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FHR #007 - Increase Profits, Maintain Balance and Harmony with Rocky Lalvani
Episode 712th June 2020 • Freedom Hack Radio • Bryce Robertson
00:00:00 01:08:43

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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 favorite 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 

DISCUSSED DURING THE SHOW:


ROCKY LINKS:

  • Email: rocky@richersoul.com
  • Learn more about how to live life in harmony at http://richersoul.com/  
  • Learn how to keep more of the revenue you generate at http://profitcomesfirst.com/


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