Profit First Series Part 4, Interview with Rocky Lalvani
vWe’re finishing up my Profit First series with a conversation with Profit First Professional, Rocky Lalvani. During this conversation, you’ll hear a lot about numbers and financial literacy. Rocky’s a self-titled “spreadsheet geek” – to him, numbers tell an important story.
Rocky explains that the first thing you should think about when it comes to inventory based business is margin. What amount of money do you end up with after you make a sale? Understanding these basic numbers helps you make informed decisions.
What is Rocky’s advice about implementing Profit First?
Rocky starts by taking a look at a business’ tax returns.
From there, he starts with 1%. His goal is to create a sustainable habit. Once the habit gets going, he works with clients to build the amounts to the levels Profit First recommends.
What’s a good habit to start with when it comes to financials?
Make sure reports are in a format that YOU can understand. Sales should be the first line. Cost of goods should be next.
Then, you should apply a percentage to that total. This will give you an idea of where your profit margin stands. You’ll be able to see if your business is sustainable as it currently stands.
Here’s a glance at the episode:
[2:23] Rocky shares about his story and his work.
[7:18] Learn where Rocky starts when working on Profit First with his clients.
Click here to listen to the episode.
*Don’t forget to leave a review of the episode on your favorite streaming service.
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