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Rocky Lalvani serves as Chief Profitability Officer (CPO) for business owners. He helps small business owners maximize their businessโ profit so that they have time and freedom to do what they love. He does this by changing the mental accounting formula from โSales minus Expenses equals Profitsโ to โSales minus Profits equals Expenses.โ The point is to make sure that profits come first.
Today, Jonathan and Rocky discuss the Profit First method, why there arenโt more wealthy people, and the misconception small business owners have about growth.
๐บ Watch on YouTube
Key Takeaways
00:49 โ Jonathan introduces todayโs guest, Rocky Lalvani, who joins the show to share how to get value for your money and other financial lessons that were critical to his success
07:02 โ Rockyโs first paper route to his current role as CPO
13:56 โ Why there arenโt more wealthy people
17:29 โ Statistics on small businesses
19:55 โ The two equations of Revenue, Profit, & Expenses
24:55 โ The fallacy of โGrowthโ
27:26 โ The Profit First system
31:55 โ One piece of financial advice to heed and one thing to completely ignore
35:22 โ The last thing Rocky changed his mind about and one thing Rocky would like others to know about him
37:44 โ Jonathan thanks Rocky for joining the show today and lets listeners know where to connect with him
Tweetable Quotes
โI think the biggest lesson coming out of it all is you can live an abundant life on a pauperโs budget. I think, too often, people just overspend money and they donโt get value for it.โ (05:14) (Rocky)
โI can look at a set of numbers and they tell me a story. I can look at data and I can pick out the anomalies. I know how to make the buck work. In small business, understanding numbers and stretching your bucks is what makes you successful.โ (11:57) (Rocky)
โSo thereโs all these different money messages that are going into peopleโs heads, and if they never question them then thatโs a problem.โ (15:06) (Rocky)
โIf nobody wants what you have to sell, or they arenโt willing to pay for it, then it doesnโt matter. I think thatโs a big part of it. The other thing is understanding the business-to-business, understanding how to systematize, how to build processes, how to lay stuff out and get stuff done.โ (18:57) (Rocky)
โToo often, I think [business owners] are focused on the wrong metrics, which is whatโs the topline? The question, at the end of the day, is how much do you get to keep, how much do you get to take home, and how much is for you?โ (25:57) (Rocky)
โOur first step is to sit down with the business owner, and the first question is, โTell me about how you grew up and learned about money.โ Because whatever those money mindsets and habits are, I need to know how they are affecting you today, what the programming is, and what your core beliefs are and how are you thinking.โ (30:59) (Rocky)
โNumber one, you have to know where youโre going. If you have no idea where youโre going, how are you going to get there?โ (32:30) (Rocky)
Guest Resources
Mindful Money Resources
For all the free stuff at Mindful Money:ย https://mindful.money/resources
To buy Jonathanโs first book – Mindful Money:ย https://www.amazon.com/Mindful-Money-Practices-Financial-Increasing/dp/1608684369
To buy Jonathanโs second book โ Mindful Investing:ย https://www.amazon.com/Mindful-Investing-Outcome-Greater-Well-Being/dp/1608688763
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Website:ย https://mindful.money
Jonathan on LinkedIn:ย https://www.linkedin.com/in/jonathandeyoe
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