Profit Answer Man: Implementing the Profit First System!
Hi, I'm the Profit Answer Man! The Profit Answer Man podcast is a weekly show hosted by Rocky Lalvani, a business coach and Certified Profit First Professional. In each episode, Rocky shares his expertise on how to increase profitability and cash flow for small businesses. Episode 1 is the why, 2 - is Mike Michalowicz, and 3-13 are Rocky's take on each chapter in the book. The Profit Answer Man podcast is designed for small business owners, entrepreneurs, and anyone else looking to improve their financial management skills. Rocky covers a wide range of topics, including how to prioritize profit, manage cash flow, and grow your business. One of the things that sets the Profit Answer Man podcast apart is Rocky's engaging and entertaining style. He uses anecdotes, humor, and relatable examples to make the concepts he's discussing easy to understand and apply. If you're a small business owner looking for practical advice on how to improve your financial management and increase profitability, the Profit Answer Man podcast is definitely worth a listen. Whether you're just starting out or have been in business for a while, you'll find plenty of valuable insights and tips that can help you take your business to the next level. Sign up to be notified when the next cohort of the Profit First Experience Course is available! http://bit.do/profitblueprint More about making profitability simple: http://profitcomesfirst.com/ Profit Answer Man Facebook group: https://www.facebook.com/groups/496018144624882/ My podcast about living a richer more meaningful life: http://richersoul.com/ Any financial advice is for educational purposes only and you should consult with an expert for your specific needs.
info_outline
Ep 248 Cash Flow Mastery with Anthony Nitsos
12/16/2024
Ep 248 Cash Flow Mastery with Anthony Nitsos
Cash Flow Mastery with Anthony Nitsos On this episode of The Profit Answer Man, we welcome Anthony Nitsos, the CEO and Founder of SaaS Gurus. Anthony shares his journey from medical school to mastering finance and becoming a trusted advisor to SaaS startups. His unique perspective focuses on addressing the root causes of financial and operational inefficiencies, bringing lessons from medicine and Japanese manufacturing to the business world. In this episode, you will learn: Why Anthony left medical school and how that shaped his approach to problem-solving in business. The importance of preventive measures in finance, akin to healthcare practices. How understanding and applying lean processes can enhance operational efficiency. Insights from Anthony’s experiences with Japanese business principles and their application in finance and accounting. Practical steps SaaS startups can take to streamline operations and achieve consistent profitability. Key Takeaways: Preventive Finance is Key: Much like in healthcare, treating symptoms without addressing the underlying cause can lead to recurring problems. Anthony emphasizes identifying and solving root issues in accounting and finance to prevent recurring operational challenges. Efficiency Through Standardization: Borrowing from Japanese manufacturing, Anthony underscores the value of creating standardized processes in repetitive tasks like invoicing, payroll, and sales order creation. This minimizes errors and saves time and resources. Cultural Lessons on Frugality and Value: Influenced by his Greek immigrant background and Japanese business culture, Anthony highlights the significance of being resourceful while delivering maximum impact—focusing on quality over quantity Understanding SaaS-Specific Challenges: SaaS companies face unique financial hurdles, from managing subscriptions to scaling operations. Addressing these challenges requires a tailored approach that includes proper financial forecasting, expense management, and strategic investment. About Anthony Nitsos: Anthony Nitsos is the founder of SaaS Gurus, a fractional CFO service dedicated to SaaS startups. With a rich background in medical training, lean manufacturing, and financial leadership, Anthony’s insights are rooted in finding efficient, value-driven solutions for businesses. He has been instrumental in the success of unicorn exits like Duo Security and LLamasoft, helping SaaS businesses scale with financial clarity. Conclusion: Anthony Nitsos demonstrates the power of applying lessons from diverse disciplines to business finance. By focusing on prevention, standardization, and cultural efficiency, SaaS startups can navigate complex financial landscapes with confidence. His journey is a testament to the importance of holistic thinking in achieving sustainable profitability. Links: LinkedIn: Website: Watch the full episode on YouTube: Sign up to be notified when the next cohort of the is available! Relay Bank (affiliate link) – Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: 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
/episode/index/show/profitanswerman/id/34471675
info_outline
Ep 247 Building the Right Business Model with Wes Barefoot
12/10/2024
Ep 247 Building the Right Business Model with Wes Barefoot
Building the Right Business Model with Wes Barefoot In this episode, we dive into the exciting and often misunderstood world of franchising with Wes Barefoot, entrepreneur, franchise expert, and host of the Path to Freedom podcast. Wes shares his journey from corporate employee to franchise owner and consultant, detailing how franchising can create financial and time freedom for aspiring entrepreneurs. In this episode, you will learn: What Makes Franchising a Unique Pathway: Explore how franchising offers a structured system that accelerates business success for individuals, even those without industry experience. The Blueprint for Franchise Success: Learn the steps to identify the right franchise opportunities based on personal goals, interests, and financial capabilities. Insights on Franchise Operations: Discover the nuances of owning and managing franchise businesses, including lessons from Wes’ personal ventures. How to Achieve Freedom Through Business Ownership: Wes shares actionable tips to transition from employee to entrepreneur while achieving financial independence. Key Takeaways: Franchising Benefits: Wes explains how the proven systems and support within franchise models can help entrepreneurs avoid the steep learning curve of starting a business from scratch. Learning from Experience: Through his own journey with two franchise businesses—one he continues to operate—Wes illustrates the potential of franchising to create sustainable and profitable business models. A Tailored Approach: The importance of aligning franchise selection with personal values, skills, and long-term goals is crucial to success. Freedom and Flexibility: Franchising isn’t just about business ownership; it’s about achieving a lifestyle where your business serves your life, not the other way around. About Wes Barefoot: Wes Barefoot is a seasoned entrepreneur with years of experience in the franchising space. As a franchise owner himself, Wes now uses his expertise to guide aspiring business owners through the process of identifying and securing franchise opportunities that align with their aspirations. He is also the host of the Path to Freedom podcast, where he shares insights on building freedom and success through business ownership. When not working, Wes enjoys life in Wilmington, NC, with his wife and two children. Links: Website: YouTube: @FRANCHISE2FREEDOM Instagram: @PATH2FRDM Facebook: PATH TO FREEDOM LinkedIn: Wesley Barefoot Conclusion: Franchising might not be the first option that comes to mind for aspiring entrepreneurs, but as Wes Barefoot demonstrates, it can be a powerful tool for creating financial independence and a fulfilling life. By leveraging systems and support, franchise owners can achieve their dreams faster and more effectively than going it alone. Tune in to this episode for a deep dive into the world of franchising and actionable insights to jumpstart your path to freedom. 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 is available! Check out our website: Questions: Email: Relay Bank (affiliate link) - Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Profit First Toolkit: 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
/episode/index/show/profitanswerman/id/34245170
info_outline
Ep 246 Optimizing Your Business Finances with Miller Bradford
12/10/2024
Ep 246 Optimizing Your Business Finances with Miller Bradford
