Profit first

Putting Profit First In Your Business with Rocky Lalvani, Profit Answer Man

January 5, 2022

With a profit first mindset most successful entrepreneurs and business owners really make it possible to hit all of their financial goals so that they can sit back and enjoy the ride. To do so, you need to manage your business finances well. One way to do that is to really understand your business’s numbers and prioritize your profit first. Today’s guest is Rocky Lalvani, a certified Profit First Professional, joins A.J. to talk about the importance of prioritizing your business profit to hit those business goals you have always dreamed of. 

About our guest: 

Rocky Lalvani is a certified Profit First Professional and host of the Profit Answer Man podcast, where he shares his best tips for setting your businesses up for success and maximum profit. 
He sees money as a tool that can open countless doors if used well. Rocky is passionate about managing finances. His mission is to educate and help small business owners prioritize their profit to achieve the wealth and lifestyle they want at a fraction of the cost. 

On Today’s Episode: 

  •  Where Rocky is on his entrepreneurial journey -2:02
  •  Why do the smallest changes add up to the biggest success? -4:27
  • The steps Rocky takes to further his business education. -5:41
  • The power of testing ideas and carving into niches as entrepreneurs. -10:56
  • The types of customers that Rocky works within his business -12:16
  • The usual process for Rocky’s program. -13:25
  • Why accountability and discipline create results. -16:50
  • The importance of sitting down and doing the math to determine your business moves. -18:57
  • Why do business owners need to understand what their break-even point is. -22:27
  • How to look at your business and determine how best to prevent mistakes. -24:21
  • Why you need to decide how much is enough so that when the time comes, you can sit back and enjoy the ride. -27:15
  • How to teach your kids about money in a way they will actually learn from in a simple and understandable way. -29:41

Key Takeaways: 

  • You can deal with sucker punches in life and business if you have cash reserves.
  • You need to focus on your numbers and remember to pay yourself a fair wage if you want success in your business.
  • You can get yourself off of the hamster wheel by working less and making more.
  • It is important to know how much is really enough so that you can finally step back and enjoy the fruits of your labor.
  • Making money is important, but it is just as important to learn how to keep the money.

Everyone has their own definition of success. For some entrepreneurs is freedom over profit.
[26:39] “For me, success is time freedom first and foremost.”

What does financial freedom mean to you? 
Tell us in the comments, and don’t forget to say hello if you would like to share your entrepreneurship story on our podcast.

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