Profit Answer Man: Scaling with Profit First & Beyond

Profit First For Professionals with Sarah Webb In this episode of the Profit Answer Man, we are joined by Sarah Webb. She founded Webb CFO to provide accounting assistance and long-term financial planning guidance to licensed physicians and their private practice small businesses. Though Sarah and her team are happy to address the fundamental aspects of day-to-day accounting, such as cash flow management and budgeting, they take client financials a step further by adopting a strategic approach: leveraging numerical data for forecasting and planning, and offering a broader management-oriented perspective. In this episode, you will learn the following:   Challenges the notion that higher revenue equals success, emphasizing the importance of profitability instead. Advanced financial strategies for owners of multiple businesses, including the need for a robust tax reserve. Utilization of high-yield sweep accounts and financial scorecards for better financial management and decision-making. The 'fraud triangle' and the importance of verification methods to protect assets. Financial vigilance and smart management practices to prevent fraud and maintain a healthy business. Links: https://www.webbcfo.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 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

Profit First in Healthcare with Daniel Tribby In this episode of the Profit Answer Man, we have Daniel Tribby, a healthcare entrepreneur and the author of "Unf*cking Private Healthcare: The Playbook On Owning Your Dream Practice." Daniel shares actionable tips on how to revolutionize your medical practice or any business, focusing on profitability and patient care. With a background in regenerative medicine as co-owner of Regenerative Sports Spine and Spa in Orlando, Florida, Daniel achieved a seven-figure exit in 2023. Discover the secrets behind his success and learn how to turn clients or patients into raving fans. In this episode, you will learn the following: Financial agility and reserves empower business owners to make value-aligned decisions and seize opportunities. Strategies for effective delegation and the importance of hiring employees who share company values and comprehend expectations. Dangers of abdicating responsibility and the necessity of monitoring key performance indicators to maintain operational control. Focus on candidates who fit the company culture and the long-term vision for success. The need for regular thinking time for business owners to assess and manage their operations effectively. Links: https://www.danieltribbyofficial.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 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

How Can I Turn This Into a Tax Deduction with Matthew Sercely In this episode of the Profit Answer Man, we feature Matthew Sercely as he explores strategic tax planning to enhance business profitability and achieve long-term financial success without falling prey to aggressive tax strategies. Matthew Sercely is a lawyer who has dedicated his practice to helping people learn more about how to legally reduce their taxes and provide peace of mind that you aren't doing anything that will likely annoy the IRS. He lives in the North Dallas Area but has clients all over the country. When not messing with the government, he spends time with his 3 children or reads, weight lifts, or goes camping. In this episode, you will learn the following: How to effectively manage tax planning without compromising the profitability of a business. Decision-making process around choosing the right business structure, such as S Corps versus sole proprietorships, and how different structures impact taxes. Understanding depreciation recapture and how various tax rules affect the deductibility of expenses, such as meals and entertainment. How retirement accounts can be utilized for tax deductions while also securing future financial stability. Tactic of involving family in the business, not only as employees but also as strategic contributors to their own Roth IRAs. The importance of a long-term tax strategy is stressed over short-term gains that could be achieved through accelerated depreciation or aggressive tax planning. Links: https://www.agoristtaxadvice.com/profitman   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 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

Building a Billion Dollar Company with John Hewitt In this episode of the Profit Answer Man, we are joined by renowned American entrepreneur John Hewitt as he shares insights on scaling a business to a billion dollars and the right time to franchise. John Hewitt is a renowned American entrepreneur who has made a significant impact in the business world through his innovative ideas and strategic thinking. He is best known for his success in the tax preparation industry, having founded two of the largest tax preparation companies in the United States - Jackson Hewitt and Liberty Tax. Both companies represent two of the top 100 largest retail organizations in North America. In this episode, you will learn the following: Budgeting based on both best and worst-case scenarios rather than fixed projections. Flexibility in adjusting expenses based on actual revenue outcomes, ensuring financial stability A proactive approach to managing growth by adjusting hiring practices based on performance Strategic workforce planning and financial management to sustain growth and adapt to changing market conditions. Assessing one's own strengths and weaknesses truthfully Seek out individuals who bring expertise in areas where the CEO may be lacking. Links: https://www.loyaltybrands.com/ john@2@loyaltybrands.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 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