Optimizing Your Business Finances with Miller Bradford Welcome back to The Profit Answer Man Podcast! Today, we dive into the dynamic world of financial management for small businesses with our guest, Miller Bradford, founder of Up Accounting Inc. Miller specializes in providing innovative bookkeeping, payroll, and financial operations solutions for small businesses, with a particular focus on builders and Chick-fil-A franchises. Join us as we explore Miller's journey, his insights into financial systems, and how Profit First helps businesses achieve consistent profitability. In this episode, you will learn: The Challenges of Managing Builders and Franchise Finances: Miller shares how his team works with both builders and franchise owners, identifying similarities and unique challenges in these industries. The Impact of Profit First on Business Success: Discover how Miller’s clients leveraging Profit First are among the most profitable, organized, and cash-flow stable businesses. How to Build Scalable Financial Operations: Learn tips for managing financial workflows and scaling operations as a growing small business. Utilizing Technology for Financial Management: Miller highlights tools and practices that streamline financial processes for greater efficiency and accuracy. Key Takeaways: Profit First Drives Success: Miller confirms that his most successful clients embrace Profit First principles, creating disciplined cash management practices that prevent financial shortfalls and promote growth. The Importance of Systems: Having the right systems in place not only simplifies bookkeeping but also creates a foundation for scalability. Partner with Experts: Entrepreneurs excel when they focus on their core strengths and partner with professionals to handle accounting and payroll operations. About Miller Bradford: Miller Bradford is the founder of Up Accounting Inc., based in Birmingham, Alabama. Established in 2022, Up Accounting specializes in bookkeeping, payroll, and financial management services for small businesses. Over the past two years, Miller has grown his firm to serve over 45 clients across 15 states, supported by a team of three employees. With a focus on leveraging technology, Miller helps businesses streamline their financial operations, enabling owners to focus on growth and profitability. Links: LinkedIn: Instagram: upaccounting.com Conclusion: Miller Bradford’s insights underline the value of embracing systems like Profit First to achieve financial clarity and stability. Whether you're a builder, franchise owner, or small business entrepreneur, his strategies offer actionable steps to streamline operations, optimize cash flow, and drive profitability. 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 is available! Check out our website: Questions: Email: Relay Bank (affiliate link) - Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Profit First Toolkit: 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
/episode/index/show/profitanswerman/id/34244375
info_outline
Ep 245 The Shatterproof Entrepreneur with Scott Reib
12/03/2024
Ep 245 The Shatterproof Entrepreneur with Scott Reib
The Shatterproof Entrepreneur with Scott Reib In this episode of The Profit Answer Man, Rocky Lalvani dives into the critical topic of protecting and growing your business with Scott Reib, known as "America's Legal Coach." With over two decades of experience in helping business owners secure their ventures, Scott shares strategies that are foundational for sustainable business growth and resilience. As a Zig Ziglar Legacy Certified Trainer and a thought leader in the legal field, Scott introduces practical ways to fortify your business against legal and operational vulnerabilities, ensuring it remains "shatterproof." In this episode, you will learn: Why Every Business Needs a Legal Foundation: Scott explains the importance of establishing legal protections early to avoid costly issues down the line. How to Shift Your Mindset on Legal Services: Discover how treating legal advice as a proactive resource, rather than a reactive one, can save you time and money. Strategies for Scaling with Confidence: Scott provides insights into building structures that support sustainable growth without exposing your business to unnecessary risks. The Power of the Profit First System in Business Stability: Learn how combining the Profit First system with solid legal foundations can improve financial health and longevity. Creating a Legacy Through Mindset and Leadership: With his Zig Ziglar background, Scott discusses how mindset is crucial for business growth and resilience, emphasizing the importance of continuous learning and self-improvement. Key Takeaways: Legal Structure is Essential for Growth: Scott shares why setting up your business with the right legal structures from the beginning protects it as it scales, reducing risks and safeguarding profitability. Proactive Legal Counsel: Scott challenges the typical view of lawyers as "emergency responders," presenting a model where legal advice is more akin to a primary care approach—an essential and ongoing part of your business planning. Mindset Drives Business Success: Embracing Zig Ziglar's principles, Scott highlights the "Be, Do, Have" philosophy, stressing that personal growth and mindset are foundational to achieving business goals. Practical Steps for Business Resilience: Scott’s "Shatterproof" approach includes strategies to address potential vulnerabilities in your operations, finances, and employee relationships. Profit First as a Business Backbone: Integrating Profit First principles ensures that businesses remain profitable, regardless of revenue fluctuations, providing a buffer during challenging times. Bio: Scott Reib, known as “America’s Legal Coach,” is the official Zig Ziglar Small Business Lawyer and a Ziglar Legacy Certified Trainer. For over 20 years, Scott has been instrumental in helping business owners, entrepreneurs, and coaches establish solid legal foundations through his firm, Reib Law, and his consulting platform, Shatterproof Solutions. Scott’s Access Plan, a subscription-based legal service, allows business owners to access affordable, proactive legal advice before crises arise. Scott is also the host of The Shatterproof Entrepreneur podcast and author of the upcoming book by the same title, aimed at helping business owners scale safely and sustainably. Links: LinkedIn: in/TheScottReib X: @TheScottReib Facebook: /TheScottReib Podcast: TheShatterproofEntrepreneur Conclusion: Creating a shatterproof business is about more than just having a great product or service. Scott Reib emphasizes the importance of building a strong legal foundation, prioritizing personal growth, and embedding financial discipline through the Profit First methodology. His practical advice is a must-listen for any business owner looking to protect their business from unforeseen challenges and scale with confidence. Don’t miss this valuable discussion on The Profit Answer Man, where business security, growth, and profitability take center stage. For entrepreneurs who are eager to build not just a profitable, but a resilient business, Scott’s insights offer a roadmap to success. Listen in to learn how to fortify your business and set it up for long-term growth. 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 is available! Relay Bank (affiliate link) - Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: 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
/episode/index/show/profitanswerman/id/33879937
info_outline
Ep 244 Making the Business of Home Building Profitable with Jose Berlanga
11/26/2024
Ep 244 Making the Business of Home Building Profitable with Jose Berlanga
Making the Business of Home Building Profitable with Jose Berlanga In this episode of The Profit Answer Man, we have a fantastic guest, José Berlanga, a seasoned real estate entrepreneur who has successfully ventured into land development, residential construction, and investment properties. José shares his incredible journey from a reluctant start in real estate to becoming deeply involved in an industry that shaped his career over several decades. He dives deep into the nature of the real estate business, the complexities of cash flow, and why timing is everything when making business decisions. In this episode, you will learn: The Realities of Cash-Intensive Businesses: José explains how the long cycles of real estate investments create both opportunities and challenges, with significant capital being tied up for extended periods. The Domino Effect in Real Estate Development: How one project often leads to another, creating a chain reaction that pulls entrepreneurs deeper into the industry. The Emotional Side of Business Timing: When business is booming, it’s hard to let go, but when it's struggling, it can be equally hard to exit. Why Real Estate is a Long-Term Game: José emphasizes that timing the market is challenging, and the cycles can be difficult to predict, but managing these cycles is essential to long-term success. Key Takeaways: Cash-Flow Management is Critical: Real estate development ties up large amounts of capital for long periods, which means managing cash flow effectively is vital to sustaining the business. Market Timing is Unpredictable: Whether the market is booming or busting, it’s difficult to know when to pull out. Staying in too long can cost you, but leaving too soon might mean missing out on the next peak. The Pull of the Business: Once you start, it’s hard to get out, especially if multiple projects are in motion. This creates a domino effect where one project leads to another, keeping you deeply entrenched. Embrace the Long Game: Real estate is not a short-term venture; it’s a commitment that requires patience, persistence, and careful financial planning. Bio José Miguel Berlanga, a successful entrepreneur from Mexico City, has spent over 35 years in various industries but made his mark in Houston's real estate sector. He co-founded Tricon Homes and is deeply involved in land development and property investment. Beyond real estate, José has an extensive background in business administration, economics, and philosophy, which has contributed to his success across multiple ventures. He is also a mentor and inspiration to budding entrepreneurs, sharing his vast experience and wisdom. You can learn more about José at his website here. Conclusion Real estate may not have been José Berlanga’s original goal, but through decades of experience, he found his footing in this capital-intensive, long-cycle industry. His insights on cash flow, business cycles, and the pull of staying in business offer invaluable lessons for entrepreneurs in any field. Whether you're in real estate or another industry, the principles of managing cash flow and understanding market timing remain universal. Links: Jose Berlanga LinkedIn: Amazon: 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 is available! Check out our website: Questions: Email: Relay Bank (affiliate link) - Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Profit First Toolkit: 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
