Episode Summary:
In this eye-opening episode, we chat with Rocky Lalvani, the founder of Profit Comes First, to explore why conventional business wisdom may not always lead to success. Discover the secrets behind profitable entrepreneurship, why focusing on revenue can be misleading, and how to truly ensure your business thrives.
Topics Discussed:
· Founding Profit Comes First: Discover Rocky’s journey in creating a system that prioritizes profit over revenue.
· The Pay-Yourself Myth: Understand why paying yourself first might not be the best strategy for your business.
· Revenue vs. Profit: Learn why revenue is often considered vanity, while profit is sanity.
· Distinguishing Business from Hobbies: Explore the crucial differences and why it matters for success.
· The Cost of Growth: Why growth requires cash and how to manage it effectively.
· Revisiting the Sales Equation: Changing the way you look at sales to drive profitability.
· Constrain to Grow: How constraining expenses can actually fuel business growth.
· Money Isn’t Everything: Why money alone can’t solve all business challenges.
· Failure Factors: Explore the common reasons most businesses fail and how to avoid them.
· Profit First Basics: The core principles behind the Profit First methodology.
· Accounts Receivable: The critical role of managing accounts receivable for cash flow.
· Dealing with Large Suppliers: Cautionary tales of relying on big suppliers.
· Getting Paid: Effective strategies for ensuring your business gets paid on time.
· Small vs. Big Business: Why six-figure businesses can sometimes out-earn eight-figure ones.
· Fun in Business: The importance of maintaining enjoyment in business operations.
· System Importance: Why having the right systems is key to sustainable business success.
What To Do Next:
Tune in to learn how to apply the Profit First principles to transform your business into a profit-making machine. Subscribe, review, and share this episode with fellow entrepreneurs looking to shift their financial mindset and grow their businesses sustainably.
Rocky Lalvani can be found here:
Website: https://profitcomesfirst.com/
Email: rocky@lalvani.net
LinkedIn: www.linkedin.com/in/rocky-lalvani
Instagram: www.instagram.com/profit_answer_man/
Twitter: htttps://www.twitter.com/ rockylalvani
Facebook: htttps://www.facebook.com/ProfitComesFirst/
Rocky Lalvani’s Favourite books?
Kapil Gupta | Atmamum |
Epictetus | Manual For Living |
Rocky Lalvani’s Favourite Business books?|
Keith Cunningham | The Road Less Stupid |
Traction - Systemise Your Business |
Rocky Lalvani’s Favourite Films/TV/Boxed Sets?
Sylvester Stallone | Rocky
Rocky Lalvani’s Favourite Records?
One Republic | I Lived
The Cashflow Show can be reached here:
Website: www.thecashflowshowpodcast.com
Email: thecashflowshowpodcast@gmail.com
Twitter: https://twitter.com/thecashflowshow
Instagram: https://instagram.com/thecashflowshowpodcast
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