Profit Answer Man: Scaling with Profit First & Beyond

Ep 184 Profit First for Inventory Based Businesses with Ciara Stockeland Ciara Stockeland, a seasoned entrepreneur whose journey began in her early teens. Her resolute entrepreneurial drive led her to establish her first store in 2006, which she later expanded into a successful franchise. Ciara's latest venture, the Inventory Genius coaching program, empowers inventory-based business owners to elevate profitability and harmonize their operations. Beyond her business endeavors, Ciara's insights have resonated on a broader scale. She testified twice before U.S. Senate Committees, shedding light on the implications of the "joint employer" standard for small businesses and franchises. Notably, she represented the small business community at the 2015 White House Summit on Worker Voice and the 2018 Summit on Economics. Acknowledged as a Small Business Champion by SCORE and holding a seat on the United States Chamber of Commerce Small Business Council, Ciara's credentials are further amplified as a Profit First Certified Coach. In this episode, you will learn the following: ● Strong comprehension of numbers and financial concepts is vital for attaining success in business endeavors. ● How setting up an inventory account and tracking cost of goods sold can help improve cash flow and profitability. ● Precisely compute and monitor the gross margin to guarantee that pricing adequately covers costs and yields profit. ● Understanding how debt affects cash flow and profitability is essential for making informed financial decisions. Links: https://www.ciarastockeland.com/ https://www.ciarastockeland.com/free-chapter Hi, I'm the Profit Answer Man Rocky Lalvani! I help small business owners simplify their financial reports to make more informed business decisions with fewer hassles. We utilize the Profit First system created by Mike Michalowicz Our Q&A call on the 2nd Thursday of the month at 1 pm Eastern: https://bit.ly/PFcall Sign up to be notified when the next cohort of the Profit First Experience Course is available! Schedule your free, no-obligation intro call: https://bookme.name/rockyl/lite/intro-appointment-15-minutes Check out our website: http://profitcomesfirst.com/ Questions: questions@profitanswerman.com Email: rocky@profitcomesfirst.com Relay Bank (affiliate link) - https://relayfi.com/?referralcode=profitcomesfirst Profit Answer Man Facebook group: https://www.facebook.com/groups/profitanswerman/ My podcast about living a richer more meaningful life: http://richersoul.com/ Profit First Toolkit: click here to sign up This episode is part of the SMB Podcast Network. Find other great interviews from around the internet just like this one at https://www.SMBPodcastNetwork.com Music provided by Junan from Junan Podcast Any financial advice is for educational purposes only and you should consult with an expert for your specific needs. #profitfirst

Ep 183 From Startup to Success: Building a Multimillion-Dollar Profit Machine with Bryan Clayton Bryan Clayton is a tenacious entrepreneur, author, and speaker. As the CEO and co-founder of GreenPal, he has harnessed hard work and innovation to create a thriving online platform connecting homeowners with local lawn care experts. Under Bryan's guidance, GreenPal has burgeoned into a multi-million dollar enterprise with 200,000+ users, earning recognition in prestigious publications like Forbes, Inc., and Entrepreneur. Before GreenPal, Bryan established Peachtree Inc., a landscaping company that flourished into a Tennessee giant, amassing $10 million in yearly revenue. He successfully orchestrated its acquisition by LUSA Holdings, a national corporation. Acknowledged for his leadership, Bryan received the "40 under 40" honor from the Nashville Business Journal, a testament to his entrepreneurial zeal. Bryan's journey underscores the potency of perseverance and risk-taking. He's a passionate advocate for others' triumphs, exemplifying the rewards of dedication and community engagement. In this episode, you will learn the following: ● The importance of founders demonstrating genuine care and staying actively involved in their company. ● Founders must consistently monitor and care about the customer experience and the company's culture. ● The significance of eliminating friction in the customer experience to increase sales. ● The misconception that outperforming competitors requires being 100 percent better. Links: https://www.yourgreenpal.com/ Hi, I'm the