Rocky Lalvani Why Focusing on Profitability is Key to Business Success
As an entrepreneur, you have probably heard the saying "it takes money to make money" at least once in your lifetime. And while it is true that businesses need to invest in themselves to grow, it is essential to remember that profitability should always be the top priority. That's where Rocky Lalvani comes in.
I had the honor of Interviewing Rocky Lalvani the other day on Beyond Common Business Secrets Podcast and it was amazing. Check out the episode here Profit Comes First!
Why Focusing on Profitability is Key to Business Success
As a certified Profit First Professional, Rocky teaches business owners how to prioritize profit in their financial management. He believes that when you change the accounting formula of sales minus expenses to sales minus profit, you automatically prioritize your profits.
Rocky's journey to becoming a profitability expert was not an easy one. Born to immigrant parents who had to start over in the United States, Rocky knows the struggles of building wealth from scratch. But he is proof that with the right mindset and financial strategies, anyone can achieve financial success.
Now, Rocky is on a mission to help other business owners achieve financial freedom faster. He believes that too many entrepreneurs focus on growth instead of profitability, leading to the misconception that your doing it wrong or scratching your heading wondering why your business feels like a giant money-gabbling monster that always needs to be fed. The truth is, when you prioritize profit, you gain more control over your business and can make smarter decisions about growth and investment.
One of the biggest challenges Rocky sees in the business world is the lack of financial knowledge among business owners. Many entrepreneurs start a business to do what they love, and accounting is often the last thing on their minds. But this is where the trouble starts. If you don't understand the financial side of your business, you can't make informed decisions, and profitability becomes an afterthought.
Another common issue Rocky sees is the misconception that accountants and bookkeepers are financial experts who will magically solve all your financial problems. While these professionals are essential to your business's success, their expertise is often limited to tax filing and bookkeeping. They are not trained to make strategic financial decisions that prioritize your profitability.
So, what's the solution? Rocky believes that the key to financial success is to understand your financial statements and use them to make informed decisions. When you can read your financial statements like a story, you gain a clearer understanding of your business's financial health and can prioritize profit.
In conclusion, if you're an entrepreneur who wants to achieve financial success, remember that profitability should always be your top priority. YES, Profit does come first! Don't fall into the trap of thinking that growth is everything. Instead, focus on understanding your financial statements, prioritize profit, and make informed decisions that will set you up for long-term financial success. And if you need help getting there, Rocky Lalvani is the profitability expert you need on your team.
To learn more about Rocky Lalvani, MBA, EA Chief Profitability Officer https://profitcomesfirst.com/
As always we appreciate you being here. Please share this blog with a friend who needs to hear this today!
With love & gratitude 💜,
Tracey Watts Cirino
Business Success Strategist
4-Time International Bestselling Author & Speaker