The Keys to a Headache-Free, High-Profit Team with Dave Pennington Dave Pennington, PhD is the Founder & CEO Penn Coaching & Consulting. He helps business owners and leaders in strategically scaling up their companies to hire, onboard, develop, and retain highly productive employees. Dave spent the last 35+ years managing and leading organizations. He has served on national & international boards. He has built strong teams, developed his personal leadership, managed financials, and developed and sustained visionary leadership. Dave is passionate about developing leaders!  He knows what it takes to build and scale a business.  He brings his 35+ years of management experience to the table, leans into his clients’ challenges, and comes alongside to help them navigate the waters of business growth.  In this episode, you will learn the following: The need for strategic team-building within budget constraints. The transformative impact of aligning team members with roles that match their strengths and passions How hiring based on cultural fit can contribute to a harmonious work environment Helping employees understand the connection between their contributions and the company's financial health Strategies for owners to step back from hands-on work and focus on empowering their employees through effective delegation Links: dave@penncoaching.com https://penncoaching.com/productive-employee-system-checklist   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 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

Increase the Bottom Line with Byron Wolfe Byron's gift for translating the complexities of business financial principles with a focus on small businesses into easily understood communication has made him one of the most highly sought financial and business consultants. He is the Founder of CFO•AF, a financial services and business consulting firm specializing in industries ranging from construction to crypto. Byron is Chief Financial Officer for an INC 5000 company and is the fractional CFO of various companies with annual revenues from 3-25 Million. His certification in the Crypto, NFT, and the Metaverse space has led to many projects with DAOs and crypto companies and he is considered one of the first experts in crypto tax strategy.  Byron’s true passion lies in helping small business owners expand their financial reach and success through various tools like the R&D tax credits, proactive tax plans, creative funding and high contact financial management. In this episode, you will learn the following: Critical importance of prioritizing profit over revenue in your business. How implementing proper systems, processes and delegation can prevent burnout and maintain your passion for work. Strategies for maximizing profit through incremental changes, such as raising prices and cutting costs. The significance of understanding Key Performance Indicators (KPIs) to make impactful financial changes. Dangers of the disconnect between business owners and the financial language used by CPAs. How to navigate the pitfalls of making business decisions based solely on profitability without considering cash flow.  Strategies for aligning business growth with cash availability to prevent jeopardizing financial stability. True cost of business contracts and the importance of understanding their financial implications.  Links: Website:  https://www.cfoaf.com/  Social Media: Facebook - https://www.facebook.com/cfoaf Instagram - https://www.instagram.com/the_cfoaf/ LinkedIn - https://www.linkedin.com/in/byron-a-wolfe-cpa/   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 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

Profit First in Real Estate with Mathew Pezon Mathew Pezon is a former chemical engineer and Fulbright Scholar who left the corporate world to become a full-time real estate investor after nine years of side hustling. He is the owner of Pezon Properties, a team of local Pennsylvania buy-and-hold experts who purchase and improve rental properties in the Lehigh Valley, PA. He is eager to share how to find, finance, and reposition deals in a competitive but shifting market. In this episode, you will learn the following:   Importance of implementing processes, procedures, and continuous education in a business environment to ensure success and employee support. Strategies for choosing the right investments, managing cash flow challenges, and identifying profitable opportunities in the real estate market. The benefits of mentorship and the application of the 80/20 rule in business to maximize success and focus on the most profitable aspects.  How to create an effective employee onboarding process, including the use of a predictive index for role profiling and structured onboarding plans.  Advantages of utilizing remote assistance and artificial intelligence to streamline business operations and maintain focus on critical tasks.  Diversification strategies for creating multiple income streams in real estate and the significance of making profits at the purchase stage. Links: https://www.pezonproperties.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 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  