Profit Answer Man Rocky Lalvani! I help small business owners simplify their financial reports to make more informed business decisions with fewer hassles. We utilize the Profit First system created by Mike Michalowicz Our Q&A call on the 2nd Thursday of the month at 1 pm Eastern: https://bit.ly/PFcall Sign up to be notified when the next cohort of the Profit First Experience Course is available! Schedule your free, no-obligation intro call: https://bookme.name/rockyl/lite/intro-appointment-15-minutes Check out our website: http://profitcomesfirst.com/ Questions: questions@profitanswerman.com Email: rocky@profitcomesfirst.com Relay Bank (affiliate link) - https://relayfi.com/?referralcode=profitcomesfirst Profit Answer Man Facebook group: https://www.facebook.com/groups/profitanswerman/ My podcast about living a richer more meaningful life: http://richersoul.com/ Profit First Toolkit: click here to sign up This episode is part of the SMB Podcast Network. Find other great interviews from around the internet just like this one at https://www.SMBPodcastNetwork.com Music provided by Junan from Junan Podcast Any financial advice is for educational purposes only and you should consult with an expert for your specific needs.p #profitfirst

Ep 182 Sprinting to Success: Profit-Boosting Strategies with Simon Severino Simon Severino, CEO of Strategy Sprints, aids agency owners in automating 85% of B2B sales. As the host of the "Strategy Sprints" podcast, he's a top 2.5% favorite. Simon created the Strategy Sprints™ Method, doubling revenue in 90 days by freeing owners from operations. He empowers Certified Strategy Sprints™ Coaches for agency growth. An active Silicon Valley Blockchain Society member, he drives capital flow and reduces risks. Trusted by Google, BMW, Roche, and others, Simon's TEDx talks and 800+ podcast appearances showcase his expertise. His insights grace Forbes and Entrepreneur Magazine, focusing on digital agency scaling. In this episode, you will learn the following: ● Streamlining Sales and Minimizing Admin ● Identifying and addressing specific aspects of sales that individuals dislike, businesses can adopt a more enjoyable and effective approach. ● Challenge mental models and assumptions and discover more enjoyable and efficient methods of engaging with potential clients. ● Focusing on daily habits (delegation and automation), weekly habits (tracking key metrics), and monthly strategic analysis, businesses can exert influence over their growth trajectory. Links: https://www.strategysprints.com/ Hi, I'm the Profit Answer Man Rocky Lalvani! I help small business owners simplify their financial reports to make more informed business decisions with fewer hassles. We utilize the Profit First system created by Mike Michalowicz Our Q&A call on the 2nd Thursday of the month at 1 pm Eastern: https://bit.ly/PFcall Sign up to be notified when the next cohort of the Profit First Experience Course is available! Schedule your free, no-obligation intro call: https://bookme.name/rockyl/lite/intro-appointment-15-minutes Check out our website: http://profitcomesfirst.com/ Questions: questions@profitanswerman.com Email: rocky@profitcomesfirst.com Relay Bank (affiliate link) - https://relayfi.com/?referralcode=profitcomesfirst Profit Answer Man Facebook group: https://www.facebook.com/groups/profitanswerman/ My podcast about living a richer more meaningful life: http://richersoul.com/ Profit First Toolkit: click here to sign up This episode is part of the SMB Podcast Network. Find other great interviews from around the internet just like this one at https://www.SMBPodcastNetwork.com Music provided by Junan from Junan Podcast Any financial advice is for educational purposes only and you should consult with an expert for your specific needs. #profitfirst

Ep 181 Automating Profit First Banking with Deanna Zubrickas of Relay Deanna Zubrickas plays a pivotal role at Relay, collaborating closely with Partners, accountants, and bookkeepers to enhance the quality of business banking services offered to their clientele. Serving as the primary product expert, Deanna specializes in business banking solutions and seamless integrations between banking and accounting systems. In this episode, you will learn the following: ● Flexibility of Relay Accounts: Relay's appeal for setting up Profit First lies in its flexibility.. ● Overcoming Banking Hurdles: One of the challenges with Profit First implementation is finding a bank that supports multiple accounts without