Today’s guest is the Profit Answer Man, Rocky Lalvani. He was shocked because most business owners don’t look at their financial reports. It has to do with our mindset around money and fearing change. When he realized how much of a problem this was, he knew his purpose was to help business owners gain business profit.
He serves as Chief Profitability Officer for business owners. He teaches them how to ensure they get paid and they make business profit a priority. We change the accounting formula from sales- expenses = profit to sales – profit + expenses to ensure that profit comes first. He suggested a great book to read that tackles this formula and we’re going to talk about that in this episode and so much more!
Proper Money Mindset and the Secret Accounting Formula for Business Owners to Gain Business Profit
- He was part of healthcare on the sales side for about 30 years. He had a desire to build wealth since he was young.
- He always wondered why so many people struggle with money. It could be because we’ve never been taught about money. They don’t teach money in school.
- When he learned about financial coaching he thought that it was cool and he can help people with money- a better understanding of money and money mindset and why they struggle with it.
- He shared that almost all of the doctors are broke or struggling financially. When you talk about money and finances in medical school or residency you will be shunned.
Your personal worth is not equal to your financial worth. Your financial worth is what’s the value that people see from the work you do and how good are you in negotiating that – this is especially true to writers.Rocky Lalvani
- We tend to judge people based on their financials.
- When he learned about financial coaching he spent a week with Dave Ramsey and his group.
- Profit First – Mike Michalowicz – it’s a psychology of how to think about money and how to implement systems in your business to ensure you’re getting business profit and always being paid.
- The money will compound. It compounds both ways, either to wealth or debt.
Here are secret formulas to help you gain business profit:
Sales – Expenses = Profit which means that profit is leftover. So why not pay ourselves first?
Sales – Profit = Expenses – we will take our profit first and we will learn how to spend less on our expenses.
- He talked about the envelope system but instead of envelopes businesses use bank accounts. Money comes into the income account and then you allocate it. A certain percent goes to profit and tax, and whatever’s left is credited to the spending account then you learn to live with what’s on your spending account.
- He mentioned Parkinson’s Law. It states that whatever the amount of resource you’re given, you will use it up.
- He said that nurses are always very resourceful. We figure out how to get things done and that we should take that mentality into our money.
- Twelve Week Year is the same principle of Parkinson’s Law applied to time. It states that you’re going to work for twelve week year. Every quarter you spend a week planning out your next quarter and then execute.
Book recommended for nurses: Persuasion by Robert Cialdini. It’s about how to get what you want where he uses some example in the medical field.
Every overnight success has ten years of hard work behind it.Rocky Lalvani
Advice to Nurse Writers who Struggles with Impostor’s Syndrome
- People work with people that they know, like, and trust
- Sometimes it’s more about finding the opportunity where you can get published in your particular niche.
- Have a good LinkedIn profile. LinkedIn is not a resume, it’s a sales page.
- You’ve got to promote yourself.
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Want to talk more about business profit and making money? We have more episodes for you!
- Episode 57 – Financial Questions Answered with Adam Kelbach, Bank Manager
- Episode 56 – Setting Rates and Booking Clients with Award-Winning Medical Writer, Melissa Crawford
- Episode 46: Make Money as a Freelance Writer: Try These 7 Outside of the Box Strategies
If you’re ready to start exploring if freelance writing is your next PRN job, or even full time, I invite you to download:
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