E167 – Be More Resourceful, Don’t Use More Resources: How Profit First Cash Management Can Help Your Business Flourish | with Rocky Lalvani
Rocky Lalvani works as a chief profitability officer for small business owners, helping them transform their businesses from cash-eating monsters to money-making machines! The best part is that the owner is always paid what they should. Today, Rocky’s breaking down the key to managing your cash efficiently. It’s called profit first, and you’ll definitely want to hear about it!
If you find yourself fearful when it comes time to check your business’s numbers or frequently bogged down by expenses and taxes, you’re not alone. But there’s a way to make it a little easier on yourself. Profit-first management is about using multiple accounts to ensure your income is flowing to all the right places – and to ensure that you’re always getting paid!
In this episode, Rocky breaks down what profit first cash management is, why it works so well, and how you can implement it in your own business. You’ll be surprised how much more confident and financially secure you feel when you use this system – even when tax season rolls around!
In this episode:
- [1:39] Rocky explains his background and how he came to focus on profit-first management.
- [4:10] How do you get started with this financial process? Rocky walks us through – it’s all about opening multiple bank accounts for profit, income, taxes, and expenses.
- [8:40] Still struggling to get on board with this system? Rocky explains how it works using Parkinson’s Law and the Peredo Principle.
- [12:51] Handling expenses can be tricky. Rocky explains how to stay on top of it all – it’s always good to have a buffer!
- [16:15] Wondering what the net result is of handling your finances this way? Rocky says that after six months, business owners tend to be more confident, less fearful, and ready to handle their numbers.
Watch the Interview:
Learn more and reach out:
- Website: https://profitcomesfirst.com
- Podcast: Profit Answer Man