/episode/index/show/profitanswerman/id/33551687
info_outline
Ep 243 Cash Is King with Peter W. Kingma
11/19/2024
Ep 243 Cash Is King with Peter W. Kingma
Cash Is King with Peter W. Kingma In this episode of The Profit Answer Man, we sit down with Peter W. Kingma, author of CASH IS KING and leader of Ernst & Young LLP’s working capital practice in the Americas. With over 30 years of experience advising global companies on all things cash management, Peter joins us to discuss why cash flow is the true backbone of business success and how business owners can shift their focus from profit-and-loss statements to developing a “cash culture.” Peter provides actionable strategies for managing the five steps from order-to-cash, improving collections, and boosting cash flow through better customer management. We also dive into the importance of supply chain management and discuss how creating a “Cash Leadership Office” can transform the financial health of any organization. In this episode, you will learn: Why Building a Cash Culture is Essential: Peter explains why focusing solely on profit-and-loss statements can lead businesses astray, and how a cash-centered approach ensures long-term financial stability. The Order-to-Cash Process: Learn the five key steps in the order-to-cash process that businesses must optimize to maintain healthy cash flow and avoid liquidity crunches. Strategies for Effective Collections: Peter shares five tips for managing customer relationships and disputes to improve collections and cash conversion cycles. Supply Chain Management for Cash Flow: Discover how better supply chain management can keep your cash flowing smoothly, even during challenging economic times. Creating a Cash Leadership Office: How establishing a dedicated leadership team to focus on cash flow can enhance your bottom line and allow for sustainable business growth. Key Takeaways: Cash Over Profits: Even large companies struggle to manage cash effectively. Business owners must understand that cash flow is more critical than simply showing a profit. Sales ≠ Profit, and Profit ≠ Cash: Peter emphasizes that even profitable sales can be harmful if cash isn't collected on time. Businesses must prioritize cash flow management alongside sales and profit. Avoiding Cash Flow Pitfalls: Common mistakes, such as offering long payment terms or failing to consider the financial impact of customer service agreements, can cripple cash flow. Aligning Teams with Cash Goals: Often, sales teams are incentivized based on revenue, not cash collection. Aligning incentives with cash goals can prevent cash shortfalls and improve business sustainability. Bio: Peter W. Kingma is the author of CASH IS KING and leads the working capital practice for Ernst & Young LLP in the Americas. With over 30 years of experience advising global companies, Peter specializes in cash management and working capital strategies across industries such as manufacturing, consumer products, aerospace, and defense. He has contributed to publications like CFO Magazine and CNBC, and is passionate about helping businesses build a cash-centric culture. Conclusion: Cash is the lifeblood of any business, and without careful management, even the most successful organizations can run into trouble. In this episode, Peter Kingma provides valuable insights into how business owners, large or small, can develop a cash-focused mindset and manage their operations for long-term financial health. By implementing the strategies Peter outlines, you can ensure your business not only survives but thrives, no matter what economic challenges you face. Links: 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 is available! Check out our website: Questions: Email: Relay Bank (affiliate link) - Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Profit First Toolkit: 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
/episode/index/show/profitanswerman/id/33282552
info_outline
Ep 242 Getting PR for Pennies with Mickie Kennedy
11/12/2024
Ep 242 Getting PR for Pennies with Mickie Kennedy
Getting PR for Pennies with Mickie Kennedy In today’s episode of The Profit Answer Man, we are joined by Mickie Kennedy, the founder of eReleases. Mickie brings over 25 years of experience helping small businesses and entrepreneurs increase their visibility and gain access to national media outlets through affordable press release services. From creative writing to mastering the art of the press release, Mickie shares how his journey led him to become an expert in public relations and how businesses can use press releases to grow their brand effectively. In this episode, you will learn: The evolution of press releases over the last 25 years and how media consumption has changed. How small businesses can use press releases to gain national attention at a fraction of the cost. The importance of telling compelling stories that capture media interest. How new media, like bloggers and influencers, play a pivotal role in today’s PR landscape. Key Takeaways: The Power of Storytelling in PR: Mickie explains how journalists are not just interested in raw data, but in the stories behind that data. A well-crafted narrative is what gets picked up by the media, helping businesses gain the exposure they seek. Affordability for Small Businesses: Mickie’s eReleases service was created with small businesses in mind, offering them the opportunity to get national distribution through PR Newswire without the exorbitant cost. He emphasizes the importance of making press release services accessible to businesses of all sizes. The Changing Media Landscape: Mickie highlights the shift from traditional journalists to new influencers, such as bloggers and Instagram personalities, showing how businesses can leverage these platforms for PR. Best Practices for Press Releases: According to Mickie, a successful press release is one that tells a unique story, resonates with the intended audience, and aligns with the brand’s goals. He also stresses the importance of targeting the right journalists and publications. About Mickie Kennedy: Mickie Kennedy is the founder of eReleases, a company that provides affordable press release services for small businesses, authors, and startups. With over 25 years in the industry, Mickie has helped countless businesses gain media exposure in major outlets such as The Wall Street Journal, CNN, and Bloomberg. He holds an MFA in Creative Writing from George Mason University and has a deep passion for storytelling. When he’s not crafting press releases, Mickie enjoys British science fiction and has a Monday night poetry group. He lives in Baltimore County with his family and two feuding cats. Conclusion: Whether you're a startup looking to gain media attention or a small business aiming to boost your brand, Mickie Kennedy’s insights into the world of press releases offer invaluable advice. By focusing on storytelling, targeting the right media, and understanding the modern PR landscape, you can harness the power of press releases to elevate your business. Be sure to tune in to the full episode to get all the expert strategies from Mickie Kennedy himself! Links: 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 is available! Check out our website: Questions: Email: Relay Bank (affiliate link) - Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Profit First Toolkit: 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
/episode/index/show/profitanswerman/id/33205467
info_outline
Ep 241 Creating an Efficient Profit Monitoring System with Jason Kruger
11/05/2024
Ep 241 Creating an Efficient Profit Monitoring System with Jason Kruger
Creating an Efficient Profit Monitoring System with Jason Kruger In today's episode of the Profit Answer Man, we are thrilled to have Jason Kruger, the founder and CEO of Signature Analytics, join us. With over 20 years of experience in accounting and business advisory, Jason shares valuable insights into how outsourced accounting and CFO advisory services can help business owners optimize profitability, improve financial processes, and make smarter decisions. In this episode, you will learn: Why understanding cash flow is critical for small and mid-sized businesses. How to assess the efficiency of your current accounting processes. Key strategies to ensure accurate financial reporting. The benefits of outsourcing accounting to achieve scalability and operational efficiency. Key Takeaways Cash Flow Clarity: Jason emphasizes the importance of cash flow management, especially for small and mid-sized businesses. "Cash flow is often the first pain point," he says. Without proper cash flow forecasting and management, businesses struggle, no matter how much revenue they generate. Efficient Accounting Processes: Business owners often don’t know if their accounting processes are efficient until they experience issues, such as poor cash flow or inaccurate reporting. Jason recommends creating a process that ensures monthly book closing and timely, accurate financial reporting. Outsourcing Accounting Services: For companies lacking the resources for a full in-house accounting team, outsourcing can provide the expertise needed without the costs of full-time employees. Jason explains how outsourced solutions can provide next-level financial insights at a fraction of the cost, allowing business owners to focus on growth. Focus on Reporting: Accurate financial reports are the foundation for strategic decision-making. Jason explains that outsourcing accounting services can ensure timely and consistent reporting, which is essential for tracking profitability and making informed decisions. Bio Jason Kruger, founder of Signature Analytics, is an expert in helping businesses make smarter financial decisions. With a background in public accounting, including nearly a decade at Deloitte, Jason brings a wealth of experience to his clients. Signature Analytics, under his leadership, offers outsourced accounting and CFO advisory services to small and mid-sized businesses, providing them with the tools and expertise typically reserved for larger companies. His mission is to help businesses improve their financial health and increase profitability by offering tailored accounting services. Signature Analytics has been recognized on the Inc. 5000 list for five consecutive years. Conclusion Whether you're struggling with cash flow management or simply looking to streamline your accounting processes, Jason Kruger provides practical strategies that can transform your business. By outsourcing accounting tasks and focusing on accurate financial reporting, business owners can not only save money but also drive profitability and scalability. Links: 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 is available! Check out our website: Questions: Email: Relay Bank (affiliate link) - Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Profit First Toolkit: 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
