EPISODE · Jun 12, 2020 · 1H 8M
FHR #007 - Increase Profits, Maintain Balance and Harmony with Rocky Lalvani
from Freedom Hack Radio · host Bryce Robertson
IN THIS EPISODE BRYCE & ROCKY COVER: This is an interview with Rocky Lalvani of Profit Comes FirstWe learn about putting profit first and expanding the margins of your businessRocky also goes through the different accounting sheets to track this successFinally, Rocky goes through his favorite books that have inspired him on his journey.EPISODE DETAILS:The guest in this episode is Rocky Lalvani of Profit Comes FirstRocky helps small business owners put profit first in their business.Everyone knows the business equation of sales - expenses = profit but with this paradigm profit comes last.Rocky is building a new paradigm to make the equation sales - profit = expensesRocky is the son of first generation immigrants to the US and he watched them work hard and build wealth and this propelled him to succeed.By leaving profit to last you’ll live paycheck to paycheck and struggle to build savings; it doesn’t matter how big your business is.Parkinson’s law states that you will use up the resources that are given to you, e.g. if you’re given 3 weeks to do something you’ll use the full 3 weeks. It’s the same in business; if you give people some money they’ll use it all, so give less and get creative on a smaller budget.if you don’t need to spend on your business - don’t - this is a mindset change.One of the biggest mistakes Rocky made was just not starting. He knew what he was doing in theory but didn’t buy his first investment property till he was 45.A balance sheet is great at giving you a quick view to see what are my assets and liabilities - owe vs own. It’s great for looking at a few times a year like a scorecard to see the growth of your net worth.Profit and loss sheets allow you see see where the profit is and where you should put more investment.Rocky recommends that everyone keeps a bare minimum 90 days savings just in case something goes wrong.This can be a tricky thing for some people to do because these savings don’t grow. It’s important to remember that's not what they’re designed for - they’re just to keep you safe in times of turbulence You do need to spend money to make money - spend on the education and get a coach DISCUSSED DURING THE SHOW:Profit First: Mike Michalowitz https://www.amazon.com/Profit-First-Transform-Cash-Eating-Money-Making/dp/B06X15WW79/ref=sr_1_2?crid=1EELYZ5NU6RNB&dchild=1&keywords=profit+first+by+mike+michalowicz&qid=1586796024&sprefix=profit%2Caps%2C175&sr=8-2living forward by michael hyatt and daniel harkavy https://www.amazon.com/gp/offer-listing/B01HK1D1XY/ref=tmm_other_meta_binding_used_olp_sr?ie=UTF8&condition=used&qid=1586796105&sr=1-4-catcorroutwitting the devil napoleon hill <a href="https://www.amazon.com/Napoleon-Hills-Outwitting-Devil-Freedom/dp/B0054N6J5S/ref=sr_1_3?crid=101QHHW2GGFKD&dchild=1&keywords=outwitting+the+devil+napoleon+hill&qid=1586796216&s=books&sprefix=outwitt%2Cstripbooks%2C397&sr=1-3" rel="noopener noreferrer"...
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IN THIS EPISODE BRYCE & ROCKY COVER: This is an interview with Rocky Lalvani of Profit Comes First We learn about putting profit first and expanding the margins of your business Rocky also goes through the different accounting sheets to track this success Finally, Rocky goes through his favourite books that have inspired him on his journey. EPISODE DETAILS: The guest in this episode is Rocky Lalvani of Profit Comes First Rocky helps small business owners put profit first in their business. Everyone knows the business equation of sales - expenses = profit but with this paradigm profit comes last. Rocky is building a new paradigm to make the equation sales - profit = expenses Rocky is the son of first generation immigrants to the US and he watched them work hard and build wealth and this propelled him to succeed. By leaving profit to last you’ll live paycheck to paycheck and struggle to build savings; it doesn’t matter how big your business is. Parkinson’s law states that you will use up the resources that are given to you, e.g. if you’re given 3 weeks to do something you’ll use the full 3 weeks. It’s the same in business; if you give people some money they’ll use it all, so give less and get creative on a smaller budget. if you don’t need to spend on your business - don’t - this is a mindset change. One of the biggest mistakes Rocky made was just not starting. He knew what he was doing in theory but didn’t buy his first investment property till he was 45. A balance sheet is great at giving you a quick view to see what are my assets and liabilities - owe vs own. It’s great for looking at a few times a year like a scorecard to see the growth of your net worth. Profit and loss sheets allow you see see where the profit is and where you should put more investment. Rocky recommends that everyone keeps a bare minimum 90 days savings just in case something goes wrong. This can be a tricky thing for some people to do because these savings don’t grow. It’s important to remember that's not what they’re designed for - they’re just to keep you safe in times of turbulence You do need to spend money to make money - spend on the education and get a coach
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FHR #007 - Increase Profits, Maintain Balance and Harmony with Rocky Lalvani
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