mastermind group at goascend.biz/the-mastermind-solution

Our guest today is Rocky Lalvani of Profit Comes First. Rocky is a profit specialist. He helps small, owner-led businesses figure out ways to increase profitability. He does this strategically with a perspective that comes from doing this for a long time and for many companies. Rocky Lalvani serves as Chief Profitability Adviser for business owners. He teaches owners how to ensure they get paid and make profit a priority. As a certified Profit First Professional, he implements Mike Michalowicz's Profit First System. We change the accounting formula of Sales - Expenses = Profit to Sales - Profit = Expenses. This ensures Profit comes first! However, it's not about money at all costs, people come before money!) After listening to today's episode, visit Rocky's website to get two free chapters of "Profit" by Mike Michalowicz.

My guest in this episode knows what entrepreneurs and small business owners need to do to make their businesses profitable. He knows the ins and outs of making businesses stay afloat through economic challenges. He is none other than Rocky Lalvani, Chief Profitability Adviser for Business Owners and certified Profit First Professional. Rocky ensures that entrepreneurs and business owners get paid, and making a business profitable is his top priority. He implements Mike Michalowicz's Profit First system, where they change the accounting formula of Sales - Expenses = Profit to Sales - Profit = Expenses which ensures that Profit comes first. Rocky immigrated to the United States with his parents when he was two years old. It was his parents' second time starting over in life as they moved here to experience the American Dream. Rocky loves to share his journey and inspire others to achieve their financial dreams even faster. Whether you are a Business Owner struggling to understand the health of your business or an employee wondering how you can make more money, this episode is for you. Bottom line: Rocky Lalvani is going to tell us why and how to put Profit First.   Your roadside friend, as you travel from client to client.  -Trace    Timestamps:  Events in Water Treatment [01:33] Self-improvement is a journey [05:30] Introducing “Profit First” Guru, Rocky Lalvani [08:29] Building wealth with Profit First [11:18] Knowing and understanding your Financials  [14:26] Creating the 5 Spending Buckets [20:10] Using the Profit First System as an employee [28:06] How to start building wealth [33:16] Lightning round questions [38:48] Thinking On Water With James [45:56]   Thinking On Water With James: In this week's episode, we're thinking about the mass balance around a steam boiler system. By mass balance, I'm talking about how much water is going into a steam boiler system compared to how much is going out. The two should be equal. What should be included, though? It depends upon where you draw your circle around the system. A typical circle may only include makeup and condensate return going in with steam and blowdown going out. But what about the water demands of pretreatment equipment? Drawing the circle a little bigger may also include softener regeneration wastewater, reverse osmosis reject, raw makeup, lost condensate, steam leaks, leaking feedwater pumps, and more. Have you drawn a diagram of your steam boiler system with all the ins and outs shown? Take this week to think about the mass balance around your steam boiler system.    Quotes: “CPAs and accountants tell business owners that your Sales - Expenses = Profit. With Profit First, we do Sales - Profit = Expenses.” - Rocky Lalvani “Build a business the way you want to live your life.” - Rocky Lalvani “Where is your money going?” - Rocky Lalvani “The 12-month Balance Sheet is where your money is. It's the true picture of the health of your company.” - Rocky Lalvani “You can be profitable and growing, and go out of business because of bad cash flow” - Rocky Lalvani “Start small. Build a habit. Profit is a habit, not an event.” - Rocky Lalvani “Control your costs. Create efficiencies.” - Rocky Lalvani “If you are not keeping up with your cost of goods going up, you are in trouble. Be proactive, not reactive when it comes to adjusting pricing to supplies, shipping, and fuel surcharges.” - Rocky Lalvani “You don't need more resources, you need to be more resourceful.” - Rocky Lalvani “The number one reason Profit First fails is because the person didn't start doing it.” - Rocky Lalvani “The Entrepreneurial Operating System (EOS) is a wonderful way to systematize your business.” - Rocky Lalvani   Connect with Rocky: Phone: (717) 469-5449 Email: rocky@profitcomesfirst.com Website: profitcomesfirst.com LinkedIn:  in/rocky-lalvani company/profit-comes-first Podcasts:  Profit Answer Man Podcast Richer Soul   Links Mentioned:   Profit First Overview Profit First Mike Michalowicz Profit Answer Man Podcast Richer Soul The Savannah Bananas  The Rising Tide Mastermind Iron Sharpens Iron Mastermind Inc Magazine Submit a Show Idea AWT (Association of Water Technologies)   Events: PWX 2022: Ready and Resilient (Public Works Expo) – August 28 to 31 in Charlotte, North Carolina AWT 2022 Business Owner's Meeting – September 20 in Vancouver, Canada  International Desalination Association World Congress – October 9 to 13 in Sydney, Australia    Books Mentioned: Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine by Mike Michalowicz  Traction: Get a Grip on Your Business by Gino Wickman The Christian Man: A Conversation about the 10 Issues Men Say Matter Most by Patrick Morley The Ultimate Coach by Amy Hardison Life Force: How New Breakthroughs in Precision Medicine Can Transform the Quality of Your Life & Those You Love by Tony Robbins   

Would you like to know a simple system for ensuring your business always has enough cash on hand? In this episode you will learn: 1. How Rocky Lalvani's profit-first philosophy can help business owners become more profitable. 2. The importance of having systems and processes in place to manage growth effectively. 3. How allocating money to a profit account can help ease anxiety around tax time. Rocky Lalvani serves as Chief Profitability Adviser for business owners. He teaches them how to ensure they get paid and make profit a priority! As a certified Profit First Professional, he implements Mike Michalowicz's Profit First System. We change the accounting formula of Sales - Expenses = Profit to Sales - Profit = Expenses. This ensures Profit comes first! (PS. It's not about money at all costs, people come before money!) Rocky started with nothing when his parents immigrated to the United States when he was two years old, and his parents were in their 40s. It was his parents' second time starting over in life as they moved here to experience the American dream. In spite of a lot of struggles and his mom passing away when Rocky was 7, he has been able to achieve financial and life success. Rocky loves to share his journey and inspire others to achieve their dreams even faster.

Would you like to know a simple system for ensuring your business always has enough cash on hand? In this episode you will learn: 1. How Rocky Lalvani's profit-first philosophy can help business owners become more profitable. 2. The importance of having systems and processes in place to manage growth effectively. 3. How allocating money to a profit account can help ease anxiety around tax time. Rocky Lalvani serves as Chief Profitability Adviser for business owners. He teaches them how to ensure they get paid and make profit a priority! As a certified Profit First Professional, he implements Mike Michalowicz's Profit First System. We change the accounting formula of Sales - Expenses = Profit to Sales - Profit = Expenses. This ensures Profit comes first! (PS. It's not about money at all costs, people come before money!) Rocky started with nothing when his parents immigrated to the United States when he was two years old, and his parents were in their 40s. It was his parents' second time starting over in life as they moved here to experience the American dream. In spite of a lot of struggles and his mom passing away when Rocky was 7, he has been able to achieve financial and life success. Rocky loves to share his journey and inspire others to achieve their dreams even faster.

We often hear data on how much bad hire costs you and your company. About 3x the person's annual salary. But how much did the interview process itself cost? For a startup to make a hire, the company spends about 73 total hours interviewing. With the most significant cost being 30 hours of the production team's combined time. And this is assuming that 6 people make it through a full interview to get to the hire. We have to ask ourselves, can we really afford to lose almost 4 days of productive activity to interview? Roughly $9,855 per role, not including candidate marketing or recruiting fees.  As a small business, the answer is NO! Guest Bio: Rocky Lalvani of Profit Comes First, serves as Chief Profitability Adviser for business owners. He teaches them how to ensure they get paid and make profit a priority! As a certified Profit First Professional he implements Mike Michalowicz's Profit First System.   Rocky started with nothing when his parents immigrated to the United States when he was two years old, and his parents were in their 40's. It was his parents' second time starting over in life as they moved here to experience the American dream.  In spite of a lot of struggles and his mom passing away when Rocky was 7, he has been able to achieve financial and life success. Rocky loves to share his journey and inspire others to achieve their dreams even faster. Today we discuss: Why it is critical to understand what interviewing costs  How to maximize your team's time with structure Challenges today? Employees are the major cost for the business  Employee should provide a return for the business Return of Cost of person (taxes, unemployment)  Inefficiency does not show up anywhere on the p&l Wealth is built on the balance sheet! Why is this important to the company? Costs to the company hiring  Reduces morale Loose customer  Nobody is tracking interview or training costs  Hard costs that are very difficult to figure out As a client- doesn't want to do business with a company that hires wrong (leadership issue) Rick's Nuggets Team time waste! People who meet the team must be positioned properly Demonstrate strong leadership in protecting time How do we solve the problem?  Mission values purpose This is the step most business owners skip! Or in their head, but no one else knows Hire to it Have to live it Hire in alignment with mission, values, purpose Not who you like Having a interview process Understanding the real cost Bad Hire- Employee does not provide any value Mistakes  Morale for everyone else Lose clients/ client trust Example Costco vs. Sam's Gross profit / Total payroll including taxes For every $1 in payroll returns x$ in gross profit Measure & Know Need to be making at least 2X payroll It all comes back to leadership! We change the accounting formula of Sales - Expenses = Profit to Sales - Profit = Expenses.  This ensures Profit comes first! (PS. It's not about money at all costs, people come before money!) Rick's Nuggets Values - most important Protect time costs Structure interview Each step is a decision Only progress value aligned, well positioned & accomplished people Decisions must have evidence to back Eliminate uncertaintyAssign interview questions Prepare all for success  Key Takeaways that the Audience can plug into their business today! (Value): Is mission vision purpose written down & do your employees know it? Cost of a bad hire for you? How much profit do your employees bring you? Guest Links LinkedIn: https://www.linkedin.com/in/rocky-lalvani/ Company: https://profitcomesfirst.com/ LinkedIn: https://www.linkedin.com/company/profit-comes-first/ Twitter: https://twitter.com/rockylalvani Facebook: https://www.facebook.com/richersoul/ Instagram: https://www.instagram.com/richer.soul/?hl=en Blog: http://richersoul.com/ Podcast: https://podcasts.apple.com/us/podcast/profit-answer-man-implementing-the-profit-first-system/id1508245322 Host Links: LinkedIn: https://www.linkedin.com/in/rick-girard-07722/ Company: https://www.stridesearch.com/ Authored:  "Healing Career Wounds"  https://amzn.to/3tGbtre HireOS inquiry: rick@stridesearch.com Podcast: https://www.hirepowerradio.com YouTube: https://www.youtube.com/channel/UCeEJm9RoCfu8y7AJpaxkxqQ/featured Facebook: https://www.facebook.com/rick.girard.5 Twitter: https://twitter.com/rick_girard?lang=en Instagram: https://www.instagram.com/rickgirard1/?hl=en Show Sponsor: www.stridesearch.com