Skyrocket Your Productivity with Amber De La Garza Amber De La Garza is The Productivity Specialist! Amber has more than a decade of experience helping small business owners maximize profits, reduce stress, and make time for what matters most by improving their time management and elevating their productivity! Amber is a sought-after coach, trainer, speaker, writer, host of the Productivity Straight Talk Podcast and creator of Leverage Lab®. Amber shares her message on her weekly podcast and as Straight Talks both virtually and in-person across the country for audiences that range from small business owners and associations to multinational corporations.  In this episode, you will learn the following: ●      Benefits of implementing the Profit First system in a business ●      Importance of time management and productivity in running a successful business ●      Principles of Profit First and Parkinson's Law ●      Strategies for maximizing productivity and efficiency ●      Challenges of self-sabotage, distractions, and interruptions ●      Leveraging resources and systems for improved productivity and profitability   Links:  FREE Take Back  Your Time Mini Training | www.AmberDeLaGarza.com/TakeBackYourTime Website | www.AmberDeLaGarza.com Podcast | www.ProductivityStraightTalkPodcast.com Facebook Page | https://www.facebook.com/theproductivityspecialist Instagram | https://www.instagram.com/amber_delagarza/   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 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

How to Be A Profit Pro with Jason Petro / Chris White Tune in for a powerful dialogue on the intersection of the Entrepreneurial Operating System (EOS) and effective financial oversight in this episode of Profit Answer Man with Chris White & Jason Petro. Chris is a 7X entrepreneur with over 15 years as a business coach. He co-founded Ninety.io, software for companies running on EOS, Ascend POS for Trek Bicycle Company, System & Soul business framework, and S2 Sync software. Jason is a three-time entrepreneur with over two decades in the engineering design industry. His expertise in product development has led to the founding of various tech ventures, including Up-Rev, an engineering services firm, and Profit Pro, a SaaS company designed for Profit First System users. Beyond his passion for founding tech start-up companies, Jason is also a certified Profit First Professional Business Coach committed to transforming profitability into a habit for fellow small business owners. In this episode, you will learn the following: The 'paradox of expertise' and how it can lead to overcomplicating financial management. How Profit Pro aids entrepreneurs in understanding and managing their finances. Synergy between financial management tools and personal development for business owners. The common financial hurdles for small business owners. Psychological barriers that prevent business owners from embracing streamlined financial methods. Links: https://profitpro.app/   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 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

Improving Cash Flow and Borrowing More with Karl Baker W. Karl Baker, CPA, has spent 30+ years serving a variety of businesses. Karl has performed a wide array of services, including commercial loan advisory services, loan preparation and positioning services, interim CFO and controller services, business office process improvements, revenue stream analysis and improvement initiatives, merger & acquisition analysis and valuations, due diligence, strategic planning, financing assistance, market demand assessments, financial feasibility studies, tax planning, and financial statement audits. He is a real estate investor and also owns 2 companies: an accounting consulting firm Baker CFO Advisory, LLC – www.BakerCFOadvisory.com and Infinity Commercial Capital - www.InfinityCommCapital.com.  He is a licensed Certified Public Accountant in Missouri and Massachusetts. In this episode, you will learn the following: ●      The necessity for small businesses to approach lenders from a position of strength rather than desperation. ●      Operational aspects of business such as scheduling strategies, managing resources, and using KPIs and dashboards for smarter financial decisions. ●      The need for understanding and utilizing business data effectively. ●      The Four C’s that can impact a loan application: credit, capacity, collateral, and character.  ●      Alternative lending options are explored for non-traditional situations and proper bookkeeping for securing bank credit. Links: www.InfinityCommCapital.com www.BakerCFOadvisory.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 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