/episode/index/show/profitanswerman/id/33205277
info_outline
Ep 240 Buying VS Starting A Small Business with David Barnett
10/29/2024
Ep 240 Buying VS Starting A Small Business with David Barnett
Buying VS Starting A Small Business with David Barnett In this episode of The Profit Answer Man, David C. Barnett, a seasoned expert in buying and selling small businesses shares his insights into the world of business acquisition versus starting a new business. We dive into what makes a business "sell-ready" and explore how preparing your business for sale can improve not only its value but also its profitability and enjoyment. If you're considering growth, David offers invaluable advice on leveraging acquisitions as a path to expansion. In this episode, you will learn: The key differences between buying an existing business and starting a new one. Why having a "sell-ready" business can make it more profitable—even if you don't sell it. Strategies for preparing your business to attract the right buyer. How to use acquisitions to grow and scale your business quickly and effectively. Key Takeaways: Sell-Ready Businesses are More Fun David emphasizes that businesses designed with a potential sale in mind often run smoother, making them more enjoyable to operate. Owners of sell-ready businesses tend to focus on systems, profitability, and efficiency, which naturally lead to better financial outcomes and less day-to-day stress. Buy vs. Start: Understanding the Mindset of a Buyer If you're planning to sell, understanding the buyer's mindset is crucial. Buyers are looking for businesses that are stable, profitable, and well-documented. By focusing on what potential buyers want, you can make your business more attractive and profitable. Growth Through Acquisition For business owners looking to expand, acquiring similar businesses can be a faster and often less risky way to grow. By purchasing businesses in other markets or regions, you can take advantage of your existing knowledge and systems, mitigating the risk that comes with starting from scratch. Make It Sell-Ready, Even if You Don’t Sell Preparing your business as if you were going to sell it can have surprising benefits. When systems are in place and the business runs efficiently, owners often find themselves less eager to sell because the business is more fun and profitable to run. Bio: David C. Barnett is a former business broker who sold dozens of businesses before transitioning into consulting. His consulting practice helps business buyers and sellers navigate transactions without the chaos of the traditional commission-based brokerage model. He’s the author of multiple books, including Buying Versus Starting a Small Business, and hosts a popular YouTube channel offering advice on business transactions and management. Although based in Canada, David works with clients worldwide, with a majority located in the U.S. Learn more about David at . Conclusion: David’s expertise offers invaluable insights for entrepreneurs, whether you're looking to sell, buy, or grow your business. Focusing on making your business sell-ready, even if you're not planning to sell, can lead to higher profitability, more enjoyment, and a business that’s more attractive to potential buyers. If you’re considering growth through acquisition, this episode provides a roadmap for scaling without the risks of starting from scratch. Links: Blog: Linkedin: FaceBook: YouTube: Soundcloud: Instagram: Twitter: Email List Signup: 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 is available! Check out our website: Questions: Email: Relay Bank (affiliate link) - Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Profit First Toolkit: 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
/episode/index/show/profitanswerman/id/33094222
info_outline
Ep 239 The 7 Financial Questions You Need to Answer with Richard Bond
10/22/2024
Ep 239 The 7 Financial Questions You Need to Answer with Richard Bond
The 7 Financial Questions You Need to Answer with Richard Bond Welcome to another insightful episode of The Profit Answer Man! Today, we are joined by Richard Bond, founder of Bond & Company, a boutique financial recruiting firm specializing in treasury finance and pricing. With over 35 years of experience, Richard has worked with major corporations and small businesses alike, offering invaluable insights into the challenges and strategies around recruiting the right financial talent. In this episode, Richard shares his unique perspective on how finance professionals can have a transformative impact on businesses, especially small to mid-sized companies that are often under-resourced in their finance departments. In this episode, you will learn: The Importance of Hiring the Right Finance Person: Richard explains why having the right financial professional can make or break a business. He also discusses how to identify whether your business needs to upgrade its finance team. Overcoming the Fear of Finance: Many business owners shy away from diving into their financials, but Richard offers simple strategies to help them conquer this fear and gain more control over their financial outcomes. 7 Key Questions to Ask Yourself: Learn about the seven critical questions Richard developed to help business owners assess their financial health quickly and effectively. Answering these will give you immediate insights into whether your business needs a stronger financial foundation. Key Takeaways: Small Companies, Big Impact: Richard emphasizes that small businesses can see dramatic improvements by hiring the right financial professionals, who can help streamline operations, reduce costs, and increase profitability. Fear of Firing the Controller: Many business owners are hesitant to make changes in their finance department out of fear, but Richard reassures that with proper guidance, these transitions can be smooth and lead to better financial stability. Finance as a Business Driver: Rather than seeing finance as just a back-office function, Richard advocates for making it a core part of strategic decision-making in your business. Bio: Richard Bond founded Bond & Company in 1986, and over the last 35 years, the firm has specialized in recruiting for treasury finance and pricing roles. Initially working with large entities like PepsiCo and PwC, Bond has recently focused on smaller companies, providing them with the financial expertise they need to grow. He holds an undergraduate degree from Lehigh University and an MBA from Wharton. Before transitioning into recruiting, he successfully doubled sales and profits in his family business. Richard currently resides in Pennsylvania and volunteers with The Acceleration Project, assisting small businesses with their financial strategies. Conclusion: If you're a business owner looking to take control of your finances, this episode offers valuable insights into the power of having the right financial talent on your team. Richard Bond's experience and practical advice provide actionable steps that can help you hire smarter, strengthen your financial position, and ultimately, improve your business's bottom line. Tune in, take notes, and see how these tips can transform your approach to financial management. Links: 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 is available! Check out our website: Questions: Email: Relay Bank (affiliate link) - Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Profit First Toolkit: 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
/episode/index/show/profitanswerman/id/33093127
info_outline
Ep 238 How to Build a SmoothScaling™ Business So You Can Maximize Life Profit™ with Brad Martineau
10/15/2024
Ep 238 How to Build a SmoothScaling™ Business So You Can Maximize Life Profit™ with Brad Martineau