Rory is joined by Ron Saharyan, Co-Founder of Profit First Professionals and Co-Host of the Grow My Accounting Practice Podcast. Learn why the Profit First Methodology has helped over 650,000 businesses globally and how he and the organization are leading the charge to eradicate entrepreneurial poverty. Find out how a small shift in your business model from Sales – Expenses = Profit to Sales – Profit = Expenses can dramatically change your business and life. Discover the power of profit and how you can pay yourself, save for taxes, and have 3-6 months of core capital. Do you want to know what Parkinson's law, Stephen Hawking, and a tube of toothpaste have to do with running a business? Find out the answer to this and more in this Profit First episode! Email rory@arrowrootfamilyoffice.com and first 10 professionals will get a Profit First Book! Connect on LinkedIn: Connect with Ron Saharyan: https://www.linkedin.com/in/ron-saharyan-3846a8 Connect with Rory Henry: https://www.linkedin.com/in/rory-henry-0920b7150/ Profit First Professionals: https://profitfirstprofessionals.com/ Learn more about Arrowroot Family Office: https://www.arrowrootfamilyoffice.com/ https://wealthmanagementforward.com/ Resources: Book: https://mikemichalowicz.com/profit-first/

In this episode of Return on Podcast, Tyler and Rocky Lalvani explore the Profit First model for e-commerce sellers, raising financially educated kids, and why you should live and die by your Google calendar. Rocky Lalvani serves as Chief Profitability Adviser for business owners. He teaches them how to ensure they get paid and make profit a priority! As a certified Profit First Professional he implements Mike Michalowicz's Profit First System. We change the accounting formula of Sales - Expenses = Profit to Sales - Profit = Expenses. This ensures Profit comes first! (P.S. It's not about money at all costs, people come before money!) Rocky's website: http://profitcomesfirst.com/ Rocky's podcast: Profit Answer Man Also mentioned in this episode: Profit First - Mike Michalowicz Seller Accountant - https://www.selleraccountant.com Welcome to Return on Podcast, the show where we help e-commerce sellers improve their ROI in business and in life. Hosted by Tyler Jefcoat and in affiliation with Seller Accountant, Return on Podcast aims to leave listeners with new insights and actionable life and business hacks at the end of each episode.

Want to become financially free through real estate? Check out our eBook to learn how to jump start a cash flowing real estate portfolio here https://www.therealestateinvestingclub.com/real-estate-wealth-bookIn this episode of The Real Estate Investing Club I interview Rocky Lalvani, Rocky Lalvani serves as Chief Profitability Adviser for business owners. He teaches them how to ensure they get paid and make profit a priority! As a certified Profit First Professional, he implements Mike Michalowicz's Profit First System. We change the accounting formula of Sales - Expenses = Profit to Sales - Profit = Expenses. This ensures Profit comes first! (PS. It's not about money at all costs, people come before money!)Rocky is also a real estate investor and understands how to apply Profit First to different types of real estate investments including flips, rentals, wholesale and more.Rocky started with nothing when his parents immigrated to the United States when he was two years old, and his parents were in their 40's. It was his parents' second time starting over in life as they moved here to experience the American dream. In spite of a lot of struggles and his mom passing away when Rocky was 7, he has been able to achieve financial and life success. Rocky loves to share his journey and inspire others to achieve their dreams even faster. Rocky Lalvani is a real estate investor who has a great story to share and words of wisdom to impart to both beginning and veteran investors alike, so grab your pen and paper, buckle up and enjoy the ride. Want to get in contact with Rocky Lalvani? Reach out at .Enjoy the show? Subscribe to the channel for all our upcoming real estate investor interviews and episodes.************************************************************************GET INVOLVED, CONNECTED & GROW YOUR REAL ESTATE BUSINESSLEARN -- Want to learn the ins and outs of real estate investing? Check out our book at https://www.therealestateinvestingclub.com/real-estate-wealth-bookCONNECT -- Want to join one of the most active Facebook Groups for Real Estate Investors? Click here to join: https://www.facebook.com/groups/2940993215976264PARTNER -- Want to partner on a deal or connect in person? Email the host Gabe Petersen at gabe@therealestateinvestingclub.com or reach out on LinkedIn at https://www.linkedin.com/in/gabe-petersen/GROW -- Want for us to bring you leads and run your real estate digital marketing? Reach out to our partner agency at https://www.therealestateinvestingclub.com/off-market-lead-generation-servicesWATCH -- Want to watch our YouTube channel? Click here: https://bit.ly/theREIshowMASTERY -- Want to learn how to master your life by mastering your health, wealth, relationships and spirit? Check out our sister podcast, Pursuing Greatness, at https://www.pursuinggreatnesspodcast.com************************************************************************ABOUT THE REAL ESTATE INVESTING CLUB SHOWThe Real Estate Investing Club is a podcast and YouTube show where real estate investing professionals share their best advice, greatest stories, and favorite tips as a real estate investor. Join us as we delve into every aspect of real estate investing - from self-storage, to mobile home parks, to single fSupport the show (https://paypal.me/GabrielWPetersen?locale.x=en_US)

Rocky Lalvani serves as Chief Profitability Adviser for business owners. He teaches them how to ensure they get paid and make profit a priority! As a certified Profit First Professional he implements Mike Michalowicz's Profit First System. We change the accounting formula of Sales - Expenses = Profit to Sales - Profit = Expenses. This ensures Profit comes first! (PS. It's not about money at all costs, people come before money!)Rocky started with nothing when his parents immigrated to the United States when he was two years old, and his parents were in their 40's. It was his parents' second time starting over in life as they moved here to experience the American dream. In spite of a lot of struggles and his mom passing away when Rocky was 7, he has been able to achieve financial and life success. Rocky loves to share his journey and inspire others to achieve their dreams even faster.Profit Comes FirstRicher SoulBuild a business that feels good to you by forging genuine, meaningful relationships through podcasting. Learn more here.Find out more about the Path to Podcast Success here.

On this episode, Elisa Zhang interviews Rocky Lalvani, Founding Partner in RADFRC a real estate company that specializes in revitalizing properties in the greater Harrisburg area. Rocky Lalvani serves as Chief Profitability Officer for business owners. He teaches them how to ensure they get paid and they make profit a priority! As a certified Profit First Professional he implements Mike Michalowicz and Profit First System. They change the accounting formula of “Sales – Expenses = Profit” to “Sales – Profit = Expenses”. Hungry for more of the How in real estate investing? Visit www.ezfiuniversity.com for in-depth articles and webinar recordings to start down your own road to Financial Independence. 1. Listen and Learn on our Podcast, "10,000 Roads to Financial Independence": https://bityl.co/4l3z 2. Subscribe to our channel: https://ytube.io/3C4F 3. Check out more about Rocky: https://richersoul.com/ About Elisa Zhang: I am an owner and principal of over 1,000 apartment units across the USA. I'm an educator, an artist and a mother of two beautiful children. I am on a mission to help motivated individuals make money while they sleep and retire faster than they dreamed. What makes me so confident that I can guide someone to achieving this goal? It's the exact process I used to replace my annual full-time corporate income of over $200K. I came from the IT world and focused on leveraging the power of real estate investing to form passive streams of income that now funds my family's life, independent from working at a day job. Why not keep this all a secret for myself? Sharing the formula for Financial Independence is my way of showing gratitude and adding more value to the world. ⏰ Timestamps ⏰: 00:00 Introduction 02:20 Life experiences 04:48 Simplest ways to become a millionaire 07:12 Wealth generation tips and strategies 10:50 Tips to manage a Real Estate business 14:26 Living a life on purpose 16:40 Advice for wannabe entrepreneurs 21:50 KPI-driven business growth 26:08 How to build a product people need 30:02 Time is your most precious asset 31:50 The Entrepreneurial Mindset 33:58 Does the 80:20 rule work 36:30 Teaching your kids to be financially independent

Rocky Lalvani serves as Chief Profitability Adviser for business owners. He teaches them how to ensure they get paid and they make profit a priority! As a certified Profit First Professional, he implements Mike Michalowicz's Profit First System.  We change the accounting formula of Sales - Expenses = Profit to Sales - Profit = Expenses.  This ensures Profit comes first! (PS. It's not about money at all costs, people come before money!)

Rocky serves as Chief Profitability Adviser for business owners. He teaches them how to ensure they get paid and they make profit a priority! As a certified Profit First Professional, he implements Mike Michalowicz's Profit First System.  We change the accounting formula of Sales - Expenses = Profit to Sales - Profit = Expenses.  This ensures Profit comes first!

