Welcome to the View from the Top podcast! In this episode, we are joined by Rocky Lalvani. Rocky discusses his experience quitting the corporate world and launching his own business. He openly shares his fears and anxieties related to the transition's financial aspects and how he overcame them with the help of his wife. As a result, he established a business financial management system called Profit First. In Profit First, Rocky demonstrates how the conventional formula of sales minus costs equals profit is reversed to become sales minus profit equals expenses.
3 Key Takeaways
- Starting a business can take several years to see significant results, but with persistence and hard work, success can be achieved.
- How to survive the low periods of early entrepreneurship when there’s little or no cash flow.
- Profit First system is a cash flow management system for businesses that helps with budgeting and constraint of spending.
About
Rocky Lalvani is a Chief Profitability Adviser who helps business owners prioritize profitability. He is a certified Profit First Professional and uses Mike Michalowicz's Profit First System to teach his clients a new accounting formula: Sales - Profit = Expenses. This approach puts profit first, but always with the understanding that people come before money.
Connect with Rocky:
Website: https://profitcomesfirst.com/
Website: https://richersoul.com/
LinkedIn: https://www.linkedin.com/in/rocky-lalvani/
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