How to Build a SmoothScaling™ Business So You Can Maximize Life Profit™ with Brad Martineau In today's episode of The Profit Answer Man, we’re joined by Brad Martineau, the CEO of SixthDivision and Co-Founder of PlusThis, who shares his incredible journey and insights into how entrepreneurs can successfully scale their businesses without sacrificing their lives in the process. With over 70,000 hours spent in the trenches working with businesses at every stage, Brad has refined a step-by-step process for achieving smooth, sustainable growth. Whether you're a six-figure entrepreneur looking to scale up or a business owner wanting to streamline your operations, this episode will provide actionable advice to help you build a business that supports your lifestyle, not consumes it. In this episode, you will learn: Smooth Scaling Strategies: Brad discusses his experience in helping entrepreneurs build businesses that scale smoothly. He shares techniques for getting the results you want from your business without overwhelming yourself with the complexities of technology and growth. The Key to Automation Success: Brad explains how business automation can become a daunting task for many entrepreneurs and provides a clear process for simplifying and organizing automation efforts, so they work for you—not against you. Navigating the Scaling Dip: We talk about the challenging "dip" that many businesses face when growing from mid-six figures to early seven figures. Brad shares how to manage this phase effectively and avoid the common pitfall of massive profit dips. Creating a Life-Changing Business: Brad emphasizes his passion for helping businesses that are on the verge of breaking through into higher revenue but still struggle with growth pains. He talks about his sweet spot—entrepreneurs striving to move from six to seven figures—and the changes that lead to life-changing results. Key Takeaways: Prepare for the Growth Dip: Every business faces a dip in profitability when scaling. However, this doesn’t need to be a deep trough. With proper planning and awareness, you can minimize this phase. Don’t Over-Build Before You’re Ready: Many entrepreneurs mistakenly build infrastructure and hire too quickly, leading to an unnecessary dip. Brad’s advice? Build just-in-time rather than too far ahead of the curve. Tech That Works for You: Automation is powerful, but only if it's done correctly. Brad shares how to corral your tech tools to keep them from adding complexity and frustration to your business. About Brad Martineau: Brad Martineau is the CEO of SixthDivision and Co-Founder of PlusThis. He has spent over a decade helping entrepreneurs navigate the complexities of business automation. With a personal mission to help business owners create smoother paths to success, Brad and his team have worked with big names like Daymond John’s Shark Group, DigitalMarketer, Dave Ramsey’s EntreLeadership group, and many more. Brad is also a co-founder of several SaaS businesses, including TagGenie and Slottable, and continues to develop tools that help entrepreneurs streamline their operations and reach new levels of success. Outside of business, Brad is a basketball enthusiast, a lover of flat-brimmed hats, and a family man with five kids and a grandchild on the way. He’s dedicated to helping entrepreneurs find balance—achieving business success without sacrificing their personal lives. Connect with Brad Martineau: Website: 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 is available! Check out our website: Questions: Email: Relay Bank (affiliate link) - Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Profit First Toolkit: 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
/episode/index/show/profitanswerman/id/32994742
info_outline
Ep 237 Breakout Valuation with Patrick Donohue
10/08/2024
Ep 237 Breakout Valuation with Patrick Donohue
Breakout Valuation with Patrick Donohue In this episode, we dive into the remarkable journey of Patrick E. Donohue, an entrepreneur and valuation expert, embarked on his financial journey with a lemonade stand at age four and invested in Coca-Cola shares by age ten. Equipped with a Chartered Financial Analyst (CFA) designation, Patrick has emerged as a reliable investor, adept stock analyst, and valuable advisor to various entrepreneurial endeavors. As the visionary founder of Hill Capital Corporation, a private investment fund supporting emerging growth companies, he brings a wealth of unique insights into the intricacies of finance and business dynamics. Patrick’s dedication extends to serving on the boards of the Entrepreneurs’ Organization of Minnesota and the CFA Society of Minnesota, and he’s the driving force behind the creation of 1 Million Cups Eden Prairie. Connect with Patrick at to tap into his wealth of experience and expertise. In this episode, you will learn the following: Significance of maintaining cash reserves for business stability. Concept of the cash balance trifecta (current cash, accounts receivable, accounts payable). Common misconceptions about business growth and revenue. Economic challenges affecting small businesses and cash flow. Value of a cash cushion as a strategic asset. Importance of pricing strategies and identifying profit pools. Role of external advisors in enhancing financial decision-making and vision clarity. Links: X: @HillCapitalMN Facebook: YouTube: 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 is available! Check out our website: Questions: Email: Relay Bank (affiliate link) - Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Profit First Toolkit: 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
/episode/index/show/profitanswerman/id/32977332
info_outline
Ep 236 The Profit-First Approach to Business Scaling with Gary Wilbers
10/01/2024
Ep 236 The Profit-First Approach to Business Scaling with Gary Wilbers
The Profit-First Approach to Business Scaling with Gary Wilbers In this episode, we sit down with Gary Wilbers, the founder of The Ascend Mastermind and a seasoned entrepreneur with over 30 years of experience. Gary’s passion lies in helping small business owners find success, balance, and significance through his peer advisory groups. He’s been featured in over 200 podcasts, authored best-selling books, and hosts The Small Business Answer Man podcast. Beyond his professional achievements, Gary is deeply involved in his community, dedicating his time and resources to Special Olympics Missouri. He served as Past Chairman of the Board and led the capital campaign for a $16.5 million facility for Missouri athletes. One of his favorite pastimes is playing unified golf with Special Olympics athlete Keith Lueckenhoff. Gary and his wife Dana are proud parents to Chris, Adam, and Elle. In this episode, you will learn the following: Understanding finances and maintaining cash flow to prevent business failures. Adapt recruitment strategies to attract and keep Generation Z by promoting a positive culture and offering growth opportunities. Continuous communication of the company's vision and purpose to engage employees and reduce turnover. Aligning business goals with personal life objectives to ensure fulfillment and prevent burnout. Implement structured hiring with behavioral interviews and clear job descriptions to avoid emotional and ineffective decisions. Links: Podcast Website: LinkedIn: Twitter: Facebook: Instagram: Youtube: Website: 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 is available! Check out our website: Questions: Email: Relay Bank (affiliate link) - Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Profit First Toolkit: 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
/episode/index/show/profitanswerman/id/32898082
info_outline
Ep 235 Growing to 8 Figures with Josh Hatter
09/24/2024
Ep 235 Growing to 8 Figures with Josh Hatter
Growing to 8 Figures with Josh Hatter In this episode, we sit down with Josh, a real estate powerhouse who transformed a modest $30k 401k loan into a $10M+ empire through strategic short-term rental investments. With a background in business administration and an MBA from the Moore School of Business, Josh's journey from corporate America to building a $75M+ management portfolio is nothing short of inspiring. We'll dive into his strategic insights, the pivotal moment that led him to real estate, and his mission to empower aspiring investors to build their own legacy and wealth. In this episode, you will learn the following: Transition from corporate career to entrepreneurship in real estate and property management. Success in the short-term rental industry and achieving eight-figure revenue. Financial management systems, specifically Profit First and the Entrepreneurial Operating System (EOS). Data-driven decision-making and its role in business growth. Challenges faced during the COVID-19 pandemic and strategies for adaptation. The significance of mentorship and community support in business development. Establishing a nonprofit focused on mentorship in the short-term rental space. The impact of regulations on the short-term rental market. Strategies for maintaining cash flow and financial stability in business. The importance of continuous learning and adapting to market changes. Links: Facebook: Twitter: Instagram: LinkedIn: 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 is available! Check out our website: Questions: Email: Relay Bank (affiliate link) - Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Profit First Toolkit: 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
/episode/index/show/profitanswerman/id/32778547
info_outline
Ep 234 Creating a Profit Discipline with Chris Papin
09/17/2024
Ep 234 Creating a Profit Discipline with Chris Papin