Rocky Lalvani joins Nancy to talk about his journey to finding a career he loves, podcasting and profitability. As part of his mission to open conversations about money, Rocky started a podcast and created an online course, which he explains in this episode. Rocky describes himself as an implementor, taking Mike Michalowicz's idea of a cash flow system for entrepreneurs and helping entrepreneurs learn how to use this system. Rocky also shares some resources for startups, small businesses and entrepreneurs. 3:35 – Rocky explains his self-development journey and figuring out what he really wanted to do – open up conversations about money. 8:13 – Nancy and Rocky talk about the importance of a podcast name. 11:38 – Rocky shares how his podcast has helped with his sales funnel. 15:48 – Rocky describes the Profit First cash flow system for entrepreneurs. 24:09 – Rocky talks about the balance of visionaries and implementors. 30:06 – Rocky shares some surprising information he learned about his clients on LinkedIn. 34:30 – Rocky describes why he created an online course. 38:50 – Rocky offers a book that has been helpful to him.   Quote “If I tell you I will teach you to be a millionaire in 10 years, nobody will buy that. If I tell you I will teach you to be a millionaire this weekend, everyone will throw money at you and they'll go broke. I can't do that. It's not what I believe. It's not with integrity. And through that journey, I came across this thing and I'm like, ‘What do you mean business owners don't look at their financials? How do you go into business and not understand the business of business?' – Rocky Lalvani, chief profitability officer at Profit Comes First.   Links: Profit First by Mike Michalowicz: https://www.amazon.com/Profit-First-Transform-Cash-Eating-Money-Making-ebook/dp/B01HCGYTH4 Profit Answer Man Podcast: https://profitanswerman.libsyn.com/ Retirement Answer Man Podcast: https://www.rogerwhitney.com/blog Podcast Answer Man: https://www.cliffravenscraft.com/podcasts/podcast-answer-man Rocket Fuel by Gino Wickman and Mark C. Winters: https://www.amazon.com/Rocket-Fuel-Essential-Combination-Business/dp/1942952317 Traction by Gino Wickman: https://www.amazon.com/Traction-Get-Grip-Your-Business/dp/1936661837 The E-Myth Revisited by Michael E. Gerber: https://www.amazon.com/Myth-Revisited-Small-Businesses-About/dp/0887307280 The Road Less Stupid by Keith J. Cunningham: https://www.amazon.com/Road-Less-Stupid-Keith-Cunningham/dp/0984659269   Activate the PR Maven® Flash Briefing on your Alexa Device.  Join the PR Maven® Facebook group.    About the guest:     Rocky Lalvani was shocked to learn most business owners don't look at their financial reports! Can you believe that? It has to do with our mindsets around money and also fear and shame. When he realized how much of a problem this was, he knew this was his purpose to help business owners be profitable. Rocky serves as chief profitability adviser for business owners. He teaches them how to ensure they get paid and make profit a priority! As a certified Profit First Professional, he implements Mike Michalowicz's Profit First System, where they change the accounting formula of Sales - Expenses = Profit to Sales - Profit = Expenses.  This ensures Profit comes first! (P.S. It's not about money at all costs, people come before money!) Rocky started with nothing when his parents immigrated to the United States when he was two years old, and his parents were in their 40s. It was his parents' second time starting over in life as they moved here to experience the American dream. Despite a lot of struggles and his mom passing away when Rocky was 7, he has been able to achieve financial and life success. Rocky loves to share his journey and inspire others to achieve their dreams even faster. Looking to connect:           Email: rocky@profitcomesfirst.com LinkedIn: https://www.linkedin.com/in/rocky-lalvani/ Twitter: https://twitter.com/rockylalvani Website: profitcomesfirst.com

Cash flow is like the heartbeat of your business and needs to be monitored. Real estate investors should manage and ensure cash flow and profitability correctly to be successful. Join JD and Melissa with their guest David Richter as they talk about the ‘Profit First' strategy - a system in which business owners take a percentage from each sale as profit. David has a proven solution that will ensure you never have to worry about money again! Stay tuned!   Here's what to expect on the podcast: How did David find his 'lightbulb moment' with business finance? What is the Profit First concept?  Sales – Profit = Expenses. Why cash management is key to business success? Why it's vital to review the progress of your business? - Think about longer-term and more strategic planning! The importance of knowing your numbers in your business. Are your numbers up to date? Practical steps that you're taking your profit first - specific bank accounts designated for your profitability! And much more!   About David Richter: David Richter is an active real estate investor who has closed over 850 deals and is the founder of Simple CFO Solutions, LLC.   He helps other investors to keep the profits they've earned, build cash reserves, and achieve true financial freedom.   His goal in life is to completely transform the Real Estate Investing industry by bringing true financial clarity and freedom to investors.   Connect with David! Websites: https://simplecfosolutions.com/profit-first-david-richter/ https://cfosolutions.com/ Facebook: https://www.facebook.com/thesimplecfo/ Instagram: https://www.instagram.com/simplecfosolutions/ LinkedIn: https://www.linkedin.com/company/simple-cfo-solutions/ Twitter: https://twitter.com/CFOSOLUTIONS   Connect with JD and Melissa! Website: https://therealestatejam.com/  Facebook: https://www.facebook.com/therealestatejam/  Instagram: https://www.instagram.com/therealestatejam/  YouTube: https://www.youtube.com/channel/UCa_CWAV1OvH81yp6fITB4lg Shorefront Investments: https://shorefront-investments.com/  Email: therealestatejam@gmail.com  

Profit First! That is the battle cry of Jason's guest in today's episode. David Richter is the author of the book Profit First for Real Estate Investing. Here he lays out the 'deceptively' simple plan to maximize your profits by 'paying yourself first' using the "Sales - Profit = Expenses" formula. Key Takeaways: [1:35] What is Profit First? [2:44] What is the Envelope System? [3:54] Types of Clients [4:30] Why this Mission? [6:44] The System [9:50] The Most Famous Real Estate Investor on Earth [11:10] Pay Yourself [12:45] REI Transfer Rhythm [14:16] Target Allocation Percentages [17:34] Build & Keep Reserves [21:55] The Collective with Ken McElroy Website: SimpleCFOsolutions.com _______________________________________________________ The WEALTH TRANSFER is happening FAST! Protect your financial future now! Did you know that 25% to 40% of all dollars ever created were dumped into the economy last year???  This will be devastating to some and an opportunity to others, be sure you're on the right side of this massive wealth transfer. Learn from our experiences, maximize your ROI and avoid regrets. Free Mini-Book on Pandemic Investing: https://www.PandemicInvesting.com Jason's TV Clips: https://vimeo.com/549444172  Asset Protection, Tax Savings & Estate Planning: http://JasonHartman.com/Protect  What do Jason's clients say? http://JasonHartmanTestimonials.com Easily get up to $250,000 in funding for real estate, business or anything else  http://JasonHartman.com/Fund  Call our Investment Counselors at: 1-800-HARTMAN (US) or visit www.JasonHartman.com Guided Visualization for Investors: http://jasonhartman.com/visualization

Start paying yourself first and making sure that YOU make money now.ABOUT ROCKYRocky serves as Chief Profitability officer for business owners. He teaches them how to ensure they get paid and they make profit a priority! As a certified Profit First Professional he implements Mike Michalowicz's Profit First System. We change the accounting formula of Sales - Expenses = Profit to Sales - Profit = Expenses. This ensures Profit comes first! (PS. It's not about money at all costs, people come before money!) Rocky started with nothing when his parents immigrated to the United States when he was two years old, and his parents were in there 40's. It was his parents' second time starting over in life as they moved here to experience the American dream. In spite of a lot of struggles and his mom passing away when Rocky was 7, he has been able to achieve financial and life success. Rocky loves to share his journey and inspire others to achieve their dream even faster.WEBSITE - Put Profit FirstPODCASTS - Profit Answer Man Podcast - Richer Soul PodcastCONNECT WITH ROCKYhttps://www.linkedin.com/in/rocky-lalvani/https://twitter.com/rockylalvanihttps://www.facebook.com/rocky.lalvani.9https://www.facebook.com/richersoulhttps://www.facebook.com/ProfitComesFirst/START YOUR 3-DAY WEEKEND JOURNEYEmployees, Side-Hustlers, Freelancers, Solopreneurs, Business Owners, Executives, and Everyone in between can start creating a 3-Day Weekend or similar Lifestyle.3-Day Weekend Club can help you get started for free.It's a community of people working to create their 3-Day Weekend or similar lifestyle.You can create your 3-Day Weekend Game PlanThen decide if you'll follow the Employee track or the Entrepreneur track.Join Now or check out the other resources below.3-DAY WEEKEND CLUB LINKSEmail Updates, Free Online Courses, Subscribe to the Podcast, Social Media & MoreGo to the Links Page

We interview Rocky Lalvani, Rocky was shocked to learn most business owners don't look at their financial reports! Can you believe that? It has to do with our mindsets around money and also fear and shame. When he realized how much of a problem this was he knew this was his purpose to help business owners be profitable. Rocky serves as Chief Profitability officer for business owners. He teaches them how to ensure they get paid and they make profit a priority! As a certified Profit First Professional he implements Mike Michalowicz's Profit First System. We change the accounting formula of Sales - Expenses = Profit to Sales - Profit = Expenses. This ensures Profit comes first! (PS. It's not about money at all costs, people come before money!) The link Rocky refers to is this: http://profitcomesfirst.com/ If you want to know more about Savvy Duty, The Savvy Method or The Savvy Podcast visit: https://savvyduty.com

On this episode, we sat down with Rocky Lalvani. Rocky serves as Chief Profitability Advisor for business owners. He teaches them how to ensure they get paid and they make profit a priority! As a certified Profit First Professional he implements Mike Michalowicz's Profit First System.  We change the accounting formula of Sales - Expenses = Profit to Sales - Profit = Expenses.  This ensures Profit comes first! (PS. It's not about money at all costs, people come before money!)  On this episode you will hear about: How to make profit your priority Why you should work backwards, from the sales and profit you want to fund your lifestyle, to make profit a priority How to figure out how to make your business fulfill your life Why you should choose the best clients for your business, and not necessarily take on every client that comes your way How to get to the next level How to think outside the box to find the solutions to scaling your business Production Credits: The Self Made Strategies Podcast is a SoftStix Productions LLC jawn. This episode was hosted, produced, and edited by Tony Lopes. Rocky Lalvani joined us remotely, via Google Meet. Executive Producer - Tony Lopes (SoftStix Productions LLC - info@softstixproductions.com) Host - Tony Lopes Guest - Rocky Lalvani (https://profitcomesfirst.com/) Editor - Tony Lopes The Self Made Strategies Podcast is sponsored by Lopes Law LLC (www.LopesLawLLC.com). Make sure you subscribe to the Self Made Strategies Podcast on your favorite podcasting platform, so you can catch the latest episodes. Copyright 2018 - 2021 SoftStix Productions LLC, all rights reserved. www.selfmadestrategies.com