charging excessive fees. ● Automation Enhances Execution: Automation is a powerful tool for ensuring consistent adherence to Profit First principles. ● Integration with Accounting Software: Relay's connection with QuickBooks and Xero ensures that all transfers and allocations made within Relay seamlessly reflect in the accounting software, streamlining the financial management process. * Relay is a financial technology company, not an FDIC-insured bank. Banking services and FDIC insurance are provided through Thread Bank and Evolve Bank & Trust; Members FDIC. The Relay Visa® Debit Card is issued by Thread Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa® debit cards are accepted. Learn more through this affiliate link: bit.ly/relayfi https://bit.ly/RelayFIPro for accountants and bookkeepers Hi, I'm the Profit Answer Man Rocky Lalvani! I help small business owners simplify their financial reports to make more informed business decisions with fewer hassles. We utilize the Profit First system created by Mike Michalowicz Our Q&A call on the 2nd Thursday of the month at 1 pm Eastern: https://bit.ly/PFcall Sign up to be notified when the next cohort of the Profit First Experience Course is available! Schedule your free, no-obligation intro call: https://bookme.name/rockyl/lite/intro-appointment-15-minutes Check out our website: http://profitcomesfirst.com/ Questions: questions@profitanswerman.com Email: rocky@profitcomesfirst.com Relay Bank (affiliate link) - https://relayfi.com/?referralcode=profitcomesfirst Profit Answer Man Facebook group: https://www.facebook.com/groups/profitanswerman/ My podcast about living a richer more meaningful life: http://richersoul.com/ Profit First Toolkit: click here to sign up This episode is part of the SMB Podcast Network. Find other great interviews from around the internet just like this one at https://www.SMBPodcastNetwork.com Music provided by Junan from Junan Podcast Any financial advice is for educational purposes only and you should consult with an expert for your specific needs.

Discover the Game-Changing Power of AI for Your Business Manuj Aggarwal is a well-known AI thought leader on a worldwide scale. Manuj has made a name for himself in the field thanks to his 15 years of experience and 4 patents. He has produced a phenomenal value of over $500 million for prestigious companies including Microsoft, IBM, and Pearson Education. Over 10 million people have been significantly impacted by Manuj's efforts, and as a result, renowned people like President Obama and Bill Gates have praised him. His knowledge of AI is widely sought for, and he has contributed significantly to the field's innovation and development. In this episode, you will learn the following: ● Develop a deeper grasp of AI's role in business and recognize how it could change the course of your career. ● Dispel myths about AI stealing jobs, and learn to see it as an enabler rather than a danger. ● Recognize the power of AI in addressing skill gaps, enabling career advancement, and fostering organizational resilience. ● Acknowledge the vital importance for businesses to embrace and excel in the AI era, as failure to do so may result in falling behind their competitors. Links: https://www.linkedin.com/in/manujaggarwal/ Hi, I'm the Profit Answer Man Rocky Lalvani! I help small business owners simplify their financial reports to make more informed business decisions with fewer hassles. We utilize the Profit First system created by Mike Michalowicz Our Q&A call on the 2nd Thursday of the month at 1 pm Eastern: https://bit.ly/PFcall Sign up to be notified when the next cohort of the Profit First Experience Course is available! Schedule your free, no-obligation intro call: https://bookme.name/rockyl/lite/intro-appointment-15-minutes Check out our website: http://profitcomesfirst.com/ Questions: questions@profitanswerman.com Email: rocky@profitcomesfirst.com Relay Bank (affiliate link) - https://relayfi.com/?referralcode=profitcomesfirst Profit Answer Man Facebook group: https://www.facebook.com/groups/profitanswerman/ My podcast about living a richer more meaningful life: http://richersoul.com/ Profit First Toolkit: click here to sign up This episode is part of the SMB Podcast Network. Find other great interviews from around the internet just like this one at https://www.SMBPodcastNetwork.com Music provided by Junan from Junan Podcast Any financial advice is for educational purposes only and you should consult with an expert for your specific needs.