Creating a Profit Discipline with Chris Papin In this episode, Chris Papin, Owner and Advisor at Papin CPA, joins us to share his expertise as a seasoned CPA, attorney and insurance producer. With a strong background in accounting and law, Chris offers invaluable advisory services to help businesses navigate complex financial and legal terrains, ensuring both growth and compliance. His innovative insights and client-centered approach make him a trusted guide for businesses aiming for a prosperous future. In this episode, you will learn the following: The importance of intentionality in business decisions, particularly in strategic planning and financial management. Insights from Chris Papin on assisting small business owners with complex financial and legal challenges. Common pitfalls in business entity selection and the significance of choosing the right business structure. Real-life examples of the financial repercussions of business decisions, such as the purchase of a luxury pickup truck and the necessity of clear goal-setting and profitability adjustments. Balance between flexibility and sacrifice in business ownership. Value of maintaining sufficient capital reserves for unexpected disruptions. Lessons from sports coaching that can be applied to business management, including understanding boundaries, motivation and effective communication. Critical aspects of managing business decisions and their consequences, with a focus on professional guidance and intentionality. How to prioritize profit over revenue for achieving ultimate life and business success. Links: LinkedIn: Website: 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 is available! Check out our website: Questions: Email: Relay Bank (affiliate link) - Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Profit First Toolkit: 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
/episode/index/show/profitanswerman/id/32747082
info_outline
Ep 233 Using Profit First to Increase Business Value with Marty Fahncke
09/10/2024
Ep 233 Using Profit First to Increase Business Value with Marty Fahncke
Using Profit First to Increase Business Value with Marty Fahncke In this episode, we sit down with Marty M. Fahncke, a world-class marketer and seasoned expert in growing and scaling businesses. With over 30 years of experience, Marty has been instrumental in helping companies achieve over $1 billion in revenue. He also brings over two decades of expertise in Mergers and Acquisitions, having executed transactions worth more than $450 million. Marty shares insights from his vast experience in the business world, discussing the strategies behind scaling successful enterprises and navigating the complex landscape of M&A. In this episode, you will learn the following: Acquisition can quickly double or even quadruple your revenue compared to organic sales growth. Importance of having organized and accurate financial records for maximizing the value of a business. Using a standardized business operating system, such as EOS or Scaling Up, can make your business more efficient and easier to sell. Transitioning to a subscription-based revenue model can significantly enhance the value of a business, as recurring revenue is more stable and predictable. Implementing effective systems and processes in reducing owner dependency. Links: 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 is available! Check out our website: Questions: Email: Relay Bank (affiliate link) - Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Profit First Toolkit: 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
/episode/index/show/profitanswerman/id/32575907
info_outline
Ep 232 Using AI to Market with Lori Highby
09/03/2024
Ep 232 Using AI to Market with Lori Highby
Using AI to Market with Lori Highby In this episode of the Profit Answer Man, Lori Highby, a podcast host, speaker, educator and founder of Keystone Click, a strategic digital marketing agency, shares her vast multi-industry knowledge and experience. Lori’s unique ability to identify and harness the potential within businesses, from Fortune 500 companies like ABB and Syngenta to micro-businesses, has enabled her to help them achieve their marketing goals through strategic, actionable moves. Lori’s passion for teaching and learning is evident in her professional engagements, where she empowers and educates fellow life-long learners. Outside of her professional life, Lori enjoys playing hockey, brewing beer with her husband Andy, and embarking on long bike rides to test her limits. In this episode, you will learn the following: How to unlock customer insights and understand where your audience spends their time online. Identifying customer pain points and researching your competition for easy marketing opportunities. Insights into the Profit First system which simplifies financial management and improves cash flow. The transformative role of AI in marketing and its impact on workflows. Evolving landscape of SEO and the necessity of staying informed in a dynamic digital world. Significance of consumer research, brand awareness and effective use of social media in today’s marketing strategies. Various programs designed to boost business profitability, including DIY courses and personalized CFO services. Links: LinkedIn: Keystone Click website: 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 is available! Check out our website: Questions: Email: Relay Bank (affiliate link) - Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Profit First Toolkit: 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
/episode/index/show/profitanswerman/id/32517657
info_outline
Ep 231 Building a Financial Team with Tom Anderson
08/27/2024
Ep 231 Building a Financial Team with Tom Anderson
Building a Financial Team with Tom Anderson In this episode, we sit down with Tom, a seasoned business advisor with a career that spans over four decades. Starting in the 1980s at a Big Four international public accounting firm, Tom quickly rose through the ranks to establish his own firm, Anderson Business Advisory Services. His journey continued as he joined Tatum as a CFO Partner in Houston and later transitioned to O’Rourke Petroleum, where he excelled as CFO and eventually became President/COO. Tom shares his belief that accounting is the language of business, emphasizing how mastering this language can significantly enhance understanding of a company's financial fundamentals. He also opens up about his passion for advising business owners and helping them achieve their visions. Tom's greatest strength lies in his ability to connect with people at all levels of an organization, making him an invaluable asset in any advisory role. In this episode, you will learn the following: Importance of understanding the specific financial needs of the business. Comparison to purchasing assets like trucks or machinery (starting at a fraction of capacity and growing to full capacity). Benefits of having an in-house financial role versus renting/outsourcing. Long-term asset suitability versus short-term rental compromises. Building confidence and reassurance with bankers through frequent updates. Proactively addressing potential banker concerns before they arise. Links: Ferguson Alliance - Family Business Consultants & Advisors | Houston (ferguson-alliance.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 is available! Check out our website: Questions: Email: Relay Bank (affiliate link) - Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Profit First Toolkit: 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
/episode/index/show/profitanswerman/id/32517602
info_outline
Ep 230 Is Your Business Exit Ready with Pete Mohr
07/23/2024
Ep 230 Is Your Business Exit Ready with Pete Mohr
Is Your Business Exit Ready with Pete Mohr In this episode, we're thrilled to have Pete Mohr, an expert dedicated to helping business owners turn their frustrations into freedoms. With over 29 years of experience as a business owner, Pete has honed a range of frameworks designed to cut through the chaos and overwhelm of running a business. Pete's focus is on helping leaders transition from being operators of their business to becoming true owners. Drawing from his extensive background in service and retail, he shares refined tips, tools, and techniques that enable business owners to implement turnkey solutions and achieve the freedom they deserve. In this episode, you will learn the following: Ensuring clarity in all aspects of your business, including processes, people, clients, culture, and financials. Prepare your business to be exit ready, enhancing operational efficiency and future planning, whether or not you plan to sell. Maintaining clean books and documented processes to improve business efficiency and appeal to potential buyers. Building a diversified client list, recurring revenue models, and a strong company culture to enhance business value and attractiveness. Implementing checklists and documented processes to streamline operations, boost efficiency, and prepare for potential sale. Engaging with your community to build a positive reputation and contribute positively as a business owner. Links: Email: Linkedin: Instagram: Facebook: Youtube: @simplifyingentrepreneurship Website: Other Links if needed: Twitter: https://twitter.com/SimplifyingE Website for Shoetopia: Business Owner Breakthrough Podcast Links: Apple: Spotify: Google Podcasts: 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 is available! Check out our website: Questions: Email: Relay Bank (affiliate link) - Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Profit First Toolkit: 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
/episode/index/show/profitanswerman/id/32262822
info_outline
Ep 229 3 Profit Levers with Danielle Hendon
07/23/2024
Ep 229 3 Profit Levers with Danielle Hendon