Brian chats with Mike Michalowicz, the mastermind behind Profit First Professionals and author of books for entrepreneurs and small business owners. Mike shares his experience growing several multi-million dollar companies only to lose almost everything. He then details how hitting rock bottom became the foundation upon which he built the Profit First method, which has yielded him 14 years of profitable quarters and is now used by more than 500,000 small businesses.   Episode Highlights Make profit a priority. The Profit First method developed by Mike rewrites the classic accounting formula from Sales - Expenses = Profit to Sales - Profit = Expenses. Why? Because when something is a priority, it doesn't come last, Mike noted. “It's human nature that when something comes first, it's the priority. When something comes last, it's the mañana syndrome,” he said. “That's when I said, ‘I think the formula is flipped.'” Profitability brings stability. One of the problems with the original profitability formula is that increasing sales isn't always the driver of sustainable growth, Mike said. More sales can translate to more stress, more dysfunction, and less organization. “It starts actually causing a business to crumble because it doesn't have runway,” Mike said. Profit, on the other hand, can bring stability to an organization by buying a small business owner time. When small businesses have one to two months in cash reserves, they don't have to take on stressful panic sales. “When a business takes its profit first, they actually grow faster, profit-wise, than their contemporaries,” Mike said. “They are much more calculated in their growth.” Don't change yourself. Channel yourself. Since flipping the formula, Mike has achieved 48 profitable quarters in a row. That's because the revised formula is designed to manage human behavior. Or as Mike said in the episode, “We can't change ourselves. We channel ourselves.” Mike learned this lesson first for exercise. He put his gym shoes on top of the toilet seat as an intervention, so he would have to pick them up first thing in the morning. For business owners, the Profit First method sets up a similar intervention in the owner's bank account. “By pre-allocating business to these different accounts, or envelopes, now you know what money is intended for what purpose, and you behave within the confines of what's available,” Mike said.   Resources + Links Mike's books: Profit First, Clockwork, The Pumpkin Plan, Fix This Next, The Toilet Paper Entrepreneur, Surge, Get Different: Marketing That Can't Be Ignored! Profit First Professionals https://mikemichalowicz.com Mike's Twitter: https://twitter.com/MikeMichalowicz Brian's Twitter: https://twitter.com/BrianFinancial   About Brian and the Mission Driven Business Podcast  Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.   On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

Rocky Lalvani joins me to talk about how to transform your business from a cash eating monster into a money making machine. Rocky is Chief Profitability Officer for small business owners and a Certified Profit First Professional. He teaches them how to ensure they get paid and they make profit a priority! As a certified Profit First Professional he implements Mike Michalowicz and Profit First System. They change the accounting formula of “Sales – Expenses = Profit” to “Sales – Profit = Expenses”. This ensures Profit comes first! Rocky started with nothing when his parents immigrated to the United States when he was two years old, and his parents were in their 40’s. It was his parents’ second time starting over in life as they moved here to experience the American Dream. In spite of a lot of struggles and his mom passing away when Rocky was 7, he has been able to achieve financial and life success. Today's show is sponsored by Audible.com. Audible.com is a leading provider of spoken audio entertainment and information. Listen to audiobooks whenever and wherever you want. Get a free book when you sign up for a 30-day free trial at audibletrial.com/businessgrowth. If you are a small business owner or salesperson who struggles with getting the sales results you are looking for, get your copy of Succeed Without Selling today.

https://youtu.be/CS8czTbwldU Profit First With Rocky Lalvani https://profitcomesfirst.com/ podcast - Profit Answer Man Rocky serves as Chief Profitability Advisor for business owners. He teaches them how to ensure they get paid and they make profit a priority! As a certified Profit First Professional, he implements Mike Michalowicz's Profit First System. We change the accounting formula of Sales - Expenses = Profit to Sales - Profit = Expenses. This ensures Profit comes first! (PS. It's not about money at all costs, people come before money!) Rocky started with nothing when his parents immigrated to the United States when he was two years old, and his parents were in their 40's. It was his parents' second time starting over in life as they moved here to experience the American dream. In spite of a lot of struggles and his mom passing away when Rocky was 7, he has been able to achieve financial and life success. Rocky loves to share his journey and inspire others to achieve their dreams even faster. Start working with me on your business- https://entrepreneurs.coach Start working with me on your life - https://thrivelifementor.com All The Lyon Show Links - https://linktr.ee/lyonshow Buy Some Of My Art- https://thewoodcarvers.com Check Out my podcast- https://lyonshow.com Don't Click This - https://www.youtube.com/c/thelyonshow?sub_confirmation=1

Rocky Lalvani, who calls himself “an entrepreneur with numbers,” makes his living bridging the gap with financial tips, between accountants who speak their own language and entrepreneurs who don’t speak numbers. He and Pat Iyer, your podcast host, share invaluable advice about steps you can take immediately to make your business profitable. Click here to get the transcript for this podcast! Get more Financial Tips and Tricks for LNCs with Rocky Lalvani When you’re speaking with a new attorney client, what key words indicate problems with payment? How much of your initial retainer should be used up before you ask for a replenishment? If you’re dealing with an insurance company, which employees should you befriend? Should you raise your rates in a climate of economic uncertainty? How should you handle a situation in which the attorney says they can have the work done overseas for one-fourth the price?and more financial tips from Rocky..... Join Us For LNC Success https://youtu.be/Ar-Guo08iww A Virtual Conference March 4, 5 and 6, 2021 from 10:30 am to 6:00 pm Eastern Pat and Barbara put together the first Legal Nurse Consulting Virtual Conference in July 2020. They are back with an all new conference based on what attendees said they’d find more valuable. This new implementation and networking event is designed for LNCs at any stage in their career. Build your expertise, attract higher-paying attorney clients, and take your business to the next level. After  the LNC Success Virtual Conference, you will leave with clarity, confidence, and an effective step-by-step action plan that you can immediately implement in your business. Over 100 LNCs attended our first virtual conference in July 2020. Get updated, inspired, and motivated by your experience. Feel connected to LNCs from across the country. Barbara Levin and I put together a distinguished panel of LNCs, doctors, lawyers, and also business experts to share their knowledge to you in the comfort of your own home. Who is Barbara Levin? Barbara is my colleague, friend, also an expert witness, orthopaedic nurse clinician, and much more. No airfare, no hotel, no Uber or Lyft, also no germs and no masks! Your Presenter ocky Lalvani was shocked to learn most business owners don't look at their financial reports! Can you believe that? It has to do with our mindsets around money and also fear and shame. When he realized how much of a problem this was he knew this was his purpose to help business owners be profitable.Rocky serves as Chief Profitability officer for business owners. He teaches them how to ensure they get paid and they make profit a priority! As a certified Profit First Professional he implements Mike Michalowicz's Profit First System. We change the accounting formula of Sales - Expenses = Profit to Sales - Profit = Expenses. This ensures Profit comes first! (PS. It's not about money at all costs, people come before money!) Rocky started with nothing when his parents immigrated to the United States when he was two years old, and his parents were in their 40's. It was his parents' second time starting over in life as they moved here to experience the American dream. In spite of a lot of struggles and his mom passing away when Rocky was 7, he has been able to achieve financial and life success. Rocky loves to share his journey and inspire others to achieve their dream even faster. Connect with Rocky at ProfitComesFirst.com

Join me and my guest Rocky Lalvani as we talk about the perception of money that most entrepreneurs have and struggle with having. In this episode, Rocky shares the behavioral psychology side of finance and the principles that have helped his many clients understand the true harmony they need to have with their money and business. He believes in the importance of talking about money at a young age, address what money is to one's life, and embrace the essence of believing in success in order to truly achieve it. Welcome, and enjoy!In this episode you will learn:What mindset can make a lottery winner go broke?Address the limiting belief that's holding you back from your success.The Principles of Profit First.You got rich, now what?The importance and effect of loving what you do.About Rocky Lalvani:Rocky was shocked to learn most business owners don't look at their financial reports. It has to do with the mindset around money and also fear and shame. When he realized how much of a problem this was, he knew his purpose was to help business owners be profitable.As a certified Profit First Professional, Rocky helps business owners put Profit First, so they have the fuel to build the business and life of their dreams. He changed the standard GAAP equation from Sales - Expenses = Profit to Sales - Profit = Expenses. By putting Profit First, business owners focus on what matters in their business and cut expenses that don't provide value.Rocky started with nothing when his parents immigrated to the United States when he was two years old, and his parents were in their 40's. It was his parents' second time starting over in life when they moved to the US to experience the American dream. Despite a lot of struggles and his mom passing away when he was 7, he has achieved financial success and wants to share all that he has learned along the way so others can achieve success much faster.Connect with Rocky Lalvani on:Website: https://profitcomesfirst.comhttps://richersoul.comPodcast: https://profitanswerman.libsyn.comLinkedin: https://www.linkedin.com/in/rocky-lalvani/Facebook: https://www.facebook.com/rocky.lalvani.9Twitter: https://twitter.com/rockylalvaniInstagram: https://www.instagram.com/richer.soul

Rocky Lalvani serves as Chief Profitability Officer for business owners. He teaches them how to ensure they get paid and they make profit a priority! As a certified Profit First Professional he implements Mike Michalowicz and Profit First System. They change the accounting formula of “Sales – Expenses = Profit” to “Sales – Profit = Expenses”. This ensures Profit comes first! (PS: It's not about money at all costs, people come before money!) Rocky started with nothing when his parents immigrated to the United States when he was two years old, and his parents were in their 40's. It was his parents' second time starting over in life as they moved here to experience the American Dream. In spite of a lot of struggles and his mom passing away when Rocky was 7, he has been able to achieve financial and life success. Rocky loves to share his journey and inspire others to achieve their dreams even faster. What you'll learn about in this episode: How Rocky first discovered the Profit First system after realizing he didn't love what he did in his previous career How hearing his parents' stories of coming to America with nothing and building wealth influenced Rocky's mindset and understanding of creating wealth What stumbling blocks and challenges Rocky's clients often face, and why the number one struggle is opening accounts with their banks Why Rocky's systems take around two years to fully get in place, and how each quarter brings new steps in the process that can help you better understand your money and business Why the Profit First system is right for businesses of any size, from solopreneurs to $10 million+ businesses How Rocky's eleven-module program teaches you step-by-step how to understand how to be profitable and take control of your money Why cutting spending and spending appropriately are crucial, and why your pricing model is a key component in your profitability How Parkinson's Law, “We will use up all of the resources allocated”, applies to businesses of every kind Why the Pareto Principle (the 80/20 rule) illustrates that much of what we do makes a minimal difference in moving the needle and is wasted effort Why everything we do compounds, and why compounding the right efforts and activities is the secret to true success Resources: Website: SmartRealEstateCoach.com/effortlessprofit LinkedIn: www.linkedin.com/in/rocky-lalvani/ LinkedIn: www.linkedin.com/company/profit-comes-first/ Facebook: www.facebook.com/richersoul/ Twitter: @rockylalvani Additional resources: SmartRealEstateCoachPodcast.com/webinar SmartRealEstateCoachPodcast.com/termsbook SmartRealEstateCoachPodcast.com/ebook SmartRealEstateCoach.com/QLS Smart Real Estate Coach Podcast Sponsor: Paul G. Dion CPA, CTC