Streamline and Scale Profitably: Mastering Business Systems Malcolm Peace is the founder of Tsetserra Growth Partners, is making a remarkable impact in Texas by assisting small to midsize businesses. He specializes in assisting long-standing enterprises whose founders are planning to retire yet still want to see their businesses succeed. In order to ensure a smooth transfer while maintaining the owner's ethos, Malcolm and his team completely rewrite the operating playbook. Within two years, the company's revenue is intended to treble thanks to their emphasis on operational efficiency. Malcolm offers the required tools and techniques despite the challenging task, providing business owners confidence in the future success of their enterprises. In this episode, you will learn the following: ● The significance of documenting standard operating procedures (SOPs) when acquiring and managing businesses ● The prevalence of QuickBooks online among small businesses ● Tracking key data points is invaluable in analyzing business performance ● Standardizing business processes and pricing for better decision-making ● Hiring individuals who align with the company's values, possess the necessary skills, and fit the culture contributes to long-term growth and success. Links: https://tsetserra.com/ https://www.linkedin.com/in/malcolmpeace https://twitter.com/peace_malcolm Hi, I'm the Profit Answer Man Rocky Lalvani! I help small business owners simplify their financial reports to make more informed business decisions with fewer hassles. We utilize the Profit First system created by Mike Michalowicz Our Q&A call on the 2nd Thursday of the month at 1 pm Eastern: https://bit.ly/PFcall Sign up to be notified when the next cohort of the Profit First Experience Course is available! Schedule your free, no-obligation intro call: https://bookme.name/rockyl/lite/intro-appointment-15-minutes Check out our website: http://profitcomesfirst.com/ Questions: questions@profitanswerman.com Email: rocky@profitcomesfirst.com Relay Bank (affiliate link) - https://relayfi.com/?referralcode=profitcomesfirst Profit Answer Man Facebook group: https://www.facebook.com/groups/profitanswerman/ My podcast about living a richer more meaningful life: http://richersoul.com/ Profit First Toolkit: click here to sign up This episode is part of the SMB Podcast Network. Find other great interviews from around the internet just like this one at https://www.SMBPodcastNetwork.com Music provided by Junan from Junan Podcast Any financial advice is for educational purposes only and you should consult with an expert for your specific needs.

Work Less, Make More, and Increase Profit Liz Chism is a highly experienced business operations coach and entrepreneur. With over 9 years of entrepreneurial experience, Chism shares her incredible journey, starting with co-founding a craft brewery business alongside her husband. While the brewery faced financial challenges and ultimately ended in bankruptcy, Chism discovered the importance of implementing effective systems and processes for managing a business while maintaining a balanced personal life. This realization led her to transition into the role of a business operations coach, where she now assists fellow business owners in streamlining their operations, scaling their enterprises, and avoiding common pitfalls. Chism's relentless determination and unwavering commitment have turned her entrepreneurial dreams into reality. Today, she successfully manages businesses across multiple states, enjoying the freedom to design her life on her own terms. By embracing virtual work, Chism and her husband have achieved a greater work-life balance, allowing them to spend more quality time with their children while continuing to drive business growth. In this episode, you will learn the following: ● Aligning vision, mission, and values: It is essential to clarify the vision, mission, and values of the business and ensure that employees align with these principles. ● Translating vision and mission into practical terms is crucial for creating alignment and a shared sense of purpose within an organization. ● Identifying successful strategies and systemizing them allows for repeatable and scalable processes, contributing to increased revenue and profitability. ● Implementing systems and processes in a business can result in various advantages, including time savings, increased profitability, and enhanced value and enjoyment. Links: http://www.lizchism.com/ https://www.facebook.com/elizabeth.chism.92/ https://www.instagram.com/liz_chism/ https://www.linkedin.com/in/liz-chism-b153b2194/ Hi, I'm the Profit Answer Man Rocky Lalvani! I help small business owners simplify their financial reports to make more informed business decisions with fewer hassles. We utilize the Profit First system created by Mike Michalowicz Our Q&A call on the 2nd Thursday of the month at 1 pm Eastern: https://bit.ly/PFcall Sign up to be notified when the next cohort of the Profit First Experience Course is available! Schedule your free, no-obligation intro call: https://bookme.name/rockyl/lite/intro-appointment-15-minutes Check out our website: http://profitcomesfirst.com/ Questions: questions@profitanswerman.com Email: rocky@profitcomesfirst.com Relay Bank (affiliate link) - https://relayfi.com/?referralcode=profitcomesfirst Profit Answer Man Facebook group: https://www.facebook.com/groups/profitanswerman/ My podcast about living a richer more meaningful life: http://richersoul.com/ Profit First Toolkit: click here to sign up This episode is part of the SMB Podcast Network. Find other great interviews from around the internet just like this one at https://www.SMBPodcastNetwork.com Music provided by Junan from Junan Podcast Any financial advice is for educational purposes only and you should consult with an expert for your specific needs.