3 Profit Levers with Danielle Hendon In this episode, we're excited to welcome Danielle Hendon, the founder and owner of 4 Corners CFO, a firm dedicated to providing financial advisory services tailored to the needs and budgets of small business owners. With a decade of experience in corporate finance and accounting, Danielle combines her expertise with a passion for helping people, bringing the benefits of "big business" financial analysis to entrepreneurs. Join us as Danielle shares her journey from the corporate world to founding 4 Corners CFO, and how she now helps business owners increase their personal livelihoods, leave a legacy, and make a lasting impact on their communities. Tune in for valuable insights and practical strategies to elevate your business finances and achieve your entrepreneurial goals. In this episode, you will learn the following: Business owners must be willing to make changes to achieve growth. Understanding and mastering finances is crucial for business success. Utilizing systems like Profit First can help manage finances effectively. Increase profit by raising rates, understanding profit margins, and managing operating expenses effectively. A cash flow forecast is essential to predict and manage financial challenges. Build efficient systems, monitor balance sheets, and optimize cash flow for business success. Seek help from financial experts to improve profitability and financial management. Links: Listeners can connect with Danielle and download a free resource by visiting the following link: Website: Facebook: Instagram: LinkedIn: Link to Danielle's One Sheet: 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 is available! Check out our website: Questions: Email: Relay Bank (affiliate link) - Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Profit First Toolkit: 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
/episode/index/show/profitanswerman/id/32262617
info_outline
Ep 228 Escaping the Owner Prison with Richard Walsh
07/26/2024
Ep 228 Escaping the Owner Prison with Richard Walsh
Escaping the Owner Prison with Richard Walsh In this episode, we welcome Richard Walsh, a seasoned entrepreneur with over 30 years of experience. As the best-selling author of "Escape the Owner Prison," Richard introduces a groundbreaking approach for contractors to scale their businesses, regain control, and fast-track growth while enjoying life. A multifaceted individual, Richard is also a speaker, podcast host, husband, father of six, US Marine, champion boxer, black belt, and internationally recognized steel sculptor. Richard's unique expertise lies in blending strategic insights with tactical solutions. He delivers immediate problem-solving results while implementing long-term strategies for systemization and scalability. Throughout his entrepreneurial journey, Richard has mastered the art of time compression, sharing secrets and strategies that bring rapid and lasting results to the companies he collaborates with. In this episode, you will learn the following: Balancing immediate problem-solving with long-term strategic planning. Techniques for achieving rapid and lasting results in business. Tips on maintaining a healthy work-life balance while scaling a business. Insights into achieving rapid growth without sacrificing personal life. Identify and eliminate redundancies and inefficiencies within the business processes to streamline operations. Links: LinkedIn: Website: Book: 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 is available! Check out our website: Questions: Email: Relay Bank (affiliate link) - Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Profit First Toolkit: 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
/episode/index/show/profitanswerman/id/32262447
info_outline
Ep 227 EOS + Profit First with Matt Foss
07/30/2024
Ep 227 EOS + Profit First with Matt Foss
EOS + Profit First with Matt Foss In this episode, we have Matt Foss, a former owner of two companies, CEO of a private equity-backed business, and a Division 1 football captain. With a diverse background in leadership and a deep understanding of the challenges in building successful ventures, Matt shares his journey of highs and lows, lessons learned, and the pivotal moments that shaped his approach to business and team management. Matt believes there’s a better way to gain traction. As a natural implementer, he unites people around a clear vision, prioritizing group success over individual acclaim. Matt emphasizes the need for tough conversations, addressing personnel issues with skill and grace. Join Matt as he guides you through the hard work and encourages you to enter the danger zone, where the biggest gains happen. In this episode, you will learn the following: Fundamentals of the Entrepreneurial Operating System (EOS) and Profit First methodology, and how they can transform a business from a chaotic operation to a well-structured entity. The visionary-integrator relationship in business, where visionaries generate ideas and integrators turn those ideas into actionable plans, maintaining order and focus on valuable initiatives. Setting clear goals and measurable outcomes for employees, ensuring the right people are in the right seats. Impact of structured weekly meetings and scorecards on organizational success. Limitations of traditional accounting practices and the benefits of understanding money management and cash flow through the Profit First system. Compelling examples of businesses that have successfully implemented EOS and Profit First, underscoring the practical benefits of these systems in enhancing business value and operational efficiency. Benefits of EOS in driving business profitability and accountability, including the significance of addressing root causes rather than surface-level problems. Utility of tools like ChatGPT for refining business strategies. Links: LinkedIn- Website- Contact info- Email- 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 is available! Check out our website: Questions: Email: Relay Bank (affiliate link) - Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Profit First Toolkit: 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
/episode/index/show/profitanswerman/id/31966082
info_outline
Ep 226 Driving Profit and Cash Flow with Colin Sanburg
07/23/2024
Ep 226 Driving Profit and Cash Flow with Colin Sanburg
Driving Profit and Cash Flow with Colin Sanburg In this episode, we sit down with Colin Sanburg, a serial entrepreneur and Founder of FinElevate. This fractional CFO firm helps business owners create data clarity and train their teams while increasing profitability and cash flow. As CEO and owner of manufacturing, distribution, and service businesses, he developed a passion for helping small business owners create better businesses and more freedom. In this episode, you will learn the following: Matching principle to align revenues and expenses accurately. Challenges of cash basis accounting for small businesses Having the entire team committed to the business's structured processes. The value of having an integrated dashboard or scorecard system like EOS. Simplified financial analysis through common size percentages. Links: 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 is available! Check out our website: Questions: Email: Relay Bank (affiliate link) - Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Profit First Toolkit: 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
/episode/index/show/profitanswerman/id/31965782
info_outline
Ep 225 Learning Business from the Hiltons with Mark Miller
07/16/2024
Ep 225 Learning Business from the Hiltons with Mark Miller
Learning Business from the Hiltons with Mark Miller In this episode, we welcome Mark Miller, a seasoned expert in tax and wealth management for business owners. With over 30 years of experience in the tax and financial services industry, Mark has dedicated his career to helping clients grow and safeguard their wealth. He has successfully assisted hundreds of business owners, physicians, executives, and high-net-worth individuals in significantly reducing their taxes. Mark's expertise extends to enhancing and protecting business and retirement assets during both prosperous and challenging times, as well as preserving enduring family legacies. In this episode, you will learn the following: Sophisticated wealth strategies from managing the Hilton family office. Acknowledging the two to three-year milestone as vital for a business to start seeing profits. The role of passion in business and its necessity for commitment compared to typical employment. Adapting to changes in digital marketing, building referral systems, and customer relationship maintenance. The benefits of affordable and impactful postcard marketing as a physical service reminder. Investing in real estate and congruent businesses for marketing cost reduction and referral opportunity creation. Links: Website: LinkedIn: Twitter: hiltonwealth Facebook: YouTube: @hiltontaxwealthadvisors6590 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 is available! Check out our website: Questions: Email: Relay Bank (affiliate link) - Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Profit First Toolkit: 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
/episode/index/show/profitanswerman/id/31826377
info_outline
Ep 224 Stop Hunting, Start Farming for Clients with Kevin Tacher
07/09/2024
Ep 224 Stop Hunting, Start Farming for Clients with Kevin Tacher
Stop Hunting, Start Farming for Clients with Kevin Tacher In this episode, we feature Kevin Tacher, known as the "Title King™," Founder and CEO of . A best-selling author and national real estate speaker, Kevin has been featured on , , and . He has collaborated with the FBI, Florida's Attorney General, and other agencies to combat real estate fraud in Florida. Kevin is also deeply committed to philanthropy, supporting various non-profit organizations and contributing to causes such as poverty alleviation, child welfare, military family support, and disaster relief. Join us as Kevin shares his insights on real estate and community service. To learn more about Kevin Tacher, the “Title King™,” and how you can receive a copy of his books, please visit: , or call 954-335-9305. In this episode, you will learn the following: Strategies for financial stability, such as building cash reserves and debt elimination. The difference between business operators and owners and the value of systems and processes. Tips for effective real estate business approaches such as client 'farming.’ The benefits of joining the Entrepreneurs Organization (EO) for networking and growth. Understand the importance of mentorship and networking with successful individuals for business success. Links: 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 is available! Check out our website: Questions: Email: Relay Bank (affiliate link) - Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Profit First Toolkit: 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