Rocky teaches them how to ensure they get paid and they make profit a priority! As a certified Profit First Professional, he implements Mike Michalowicz’s Profit First System. We change the accounting formula of Sales – Expenses = Profit to Sales – Profit = Expenses. This ensures Profit comes first! (PS. It’s not about money at all costs, people come before money!)Rocky started with nothing when his parents immigrated to the United States when he was two years old, and his parents were in their 40’s. It was his parents’ second time starting over in life as they moved here to experience the American dream. In spite of a lot of struggles and his mom passing away when Rocky was 7, he has been able to achieve financial and life success. Rocky loves to share his journey and inspire others to achieve their dreams even faster.Learn More: https://profitcomesfirst.com/Influential Influencers with Mike Saundershttps://businessinnovatorsradio.com/influential-entrepreneurs-with-mike-saunders/Source: https://businessinnovatorsradio.com/interview-with-rocky-lalvani-chief-profitability-officer-at-profit-comes-first

Rocky Lalvani was shocked to learn most business owners don't look at their financial reports! Can you believe that? It has to do with our mindsets around money and also fear and shame. When he realized how much of a problem this was he knew this was his purpose to help business owners be profitable. Rocky serves as Chief Profitability officer for business owners. He teaches them how to ensure they get paid and they make profit a priority! We change the accounting formula of Sales - Expenses = Profit to Sales - Profit = Expenses.  This ensures Profit comes first! (PS. It's not about money at all costs, people come before money!) Rocky started with nothing when his parents immigrated to the United States when he was two years old, and his parents were in there 40's. It was his parents' second time starting over in life as they moved here to experience the American dream. In spite of a lot of struggles and his mom passing away when Rocky was 7, he has been able to achieve financial and life success. Rocky loves to share his journey and inspire others to achieve their dream even faster. Rocky and Mitch discuss the impact that Rocky is making on the world through his podcast and coaching businesses.  You can also watch a video of their discussion on our YouTube Channel. Other Links to Connect with Rocky: http://profitcomesfirst.com/ https://profitanswerman.libsyn.com/ https://www.linkedin.com/in/rocky-lalvani/ https://twitter.com/rockylalvani rocky@profitcomesfirst.com For general more information about the podcast, send an email to info@beinhakerlaw.com To follow Mitch and the podcast, go to linktr.ee/beinhakerlaw. You can subscribe and listen to episodes on Apple Podcasts, Google Podcasts, Amazon Music and most other directories. Please review us whenever possible and thanks for your continued support! Sponsorships and paid guest appearances are available. Connect with us by email or on social media. The Accidental Entrepreneur is brought to you by Beinhaker Law, a boutique business & estates legal practice in Clark, NJ. To learn about shared outside general counsel services and how to better protect your business, visit https://beinhakerlaw.com/fractional-gen-counsel/ Please support our affiliate sponsors (https://beinhakerlaw.com/podcast-affiliates/). Also be sure to visit our new podcast store (https://beinhakerlaw.com/podcast-store/) to purchase affiliate services, guest merchandise and even podcast merchandise.  Yes, we have merch! Digital Accelerant - the digital business card that generates leads. Get a custom branded digital card with information and links to all your social media, email and other information. Text LAW to 21000 to connect with us and request more details. Fetch Internet. Fetch Pro is an app that creates a secure and high-speed mobile internet connection for laptops and desktop computers. Printify - the on-demand print shop to create your own merchandise without cost or the need to house inventory. The Accidental Entrepreneur is a trademark of Mitchell C. Beinhaker. Copyright 2018-2020. All rights reserved.

Rocky teaches them how to ensure they get paid and they make profit a priority! As a certified Profit First Professional, he implements Mike Michalowicz’s Profit First System. We change the accounting formula of Sales – Expenses = Profit to Sales – Profit = Expenses. This ensures Profit comes first! (PS. It’s not about money at all costs, people come before money!)Rocky started with nothing when his parents immigrated to the United States when he was two years old, and his parents were in their 40’s. It was his parents’ second time starting over in life as they moved here to experience the American dream. In spite of a lot of struggles and his mom passing away when Rocky was 7, he has been able to achieve financial and life success. Rocky loves to share his journey and inspire others to achieve their dreams even faster.Learn More: https://profitcomesfirst.com/Influential Influencers with Mike Saundershttps://businessinnovatorsradio.com/influential-entrepreneurs-with-mike-saunders/Source: https://businessinnovatorsradio.com/interview-with-rocky-lalvani-chief-profitability-officer-at-profit-comes-first

Rocky Lalvani was shocked to learn most business owners don't look at their financial reports! Can you believe that? It has to do with our mindsets around money and also fear and shame. When he realized how much of a problem this was he knew this was his purpose to help business owners be profitable. Rocky serves as Chief Profitability officer for business owners. He teaches them how to ensure they get paid and they make profit a priority! As a certified Profit First Professional he implements Mike Michalowicz's (Michalowitz) Profit First System. We change the accounting formula of Sales - Expenses = Profit to Sales - Profit = Expenses. This ensures Profit comes first! (PS. It's not about money at all costs, people come before money!) Rocky started with nothing when his parents immigrated to the United States when he was two years old, and his parents were in their 40's. It was his parents' second time starting over in life as they moved here to experience the American dream. In spite of a lot of struggles and his mom passing away when Rocky was 7, he has been able to achieve financial and life success. Rocky loves to share his journey and inspire others to achieve their dream even faster. He is also the host of the podcast Profit Answer Man! Profitcomesfirst.com --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app

Your host, Greg Lewis, talks to Rocky Lalvani, Chief Profitability Officer for business owners like you. Rocky teaches business owners how to ensure they get paid and they make profit a priority! As a Certified Profit First Professional he implements Mike Michalowicz's Profit First System. We change the accounting formula of Sales - Expenses = Profit to Sales - Profit = Expenses. This ensures Profit comes first! (PS. It's not about money at all costs, people come before money!) In this episode of Family Business Today Rocky Lalvani will share: How developing a counterintuitive cash management system has helped thousands of small businesses break out of the doom spiral and achieve profitability. How small business owners can overcome the Survival Trap due to the Coronavirus Pandemic by thinking profit first. Learn about the Four Core Principles of Profit First. First Steps to putting Profit First into motion. And much more…. To learn more about Profit First visit Rocky Lalvani's website at www.profitcomesfirst.com. You can also listen to Rocky's podcast Profit Answer Man at www.profitanswerman.libsyn.com. At the Tennessee Center for Family Business our passion is to help business owners create a positive environment in which their family THRIVES, their business performs and create a lasting family legacy. To learn more about the Tennessee Center for Family Business visit www.tncfb.com. If you are considering a transition in your family business in the next 3-5 years contact us today for a FREE Business Transition Assessment (follow link) and receive a one on one review of your business transition preparedness with a family business consultant. (a $299 value) Until next time, There's No Business Like Family Business…..We Know!

Your host, Greg Lewis, talks to Rocky Lalvani, Chief Profitability Officer for business owners like you. Rocky teaches business owners how to ensure they get paid and they make profit a priority! As a Certified Profit First Professional, he implements Mike Michalowicz’s Profit First System. We change the accounting formula of Sales - Expenses = Profit to Sales - Profit = Expenses. This ensures Profit comes first! (PS. It's not about money at all costs, people come before money!)

Rocky serves as Chief Profitability officer for business owners. He teaches them how to get paid and make profit a priority! As a certified Profit First Professional he implements Mike Michalowicz's Profit First System. Rocky changes the accounting formula from: Sales - Expenses = Profit to Sales - Profit = Expenses. This ensures Profit comes first! (PS. It's not about money at all costs, people come before money!)Rocky started with nothing when his parents immigrated to the United States when he was two years old, and his parents were in their 40's. It was his parents' second time starting over in life as they moved here to experience the American dream. In spite of a lot of struggles and his mom passing away when Rocky was 7, he has been able to achieve financial and life success. Rocky loves to share his journey and inspire others to achieve their dreams even faster.

When Rocky Lalvani learned that most business owners don’t look at their financial reports he knew it was his purpose to help them be profitable. He shares the simple formula to pay yourself first and the banks accounts to use that makes accounting feel and work like entrepreneurs feel and work. Highlights From This Episode: Why 80% of business owners don’t look at their financials and what to do about it The simple accounting formula that pays you first The 4 bank accounts that makes your accounting simple How to make tax time a bonus time Focusing on the bottom line can be the reward for your efforts and investments Links & Resources From This Episode: Hear More:  Rocky’s Podcast ‘Profit Answer Man’ Read More:   ‘Profit First’ by Mike Michalowicz Learn More:  www.profitcomesfirst.com     First 2 Chapters of Profit First Quote:   ‘The top line is your vanity. The bottom line is your sanity.’ ’20 to 30% of a company is highly profitable, 40% of a company is unprofitable and the remainder is barely breaking even’ Jonathan Byrnes More About Rocky Lalvani Rocky Lalvani was shocked to learn most business owners don't look at their financial reports! Can you believe that? It has to do with our mindsets around money and also fear and shame. When he realized how much of a problem this was he knew this was his purpose to help business owners be profitable. Rocky serves as Chief Profitability officer for business owners. He teaches them how to ensure they get paid and they make profit a priority! As a certified Profit First Professional he implements Mike Michalowicz's Profit First System.  We change the accounting formula of Sales - Expenses = Profit to Sales - Profit = Expenses. This ensures Profit comes first! (PS. It's not about money at all costs, people come before money!) Rocky started with nothing when his parents immigrated to the United States when he was two years old, and his parents were in their 40's. It was his parents' second time starting over in life as they moved here to experience the American dream. In spite of a lot of struggles and his mom passing away when Rocky was 7, he has been able to achieve financial and life success. Rocky loves to share his journey and inspire others to achieve their dream even faster. Awesome FREE Resources for YOU! Check out our blog! Thanks for listening! Thanks so much for listening to our podcast! If you enjoyed this episode and think that others could benefit from listening, please share it using the social media buttons on this page. Do you have some feedback or questions about this episode? Leave a note in the comment section below! Subscribe to the podcast If you would like to get automatic updates of new podcast episodes, you can subscribe to the podcast on iTunes or Stitcher. You can also subscribe from the podcast app on your mobile device. Leave us an iTunes review Ratings and reviews from our listeners are extremely valuable to us and greatly appreciated. They expose our show to more awesome listeners like you. If you have a minute, please leave a review on iTunes. Val Low is a focus & efficiency mentor & coach to entrepreneurs to clear the business clutter and thrive. Through her Focus&Freedom™ Method and Planner many entrepreneurs have experienced more focus, time and freedom. Val loves nothing better than showing entrepreneurs how to calm the overwhelm and distractions with focus and efficiency strategies and tools that enable them to have the freedom to do the things that matte most in their business and life. Visit Val’s Website: https://vallow.me/ Connect with Val on Facebook: https://www.facebook.com/ValLow.page/ Connect with Val on Linked In: https://www.linkedin.com/in/val-low