Empowering Minorities: Profit First Strategies Susanne Mariga is a highly accomplished CPA and Fractional CFO, specializing in high net worth tax strategies for 7 and 8 figure entrepreneurs. She is the CEO of The Mariga Group, a distinguished Goldman Sachs 10,000 Small Business participant. Susanne Mariga has gained recognition for her expertise through features in esteemed publications like the Houston Business Journal and MBE Magazine. Under the esteemed Profit First brand, Susanne Mariga collaborated with Mike Michalowicz to write the book "Profit First For Minority Business Enterprises," which received positive reviews from Kirkus and was chosen as an Editor's Pick by Publisher's Weekly. Additionally, she serves as the host of the Profit Talk Podcast. With experience growing her own small business, Susanne combines industry knowledge and personal insights to help clients create customized, profit-first business plans. Prior to founding The Mariga Group, she honed her skills at prestigious firms like Arthur Andersen LLP and a Big 4 firm. In this episode, you will learn the following: Adjusting prices to keep up with inflation: It is essential for business owners to regularly review and adjust their prices to account for inflation. Having a flexible budget: A flexible budget that can adapt to economic shifts is vital. Being flexible and avoiding long-term commitments: Remaining flexible and avoiding long-term commitments can be advantageous in uncertain times. Links: https://susannemariga.com/ Hi, I'm the Profit Answer Man Rocky Lalvani! I help small business owners simplify their financial reports to make more informed business decisions with fewer hassles. We utilize the Profit First system created by Mike Michalowicz Our Q&A call on the 2nd Thursday of the month at 1 pm Eastern: https://bit.ly/PFcall Sign up to be notified when the next cohort of the Profit First Experience Course is available! Schedule your free, no-obligation intro call: https://bookme.name/rockyl/lite/intro-appointment-15-minutes Check out our website: http://profitcomesfirst.com/ Questions: questions@profitanswerman.com Email: rocky@profitcomesfirst.com Relay Bank (affiliate link) - https://relayfi.com/?referralcode=profitcomesfirst Profit Answer Man Facebook group: https://www.facebook.com/groups/profitanswerman/ My podcast about living a richer more meaningful life: http://richersoul.com/ Profit First Toolkit: click here to sign up This episode is part of the SMB Podcast Network. Find other great interviews from around the internet just like this one at https://www.SMBPodcastNetwork.com Music provided by Junan from Junan Podcast Any financial advice is for educational purposes only and you should consult with an expert for your specific needs.