/episode/index/show/profitanswerman/id/31825662
info_outline
Ep 223 Work Outside Your Business with Daniel Truex
07/02/2024
Ep 223 Work Outside Your Business with Daniel Truex
Work Outside Your Business with Daniel Truex In this episode, we sit down with Dan, the dynamic CEO and co-founder of GuardLogic, a rapidly growing physical security company recognized twice on the Inc. 5000 list. Dan's career exemplifies dedication to vision, growth, and strong company culture. Beyond his executive role, Dan serves as the Company Commander for the 940th Military Police Company in the National Guard and a Lieutenant in the Lexington, KY Police Department, with roles as a Detective in the Crimes Against Children Unit and Sergeant in the Special Victims Unit. We'll explore Dan's leadership approach, his experiences across corporate and military spheres, and his strategies for balancing these demanding roles. Plus, we'll delve into his passion for coaching others in defining and achieving their life vision. In this episode, you will learn the following: Belief in the critical importance of setting clear expectations to avoid damaging relationships. Comparison to personal relationships and the impact of unmet expectations on trust and reliability. Mutual accountability in maintaining healthy working relationships. Vision alignment helps in steering the partnership towards common long-term goals Caution against rushing into business relationships without proper understanding and alignment. Links: LinkedIn: Email: Website: (this site will be active prior to the scheduled podcast. It is my coaching/blog platform) 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 is available! Check out our website: Questions: Email: Relay Bank (affiliate link) - Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Profit First Toolkit: This episode is part of the SMB Podcast Network. Find other great interviews from around the internet just like this one at 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
/episode/index/show/profitanswerman/id/31825172
info_outline
Ep 222 Lessons from a Serial Entrepreneur with Joel Primus
06/25/2024
Ep 222 Lessons from a Serial Entrepreneur with Joel Primus
Lessons from a Serial Entrepreneur with Joel Primus In this episode, we feature Joel Primus, an entrepreneur and the co-founder and creative visionary behind . Currently, Joel hosts The Ramble Podcast, where he has unbound and uncensored conversations about people, places, pursuits, and performances. He is the director and producer of multiple documentaries and docu-series including the award-winning Raising Global Citizens, Finding Nowhere, Colombia, and Revive, and the Author of Getting Naked - The Bare Necessities of Entrepreneurship and Startups. He shares his thoughts and adventures on the blog. Once an elite long-distance runner, he now enjoys daily training, meditation, and time with his family on their farm outside Vancouver. In this episode, you will learn the following: The importance of having sufficient money and cash resources for enduring and adapting to business challenges. Utilizing platforms like Kickstarter to pre-sell products can help mitigate financial risks for new businesses. Partnering with manufacturers to negotiate favorable terms can help maintain cash flow. Cash flow management strategy for enduring early-stage business challenges. Employing various strategies to adapt to market conditions and financial constraints. Social media, and links: Official page: Instagram: - The Bare Necessities (Amazon) 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 is available! Check out our website: Questions: Email: Relay Bank (affiliate link) - Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Profit First Toolkit: This episode is part of the SMB Podcast Network. Find other great interviews from around the internet just like this one at 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
/episode/index/show/profitanswerman/id/31683292
info_outline
Ep 221 Driving Profitable Revenue with Kyle Mealy
06/18/2024
Ep 221 Driving Profitable Revenue with Kyle Mealy
Driving Profitable Revenue with Kyle Mealy In this episode, we have the pleasure of speaking with Kyle Mealy, a seasoned Fractional Chief Revenue Officer (CRO) who has been instrumental in helping entrepreneurs skyrocket their year-over-year profits by up to 10x. Over the course of his career, businesses leveraging his knowledge achieve an average of 35% year over year top-line revenue growth. His speaking topics are practical lessons and methodologies extracted from helping entrepreneurial businesses and their leaders turn visions into reality. In this episode, you will learn the following: Understanding and calculating Return on All Sales and Marketing Spend (ROAS) for measuring the effectiveness of sales and marketing efforts Using permission-based content to attract customers who are genuinely interested in the products or services offered. Visibility of businesses into their expenses and income to make informed decisions and prevent cash flow crisis. Hire sales teams that align with company values, prioritizing passionate, mission-driven individuals over aggressive, commission-driven salespeople. Links: 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 is available! Check out our website: Questions: Email: Relay Bank (affiliate link) - Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Profit First Toolkit: This episode is part of the SMB Podcast Network. Find other great interviews from around the internet just like this one at 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
/episode/index/show/profitanswerman/id/31601177
info_outline
Ep 220 Building a Profitable People Foundation with Carly Pepin
06/11/2024
Ep 220 Building a Profitable People Foundation with Carly Pepin
Building a Profitable People Foundation with Carly Pepin Carly Pepin is an International Speaker and Consultant with a specialized focus on human behavior. With a global reach, she delivers the message that regardless of one's background, occupation, or origin, every individual encounters personal and professional challenges stemming from their own perceived flaws. Carly emphasizes that the key to living a fulfilling life lies in how you utilize and transform these stories. Having devoted her life to mastering the intricacies of human behavior, Carly empowers others to do the same. Through her expertise, she guides individuals in looking beyond the surface and delving into the core essence of their being. By uncovering and addressing the deeper issues that hinder personal growth, Carly enables her clients to design their lives with purpose rather than succumbing to a life dictated by duty. In this episode, you will learn the following: How aligning with an employee's values and life purpose enhances job satisfaction and performance. The impact of personal history on professional behavior and decision-making. How effective delegation leads to a healthier, more motivated workplace. Challenges faced by small business owners include efficient delegation, mindset adjustments during hiring, and continuous process refinement. Links: 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 is available! Schedule your free, no-obligation intro call: Check out our website: Questions: Email: Relay Bank (affiliate link) - Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Profit First Toolkit: This episode is part of the SMB Podcast Network. Find other great interviews from around the internet just like this one at 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
/episode/index/show/profitanswerman/id/31515577
info_outline
Ep 219 Profit First for Creatives with Christian Brim
06/04/2024
Ep 219 Profit First for Creatives with Christian Brim
Profit First for Creatives with Christian Brim In this episode, we are joined by Christian Brim, a passionate advocate for financial stability and growth, inspired by his childhood experience of his family's bankruptcy. This pivotal event shaped his determination to assist others in achieving financial success. Today, Christian leads CORE Group, a firm dedicated to supporting creative business owners in the fields of videography, cinematography, photography, influencer and content creation, and marketing agencies. In this episode, you will learn the following: The impact of personal financial challenges on career choices. Clear communication between business owners and accountants to make financial concepts more accessible. Creating leasing companies for tax benefits that can benefit a business's financial health. Understanding the concept of value pricing and focusing on gross margin. Purposeful business spending, aiming for clear ROI and aligning with growth and profitability. Links: 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 is available! Schedule your free, no-obligation intro call: Check out our website: Questions: Email: Relay Bank (affiliate link) - Profit Answer Man Facebook group: My podcast about living a richer more meaningful life: Profit First Toolkit: This episode is part of the SMB Podcast Network. Find other great interviews from around the internet just like this one at 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
/episode/index/show/profitanswerman/id/31498842