About Profit FirstSerial entrepreneur Mike Michalowicz has developed a behavioral approach to accounting to flip the formula: Sales - Profit = Expenses. Michalowicz shows that by taking profit first and apportioning only what remains for expenses, entrepreneurs will transform their businesses from cash-eating monsters to profitable cash cows. (Source: Amazon)Sarah's Favorite Quotes“Growth is the battle cry of nearly every entrepreneur and business leader. Grow! Grow! Grow!… Growth is only half the equation… Most business owners try to grow their way out of their problems...but the result is simply a bigger monster.”“Profit is not an event. Profit is not something that happened at the year end or at the end of your five-year plan or Sunday. Profit isn't something that waits until tomorrow. Profit must happen now and always. Profit must be baked into your business. Every day, every transaction, every moment. Profit is not an event. Profit is a habit.”“Give yourself more joy when you choose not to spend money than do you do when you choose to spend it...Celebrate every time you save – whether it's 10 bucks or 10,000.”Shaunae's Favorite Quotes"Money problems happen when: sales slow down, sales speed up (expenses go up too)""Bigger is NOT Always Better: more revenue does not mean you are more successful""Growth is only half the equation, Let the right size business find YOU!"“Profit must happen now and always, profit is not an event, it's a habit.”“Revenue is vanity, profit is sanity, and cash is king”Helpful Links Mentioned in This EpisodePurchase Your Copy of Profit First: https://amzn.to/318yVRSFind The Creative Legacy Podcast Online:Website: thecreativelegacypodcast.comInstagram: instagram.com/thecreativelegacypodcastFacebook: facebook.com/thecreativelegacypodcastFacebook Group: facebook.com/groups/thecreativelegacypodcastFind Sarah Online:Website: sarahschraderdesign.comInstagram: instagram.com/sarahschraderdesignFacebook: facebook.com/sarahschraderdesignFind Shaunae Online:Website: shaunae.comInstagram: instagram.com/shaunaeteskeFacebook: facebook.com/shaunaeteskephotography

Rocky Lalvani is the owner of Profit Comes First. He is the host of two podcasts: Richer Soul and The Profit Answer Man Podcast Rocky has found that most business owners rarely look at their financial statements. He has also observed a pattern where if they don't have a dedicated finance person focusing on the health of your company, they usually end up with financial struggles. Rocky is a certified Profit First advisor. He helps business owners focus on profit first, using a system created by Mike Michalowicz that has helped thousands of companies realize their maximum profit potential. Here are some power takeaways from today’s conversation: Rocky’s sales and business journey with a mindset that the enemy of great is good The power of finding a partner who’s the yin to your yang The only market that doesn’t inflate and how the value of pay has decreased over the years The difference between a businessman and an entrepreneur The concept of flipping businesses Where profit first comes in Flipping the sales equation How long does it take for you to become profitable? Understanding the ever-changing cycles of disruption in business (i.e. real estate, education) Episode Highlights: The Concept of Flipping Businesses Instead of building a company from scratch, buy a poorly run business and start to inject systems, processes, and teams. With good marketing, you can grow the revenue in two years by 50% and the business is no longer selling at a one-time mark. If the business could sell at a three-time multiple, you've essentially 50% plus tripled the business. Sell the business and move on. The Profit First Principle When you implement profit first in a business: Focus on cutting expenses, which automatically increases your multiple. Viscerally show the buyer how the money is flowing into the owner's compensation account. Pull up information where you can realize profits or add things you can implement to be successful. The standard formula in business is Sales - Expenses = Profit. Profit comes last. It’s a leftover. Now, the Profit First formula flips that equation to Sales - Profit = Expenses. So you’re actually taking profit first! It’s more of having this mindset shift. You see, if you have X amount budgeted, you'll spend it. Now, if you have a smaller amount budgeted, you become resourceful and you're now forced to spend less. You figure out ways to do that and you'd be shocked at how much money is wasted in business because you didn't spend time thinking of a better, faster, cheaper way to do it. Resources Mentioned: Know more about Rocky on RicherSoul.com Richer Soul Podcast The Profit Answer Man Podcast War Room Mastermind --- Support this podcast: https://anchor.fm/erikecabral/support

Rocky, a certified Profit First adviser, helps business owners focus on profit first using a system created by Mike Michalowicz that has helped thousands of companies realize their maximum profit potential. The Profit First approach changes the financial equation from Sales – Expenses = Profit, which means profit comes last, to Sales – Profit = Expenses, which means profit comes first.Listen to Rocky's advice on the Profit Answer Man Podcast: http://profitanswerman.libsyn.com/

Author and winning entrepreneur Mike Michalowicz gives his proven system for managing your money with any size lawn care business. Its a simple cash management solution that helps companies become profitable immediately. He talks about human behavior and how you can use it to your advantage when allocating your income. His main pillars for the Profit first bank allocations include INCOME OPEX OWNERS PAY PROFIT AND TAXES He flips normal bookkeeping on its head by promoting SALES-PROFIT=EXPENSES http://www.mikemichalowicz.com Follow us on instagram @lawncareleaderspodcast or our business @green_again_lawn Want to chat on Twitter? Catch me @bdowd32