Systemize for Success: Building Profitable Processes Paul Jackson is the CEO of Method, a cutting-edge CRM software tailored for QuickBooks users. Paul takes us on his entrepreneurial journey, beginning with his previous venture, QXpress, which catered to service businesses. He candidly discusses the unique challenges faced by small business owners in effectively managing tracking and billing, with a specific focus on trades and construction industries. Listen in as Paul emphasizes the transformative power of automation and how it can streamline operations, improve efficiency, and boost productivity. In this episode, you will learn the following: Finding critical-thinking-intensive jobs that are carried out by key employees reduces bottlenecks and boosts overall efficiency Implementing opportunities and deals in a CRM is a crucial step for business owners to track and plan for future success. Documenting processes, even without software adoption, ensures consistency, efficiency, and scalability in operations. Links: Getting started with workflow automation checklist method.me/workflow-checklist https://twitter.com/PaulAlexJackson https://www.linkedin.com/company/method-integration/ https://method.me Hi, I'm the Profit Answer Man Rocky Lalvani! I help small business owners simplify their financial reports to make more informed business decisions with fewer hassles. We utilize the Profit First system created by Mike Michalowicz Our Q&A call on the 2nd Thursday of the month at 1 pm Eastern: https://bit.ly/PFcall Sign up to be notified when the next cohort of the Profit First Experience Course is available! Schedule your free, no-obligation intro call: https://bookme.name/rockyl/lite/intro-appointment-15-minutes Check out our website: http://profitcomesfirst.com/ Questions: questions@profitanswerman.com Email: rocky@profitcomesfirst.com Relay Bank (affiliate link) - https://relayfi.com/?referralcode=profitcomesfirst Profit Answer Man Facebook group: https://www.facebook.com/groups/profitanswerman/ My podcast about living a richer more meaningful life: http://richersoul.com/ Profit First Toolkit: click here to sign up This episode is part of the SMB Podcast Network. Find other great interviews from around the internet just like this one at https://www.SMBPodcastNetwork.com Music provided by Junan from Junan Podcast Any financial advice is for educational purposes only and you should consult with an expert for your specific needs.

The Audacious Unheard-of Ways Roy Osing took a Startup to A BILLION IN SALES Roy Osing is an accomplished individual who has achieved remarkable success as an author, entrepreneur, and executive leader. With over 40 years of experience in various business roles, including president and CMO, Roy has a proven track record of taking startups to unprecedented levels of success. During his tenure as President of a prominent data and internet company, Roy's bold and unconventional leadership strategies propelled the company from its early stages to an impressive $1 billion in annual sales. His unique approaches, which he refers to as "Audacious Unheard-of Ways," have set him apart as the sole authority on achieving high performance in businesses and successful careers. Aside from his executive roles, Roy is also an influential blogger, content marketer, and mentor to aspiring professionals. His practical business advice has been compiled into a series of straightforward books, with his seventh publication titled "BE DiFFERENT or be dead: The Audacious Unheard-of Ways I Took a Startup to A BILLION IN SALES." In this episode, you will learn the following: Absorb the importance of gaining a unique edge in small businesses to stay ahead in the rat race. Appreciate the beauty of integrating emotional intelligence and fervor in recruiting the right fits for your business. Comprehend the powerful alliance between personal triumphs and business aspirations for a victorious journey. Realtize the strategic need for clarity in business, steering your venture towards its desired destination. Explore the intriguing concept of how pain can propel impactful differentiation strategies. Links: https://www.bedifferentorbedead.com/ Hi, I'm the Profit Answer Man Rocky Lalvani! I help small business owners simplify their financial reports to make more informed business decisions with fewer hassles. We utilize the Profit First system created by Mike Michalowicz Our Q&A call on the 2nd Thursday of the month at 1 pm Eastern: https://www.eventbrite.com/e/profit-first-monthly-qa-call-tickets-650137146707 Sign up to be notified when the next cohort of the Profit First Experience Course is available! Schedule your free, no-obligation intro call: https://bookme.name/rockyl/lite/intro-appointment-15-minutes Check out our website: http://profitcomesfirst.com/ Questions: questions@profitanswerman.com Email: rocky@profitcomesfirst.com Relay Bank (affiliate link) - https://relayfi.com/?referralcode=profitcomesfirst Profit Answer Man Facebook group: https://www.facebook.com/groups/profitanswerman/ My podcast about living a richer more meaningful life: http://richersoul.com/ Profit First Toolkit: click here to sign up This episode is part of the SMB Podcast Network. Find other great interviews from around the internet just like this one at https://www.SMBPodcastNetwork.com Music provided by Junan from Junan Podcast Any financial advice is for educational purposes only and you should consult with an expert for your specific needs.