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January 29, 2021

Profit First, with Rocky Lalvani

Episode 239:

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

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