11 Hacks For Staying Focused And Motivated Working From Home                                                                                                                                                                                                                                                                                Thinking about making a shift and working from home? Have amazing dreams of how wonderful it will be to wear your pajamas on conference calls, laze in bed until 9am and slowly get into your day and be able to have coffee breaks whenever you want? Yeah okay, it sounds pretty cool. And it can be. But there are some things you need to know about working from home before you make the leap. I don’t share this to scare you or to try and discourage you from working from home, I truly believe it is a wonderful thing to do. I love the flexibility, I love being autonomous and I love that I get to be my own boss. I derive particular enjoyment on those cold Monday mornings when it’s raining heavily and you just know the traffic tailbacks would be nothing short of atrocious, and that I don’t have to deal with it. I’ve already worked productive hours and many people are still waiting for the car in front to move forward. Though it’s not all sunshine and rainbows. Here are a few things you should consider… Firstly, it can be quite solitary… My friend Steve has kindly suggested I maybe do a day or two a week in his rather funky and plush offices here in Sydney, and we get on really well. I think he’s genuinely worried about me. I think he’s worried about my daily lack of human contact. Though, the thought of all that morning traffic... Losing that first hour being in the car, and then again on the way home is a major turn off for me at this stage in my life. Sure, I love a bit of banter just like the rest of us, though I am also easily distracted by conversations within earshot when I’m working, and find it hard to concentrate generally with all the distractions you find within an office environment. So, yes working from home can be a little solitary, though I think I manage that quite well. I’m a bit of an ambivert. Half introvert, half extrovert. The most conversation I have in a day will probably take place either via email, Skype and it’s most likely about work. I really enjoy the luxury of being able to factor in an hour each day to exercise. It’s either the gym, a coastal walk or a surf, depending on how the waves are looking. So, solitary yes. Am I lonely? No, not at all. It Can Be Difficult To ‘Switch Off’ Without the need to go into the office to work, and with the motivation of working for myself, I could easily ‘work’ from 5am when I get up through to 10pm at night when I finally turn my computer off. Because you’re always ‘at work’ it can be tempting to work all the time and switching off can be difficult. It’s definitely not something I’ve mastered or will master anytime soon, but it’s certainly something I’m aware of. I have gotten a lot better at recognising when my productivity or concentration is on the slide, and calling it quits for the day. Setting ‘work hours’ has helped a lot. Planning out when I will be working and when I will be taking down time stops the guilty feelings creeping in when I’m not working.  You Need Time Management And Discipline When you do get more coffee date and lunch invitations (and you will) it can be difficult to stick to your work hours, regardless of how much of a workaholic you are. Because in your mind you can still do the work early in the morning and late at night, so why not go out and catch up. This can also be the case when you’re at home and realise that the floors need vacuuming, or that the kitchen cupboards really do need rearranging, or that you could add an extra dish to dinner tonight. Time management and discipline are essential when working from home and different styles work for different people. It may take you a little time to work out your groove and be sure to find what does work for you rather than doing what you think you should be doing. That’s why we work from home – so we can be flexible and work the way we want. Once you work out which are your most productive hours. For me personally, it’s 5am until 1pm, then, I definitely need a change of scenery.  Routines Will Be Your Best Asset Routine helps productivity so much, and it means that you don’t have to use valuable mental power thinking of what you need to do next because it’s all set for you. Simple routine tasks can make such a difference. As I said, I get up at 5am every morning, make my coffee and sit down to work…the biggest plus for me has been spending just a couple of minutes the night before planning the next day’s efforts. That way, I’m not starting the day by procrastinating over what needs doing. This allows me to start the day with a few ticks in boxes of what needs to be done. I don’t have a full day routine because so many things change throughout my day, but I do have little ‘mini’ routines that take around an hour or two that I can slot into any part of my day. Again, it’s all about working out what works for you. Get Out Of The House  You work there, you live there, you never leave there…well at least that’s how it feels some days. Don’t get too caught up in the whole ‘work from home’ title. Just because you work from home doesn’t mean you actually have to do all of your work while you’re at home. Now I said I don’t want to commute to an office, though a favourite local cafe is very doable. Get out of the house and go to your local cafe, use their free Wi-Fi, drink coffee and see your productivity go up! If cafes aren’t really your thing you might prefer to head down to the beach (if you’re lucky enough to live close by one) or even just to a nice big shady tree that you can sit under. Getting outdoors and into the fresh air can really help with your productivity and healthy mindset, as well as decreasing your stress levels and getting a good dose of Vitamin D while you’re at it. While it seems like there are a lot of hurdles with working from home, every place you work has hurdles and struggles, this just means you need to learn how to deal with a new set. It feels like every few minutes something pops up to make us procrastinate, distract us, and totally suck out our motivation. Even when you love what you do, part of working from home is grappling with distractions and keeping yourself motivated throughout the day. It can be so hard to stay focused and productive!  If you’re nodding along right now and thinking back to a particularly unproductive day you had in the last week working from home - I get you. Some days the struggle is so real. While I’m not perfect, I’ve created a few practices along the way that work well to help me get stuff done… without frantically trying to hit all my deadlines in 30 minutes late at night after procrastinating all day. Tip 1: Keep A Super Short Daily "To Do" List Now, let me be clear: I do have a rather large master to-do list that I’m constantly adding too. Though I’ve learnt that focusing on that huge to-do list day to day completely sucks my motivation and is immediately overwhelming. Trial and error has taught me that no matter how much I try to smash things out, or how many hours I work, or how much I prioritise work over everything else in my life, there’s still no way I’ll complete everything on my master list today/this week/or this month. So, instead of focusing on my master to-do list day to day, I keep a super short daily to-do list, and it definitely helps keep my motivation levels high. If I know at the beginning of the day that I’ve only got two or three must do things that I really need to smash out, I am much more likely to get stuck straight in and get them done. A short to-do list, where I focus on my top priorities for the day, is much more motivating. I know I can tick both boxes, and move on. Tip 2: Do your most important task first, even though it’s not always the most fun. It feels so good to hit the ground running! I like to get in there and knock over my most important task first at the beginning of my workday. Everything else feels very achievable after that. That feeling of having achieved something important before 9:00am is rewarding for me. It creates momentum, which keeps me going. The “most important task” is also not usually the one I really want to do, nor is it the one that feels like it would be the most fun. In fact, the truth is my most important task for the day is usually something I feel a whole lot of resistance around doing. Though I’m always very relieved and happy with myself when I cross it off my list. Tip 3: Remove Distractions And by “remove distractions” I mean work offline as often as you can! For me, this is super helpful if I’m coming up with blog post content, or working on or creating a sales page, I’m able to settle down to work, focus and, as a result, create faster and much more easily when I’m offline. This works especially well when there’s no option for me to be online.   Tip 4: Focus On One Thing Only I say this because on the days where I try to multi-task, I just end up stressed, overwhelmed, and get to the end of the day with nothing of much substance done. But if I try to focus on one task at a time… at the end of the day I can point to something and say, “Yes, I did that,” and feel as if I’ve really pushed the needle forward.  Tip 5. Noise Cancelling Headphones If you can swing it, they truly make a world of difference. I’m very sensitive to noise and can become easily distracted by even a dog barking outside, particularly if I’m writing. Good headphones help me keep my sanity and stay on track. These Bose Quiet Comfort 35 wireless were a fantastic investment. I bought these headphones about a year and half ago and I use them almost daily because I just love the sound quality and the comfort.  Tip 6: Minimise Potential Distractions Turn off all notifications. Put your phone on silent and resist the urge to check texts or missed calls. Don’t check any social media. Close out your email window so new messages can distract you.  Tip 7: Know When To Call It A Day Don’t make it a habit of working until midnight every night. Unless you are truly on a roll and producing quality work deep into the night, call it quits and start again after you’ve had a chance to catch some shut-eye. Keeping yourself motivated, productive and happy working from home can definitely take work. I hope my tips help you to achieve the success you deserve! I really hope this helped. I’d love to know your favourite way to stay motivated working from home? Have I missed anything here though? Resources mentioned in this episode:  Book Of The Week: Profit First by Mike Michalowicz Transform Your Business from a Cash-Eating Monster to a Money-making machine The book offers simple, counterintuitive cash management solution that will help small businesses break out of the doom spiral and achieve instant profitability. Conventional accounting uses the logical (albeit, flawed) formula: sales - expenses = profit. The problem is, humans run businesses, and humans aren't always logical. Serial entrepreneur Mike Michalowicz has developed a behavioural approach to accounting to flip the formula: Sales - Profit = Expenses. Just as the most effective weight loss strategy is to limit portions by using smaller plates, Michalowicz shows that by taking profit first and apportioning only what remains for expenses, entrepreneurs will transform their businesses from cash-eating monsters to profitable cash cows. Using Michalowicz's Profit First system, listeners will learn that: Following four simple principles can simplify accounting and make it easier to manage a profitable business by looking at bank account balances. A small, profitable business can be worth much more than a large business surviving on its top line. Businesses that attain early and sustained profitability have a better shot at achieving long-term growth.With dozens of case studies, practical step-by-step advice, and his signature sense of humour, Michalowicz has the game-changing road map for any entrepreneur to make money they always dreamed of. What people are saying: I've read a lot about business and have operated my current business for the last 10 years. Profit First is actionable business advice that I am following and would recommend to any other business owner looking for more out of their business. As always, thank you so much for tuning in. I really hope this helped. Hey, have I missed anything here though?    p.s. Please subscribe over on iTunes. It really does help this podcast to grow! Drop me a note in the comments section over at hotclicks.com.au and let me know your thoughts.  Listen to the full episode now >> ⠀⠀ How To Create Irresistible Headlines (People Can't Help But Click) Get Instant Access Here >> Remember to subscribe to this podcast and check out my [FREE] AdWords Video Training Series. Get Instant Access Here >> 7 Absolutely Killer Tips For Google AdWords & Why They Crush The Competition    How to Build an Email List FAST - 7 Simple Methods You Can Use for FREE Download The eBook Now:   Download here >> Phil Adair Hot Clicks Pay-Per-Click Online Marketing Suite 12, 5th Floor, Dymocks Building 428 George Street, Sydney 2000, NSW, Australia   W: hotclicks.com.au I’m a huge fan of connecting on social media. If you’re on these social networks, then let’s follow each other:  Twitter  Facebook YouTube Pinterest Instagram

Today on Pawn Leaders, I have Mike Michalowicz, author of the books Profit First, Surge, The Pumpkin Plan and his newest release, Clockwork. By his 35th birthday Mike had founded and sold two companies, a bunch of private equity and another two Fortune 500 companies. Today he’s running his 3rd multi-million dollar venture; Profit First Professionals. Mike is a former small business columnist for the Wall Street Journal and a former business makeover specialist on MSNCB. He has travelled far and wide, speaking with thousands of entrepreneurs. [02:14] What is Entrepreneurial Poverty? “The misperception about how successful and the amount of money entrepreneurs have or earn.”   [03:51] “The next time someone asks ‘how big is your pawn shop?’ Say, ‘Let’s talk about how healthy it is!’”   [04:06] We have been told that profit is the bottom-line, but if that’s the case, it means that consideration can wait.   [04:48] Sales – Profit = Expenses   [06:39] The core concept is that when revenue comes into your business, we take a pre-determined percentage of that money and allocate it towards profit.   [07:59] We have to force in this gap of removing the profit, hiding it away from ourselves and forcing our business to thrive off the remainder.   [08:29] Most people say they’re starting a business to be rich, but how do you define what success is and when is the next plateau?   [11:44] What can we do to dictate a higher margin?   [12:52] Thinking about your reason for growth is looking at being more profitable. You must focus on what drives that profit.   [14:08] People who focus on profit first grow faster than their competition, because they focus on the things that drive profitability.   [17:02] When there is a lack of profitability, we go into survival mode   [19:15] How can a pawn broker think profit first? “Determine how you manage your finances.”   [20:08] Setup different accounts for different purposes (The Foundational 5): An Income Account Profit Account Owner’s Compensation Taxes Account Operating Expenses Account   [22:14] We need to vet our customers.   [25:45] The Profit First system presents problems before they become issues.   [26:41] Having a financial heart attack opens your eyes to what you need to change in your business and managing your finances. However, it never has to get that far.   [28:25] Allocate 1% of your income to your profit account and over time you will build your financial muscle.   [30:00] Suffering is a sign that there is something wrong with your business.   [30:39] It is easier to do things that aren’t working, that you’re familiar with, than to do something new that will bring better results.   [31:22] Try something new; buy the book Profit First and see how it changes your life.   Visit MikeMichalowicz.com or search for “Mike Motorbike” and the first result will lead you to the website.   Remember to visit our Facebook page and website.

Julie Shopa is a Profit First certified professional and, through her business, Clarity Finances helps her clients with bookkeeping and interpreting the financial health of her clients using the system created by Mike Michalowicz in his book Profit First.   The Profit First system focuses on the formula "Sales - Profit = Expenses" rather than "Sales - Expenses = Profit."  The system focuses on the adage "pay yourself first." You can contact Julie at Julie@clarityfinances.com, or call her at 610-548-5279, or visit her website at www.clarityfinances.com. If you have questions for me, please email me at Shawn@yesnerlaw.com or visit www.yesnerlaw.com. 

The business math equation S (sales) – E (expenses) = P (profit) has been widely accepted for years. However, entrepreneur and author Mike Michalowicz doesn’t quite see it that way. “83% of small businesses in the US are surviving check to check, some of whom follow this model. From a behavioral perspective, what happens last matters least,” Mike says, “Take your profit first and you will reverse engineer your profit forever.” While some may scoff at this notion, in today’s Paper Napkin Wisdom, he explains how a shift in thought process and subsequent actions can revolutionize small businesses forever. This concept is best compared to Parkinson’s Law, which states that our behavior adjusts around the supply. Take toothpaste, for example. Upon purchasing a new tube of toothpaste, most people are less frugal with it than when they’re on their last squeeze of the same tube. To apply this theory to business, Mike argues that if companies follow a different equation – S- P = E – they will reduce spending and maximize their bottom line. It’s similar to a popular personal finance method – the 401k. By readjusting your spending based on what you’re bringing in, it will increase your bottom line over time. Additionally, operating this way forces business owners to become radically innovative. One of the businesses Mike owns, a leather manufacturing company based out of St. Louis, was running into a problem. The equipment they needed to develop their product cost a whopping $40,000. Instead of making that investment, which would have greatly reduced their profit, they got crafty. After a few trips to Home Depot and some trial and error, they invented a molding mechanism that only costs around $200 to produce. “Our competitors were using the same [$40,000 machine], and our profit margins sky rocketed,” he says. He urges that using this model forces businesses to think outside of the box. But in 2008, Mike would have probably initially scoffed at this advice. He had sold two companies and became an angel investor, which he recalls being a horrible experience. He hit rock bottom. “I was $50,000 in credit card debt, and I was driving a beat up Durango that only had two radio stations,” he admits. Deciding that it was time for a change, he began reading The Richest Man in Babylon and similar books. A light bulb went off – he realized that while people had applied the “Pay Yourself First” mentality to personal finances, no one had taken that approach to business. He began to test the concept with his own business and the businesses of friends, and noticed he was on to something. So, how can a company go from their current approach to Mike’s method? He suggests starting small -open a separate savings account and allocate 1% of every check into this separate account. “If you can run your business on $10,000, you can probably run it on $9,900. Set that extra $900 aside. While you may not amass a life changing sum of money, your mind set will definitely shift,” he advises. After making these changes, Mike urges businesses to not reinvest that money into the business, “When it’s not profitable, we will start to resent our business. Those distributions and profits help you celebrate your entrepreneurship and your innovation.” Every quarter, he has a quarterly pause where he and his business partner discuss their successes from the month, along with any failures. This occurs after they both receive their quarterly distribution. While Mike doesn’t reinvest his distributions into the company, he does ensure that he reinvests the profit into his employees. “It’s very important that everyone has a vested interest in the success of the business,” he says. While the profits may not be publicized, he does make sure to explain to each team member how they can benefit from being frugal with company funds. By combining a shift in mindset with a pivot from traditional methods, Mike’s formula has led to profit increases for hundreds of businesses. What do you think of his method? Tweet us with your answers at @WiseNapkin.

From the Profit First Professionals Website: Everyone on the planet knew it. It was a cold, hard fact. The world was flat. Until it wasn't. That's when everything changed. Society is addicted to axioms: beliefs that have become so entrenched in our global culture that they are never challenged. Sales – Expenses = Profit is one of those axioms. For centuries entrepreneurs have followed the “profit comes last” formula off the proverbial financial cliff. Now everything has changed… In his globally acclaimed, paradigm shifting book, Profit First, business author Mike Michalowicz explains why the Sales – Expenses = Profit formula actually prohibits profitability and keeps the vast majority of businesses, throughout the world, struggling to survive check-by-check. Michalowicz teaches us to a new formula: Sales – Profit = Expenses. This seemingly subtle change, empowers you to grow your profitability immediately and permanently. Join Ed and Ron for this dynamic interview with Mike.

From the Profit First Professionals Website: Everyone on the planet knew it. It was a cold, hard fact. The world was flat. Until it wasn't. That's when everything changed. Society is addicted to axioms: beliefs that have become so entrenched in our global culture that they are never challenged. Sales – Expenses = Profit is one of those axioms. For centuries entrepreneurs have followed the “profit comes last” formula off the proverbial financial cliff. Now everything has changed… In his globally acclaimed, paradigm shifting book, Profit First, business author Mike Michalowicz explains why the Sales – Expenses = Profit formula actually prohibits profitability and keeps the vast majority of businesses, throughout the world, struggling to survive check-by-check. Michalowicz teaches us to a new formula: Sales – Profit = Expenses. This seemingly subtle change, empowers you to grow your profitability immediately and permanently. Join Ed and Ron for this dynamic interview with Mike.

From the Profit First Professionals Website: Everyone on the planet knew it. It was a cold, hard fact. The world was flat. Until it wasn't. That's when everything changed. Society is addicted to axioms: beliefs that have become so entrenched in our global culture that they are never challenged. Sales – Expenses = Profit is one of those axioms. For centuries entrepreneurs have followed the “profit comes last” formula off the proverbial financial cliff. Now everything has changed… In his globally acclaimed, paradigm shifting book, Profit First, business author Mike Michalowicz explains why the Sales – Expenses = Profit formula actually prohibits profitability and keeps the vast majority of businesses, throughout the world, struggling to survive check-by-check. Michalowicz teaches us to a new formula: Sales – Profit = Expenses. This seemingly subtle change, empowers you to grow your profitability immediately and permanently. Join Ed and Ron for this dynamic interview with Mike.

By his 35th birthday Mike Michalowicz had founded and sold two multi-million dollar companies. Confident that he had the formula to success, he became an angel investor... and proceeded to lose his entire fortune. Then he started all over again, driven to find better ways to grow healthy, strong companies. Among other innovative strategies, Mike created the "Profit First" formula, a simple and extremely effective ways for businesses to ensure profitability from their very next deposit forward. Mike is now running his third million dollar venture, Profit First Professionals , is a former small business columnist for The Wall Street Journal; is the former MSNBC business make-over expert; is a popular keynote speaker on innovative entrepreneurial topics; and is the author of Profit First, The Pumpkin Plan and The Toilet Paper Entrepreneur, which BusinessWeek deemed "the entrepreneur's cult classic." Mike is also a guest lecturer for collegiate entrepreneurial programs such as Babson, Boston College, Columbia, Copenhagen Business School, Emerson, Harvard, Penn State, Pepperdine and Princeton. His books are in the core curriculum for entrepreneur students at Pepperdine, Carnegie Mellon, Stanford University, and universities across the country. Topics Covered: - 80s hair bands m/ - Lessons learned from building two multi-million dollar businesses and losing the lot - Mike’s new book, Profit First - The profit first formula: Sales - Profit = Expenses - 4 simple principles for managing money and putting profit first - Why this flies in the face of “you’ve got to spend money to make money” and how to strike a balance - Why raising funding is not indicative of startup success - Why small profitable business can be worth much more than a large business surviving at its top line - Putting profit first in enterprise - 3 Sheets of paper to you need to launch and grow a business ‍ Show Notes: 1) Mike’s website: www.mikemichalowicz.com/  2) Mike’s facebook: www.facebook.com/MikeMichalowiczFanPage 3) Mike’s Twitter: twitter.com/#!/MikeMichalowicz 4) Profit First Book: www.profitfirst.com  5) Mike’s other books: Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine - https://amzn.to/2xu9dHR Clockwork: Design Your Business to Run Itself - https://amzn.to/2MA6BNZ The Pumpkin Plan: A Simple Strategy to Grow a Remarkable Business in Any Field - https://amzn.to/2pdNT5j The Toilet Paper Entrepreneur: The tell-it-like-it-is guide to cleaning up in business, even if you are at the end of your roll. - https://amzn.to/2xn72pn Surge: Time the Marketplace, Ride the Wave of Consumer Demand, and Become Your Industry's Big Kahuna - https://amzn.to/2xoREJc ‍ --- Join the conversation on Facebook: www.facebook.com/groups/futuresquared/where you can discuss episodes, request guests, propose questions for forthcoming guests and access exclusive content and special offers! Listen on iTunes @ goo.gl/sMnEa0 Listen on Spotify @ spoti.fi/2G2QsxV Listen on Stitcher @ www.stitcher.com/podcast/future Listen on Google Play @ bit.ly/FSGoog ‍ If you've got any questions on this podcast feel free to send an email to steve@collectivecamp.us or tweet me on Twitter @steveglaveski or @future_squared Follow me on Instagram: @thesteveglaveski Like us? ‍ It'd make our day if you took 1 minute to show some love on iTunes, Stitcher or Soundcloud by subscribing, sharing and giving us a 5 star rating. ‍ To sign up to our mailing list head to www.futuresquared.xyz For more information on Collective Campus, our innovation hub, school and consultancy based in Australia and Singapore check out www.collectivecampus.io

Episode003 - How To Put Your Profit First with Ron Saharyan In this episode of Crush The Journey we will be talking with Ron Saharyan of Profit First Professionals about the cash management system called Profit First.  Ron educates entrepreneurs about the benefits for putting Profit First instead of last. Key takeaways: Sales - Expenses = Profit is a broken formula; Sales - Profit = Expenses puts profits first instead of last Profit First is a behavioral cashflow methology Implementation is slow and steady for long term growth Accountability partners, like Profit First Professionals, will help ensure success through celebrating small wins and setting up guardrails. Items mentioned: http://www.growmyaccountingpractice.com www.profitfirstpodcast.com Ready for clarity?  Grab your FREE Cashflow Clarity Bundle now.  This bundle includes the first 2 chapters of the Profit First book and a training video to get you started.

So you have a business and it is making money. But you are asking "How Much Should I Pay Myself?" And related are the questions of a) how much you should invest back into the business and b) how much you should save for taxes. While every business is a little different, I will share some basic principles that are easy to manage and do and will keep you motivated to keep going. [Tweet "Business owners should take 50% of the revenue #Payday #smallbusiness @MikeMichalowicz"] In Profit First: A Simple System to Transform Any Business from a Cash-Eating Monster to a Money-Making Machine Mike Michalowicz provides a basic plan for handling the money your business makes - including a formula that answers that question "How much should I pay myself?". Two VERY common problems we see in small business finances: The business owner pockets all of the income and then does not have money for taxes at the end of the year. The business owner uses all of the money to grow the business and never sees any of the rewards. [Tweet "Failing to save for taxes means failing in your business #PaytheTaxMan #smallbusiness @MikeMichalowicz"] Or even worse- combine 1 and 2 and you get a business that grows and spends and is not ready to pay taxes or the owner. Rethinking the profit sheet Typical business thinking     >     Sales - Expenses = Profit Mike Profit First thinking     >     Sales - Profit = Expenses [Tweet "A new way to do business accounting ...Sales - Profit = Expenses  #Accounting #smallbusiness @MikeMichalowicz"] The simple idea - control your expenses to manage the profit you desire! I like this idea because business owners often take nothing out of their business and eventually burn out. What to do with the money How much should I pay myself?  (Called owners pay) How much do I set back for taxes? How much do I set aside to grow? (Called profit) For a business with less than $250,000 of revenue 5% of the revenue for profit to reinvest in the business 50% for owners pay! 15% for taxes Therefore, only 30% of the revenue should be part of your business operating expenses. Your job, as owner, is to control the operating expenses to make this work. Over $250k of Revenue As you grow over $250k your numbers will change, but the general principles still apply. Owner always gets paid something and taxes are covered. Generally I agree with this formula - a great start. Monthly go through the numbers and do this. To help - download Mike's Instant Assessment worksheet   What I do with the my revenue Our main adjustment is that we hold back 25% for taxes - which might be overkill in most years - but it helps balance out things in our overall tax bill since we have multiple businesses and other sources of income. For you, I would recommend you implement Mike’s plan monthly and see how it works - then adjust as needed. You will find just having a simple plan and looking at it monthly will keep you out of trouble with the IRS and make you smile when you get paid. One other thing... NEVER HIRE FULL TIME EMPLOYEES until you hit $250k revenue Links mentioned in this episode: Profit First: A Simple System to Transform Any Business from a Cash-Eating Monster to a Money-Making Machine Profit first Worksheet - This is all you really need. The Total Money Makeover Building Your Own Business Podcast Details: Click Here to Subscribe via RSS (non-iTunes feed) Subscribing is simple! Go to iTunes. Click Open In iTunes Hit subscribe! While there why not leave me a review! Stitcher If you are a Stitcher listener, I have not left you out! Just click Company of One on Stitcher!