Profit Answer Man: Implementing the Profit First System!

Rocky Lalvani
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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.

  1. Turn Your Business into a Freedom Machine with Leslie Hassler

    HÁ 23 H

    Turn Your Business into a Freedom Machine with Leslie Hassler

    Turn Your Business into a Freedom Machine with Leslie Hassler   Scaling a business is the dream of many entrepreneurs, but for most, it turns into a nightmare filled with burnout, financial struggles, and inefficiencies. What if there was a way to grow and scale profitably without sacrificing your health, sanity, and freedom? On this episode of The Profit Answer Man, we sit down with Leslie Hassler, founder of Your Biz Rules, to discuss how entrepreneurs can create predictable profits, sustainable growth, and a thriving business—without the common pitfalls of burnout. Leslie shares her personal journey, key lessons from her Scaling Rich™ framework, and how business owners can shift their mindset to unlock real financial success. If you’ve ever felt stuck or overworked or wondered if scaling is really worth it, this episode is for you.   In This Episode, You Will Learn: How to break free from the feast-and-famine cycle of business growth. The biggest mistake business owners make when trying to scale (and how to avoid it). Why most entrepreneurs get in their own way—and how to shift your mindset to unlock success. The importance of implementing systems and processes before you scale. How to build a business that supports your ideal lifestyle, not just revenue goals. Practical steps to start creating predictable profits today.   Key Takeaways: Scaling Isn’t Just About Growth—It’s About Predictable, Sustainable Profits. Many business owners push for aggressive growth without ensuring their business can handle it. Leslie emphasizes that scaling profitably requires a strong financial foundation, repeatable processes, and a business model that doesn’t solely depend on the owner. Entrepreneurs Often Get in Their Own Way. Leslie explains that business owners tend to believe their business is “different” or “special,” which prevents them from learning proven strategies that work. The truth? Business growth follows predictable patterns, and entrepreneurs must be willing to adjust their approach. Systems and Processes Are Key to Freedom. A common reason businesses struggle to scale is the lack of documented systems. Leslie shares how implementing structure allows entrepreneurs to step out of the daily grind and focus on growth. Profit First: A Must-Have for Scaling. Without a clear cash management system, many businesses scale out of control—leading to financial chaos instead of success. Leslie highlights the importance of using Profit First principles to ensure that growth is both profitable and sustainable. Burnout Is a Symptom of Poor Business Design. Leslie’s approach emphasizes designing a business that supports the owner's life, rather than one that consumes it. She shares strategies to ensure scaling doesn’t lead to exhaustion, but rather to more freedom and profitability.   About Leslie Hassler: Leslie Hassler is the founder of Your Biz Rules, a business strategist, and author of First This, Then That and the upcoming book Scaling Rich™. With over 17 years of entrepreneurial experience, she specializes in helping small business owners scale without burnout by creating predictable profits and sustainable business models. Her holistic approach blends financial strategy, leadership development, and systemization to help business owners reclaim their time, energy, and wealth.   Conclusion: Scaling a business should lead to more profit, more freedom, and less stress—not the other way around. Leslie Hassler’s insights prove that with the right mindset, systems, and financial strategies in place, business owners can grow and scale without falling into the burnout trap.   Links: Website: https://www.yourbizrules.com/PAM  LinkedIn: https://www.linkedin.com/in/lesliehassler/ X: https://x.com/YourBizRules   Facebook: https://www.facebook.com/YourBizRules Instagram: https://www.instagram.com/leslie.hassler/ YouTube: https://www.youtube.com/@LeslieHassler   Watch the full episode on YouTube: https://www.youtube.com/@profitanswerman Sign up to be notified when the next cohort of the Profit First Experience Course is available! Profit First Toolkit: https://lp.profitcomesfirst.com/landing-page-page  Relay Bank (affiliate link): https://relayfi.com/?referralcode=profitcomesfirst Profit Answer Man Facebook group: https://www.facebook.com/groups/profitanswerman/ My podcast about living a richer more meaningful life: http://richersoul.com/ 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

    38min
  2. Increase Profit and Cash Flow with Paul Maskill

    25 DE MAR.

    Increase Profit and Cash Flow with Paul Maskill

    Increase Profit and Cash Flow with Paul Maskill   Are you a business owner looking to scale your operations without drowning in the chaos of daily management? Paul Maskill, a seasoned entrepreneur and financial expert, joins us on The Profit Answer Man podcast to reveal how systematizing your business can lead to sustainable growth and financial freedom. With years of experience in owning and selling service-based businesses, Paul now serves as an outsourced CFO, helping blue-collar businesses create predictable, positive cash flow. If you’re tired of feeling like your business owns you instead of the other way around, this episode is for you. Learn how to shift from technician to leader, attract the right talent, and implement the financial systems necessary for lasting success.   In This Episode, You Will Learn: Why systems and processes are critical for freeing up your time and scaling your business efficiently. How treating employee recruitment like customer acquisition solves staffing challenges. Why most business owners struggle with cash flow management—and how to fix it. How Paul transitioned from corporate finance to building, scaling, and selling multiple businesses. The biggest financial mistakes business owners make and how to avoid them.   Key Takeaways:  You Must Systematize Your Business to Scale. Paul emphasizes that many business owners get trapped in the "technician mindset" (a concept from The E-Myth by Michael Gerber). Instead of focusing on high-level strategy, they’re consumed by daily operations. The solution? Implementing repeatable systems and processes. Recruiting Should Be a Constant Process. One of the biggest challenges business owners face is finding good employees. Paul flips the script and treats recruiting like business development. Cash Flow is King—Understand Your Numbers. Paul explains that many business owners don’t truly understand their financials. They mistake revenue for profit and fail to manage their cash flow effectively. The Power of Fractional CFOs for Small Businesses. Most small businesses can’t afford a full-time CFO, but they still need financial strategy and oversight. That’s where fractional CFOs like Paul come in.   About Paul Maskill: Paul Maskill is an entrepreneur, financial strategist, and the founder of Blue Collar Business Advisors. After leaving corporate finance in 2010, he built and sold multiple service-based businesses, including an electrical service company that scaled by over 500% in three years. Now, he helps blue-collar business owners increase profitability, improve cash flow, and create businesses that don’t depend on them.   Conclusion: Scaling a business doesn’t mean working harder—it means working smarter. By implementing systems, hiring strategically, and managing cash flow effectively, you can create a thriving business that runs without you. Paul Maskill’s insights are a game-changer for business owners who want to break free from the daily grind and achieve financial freedom.   Links: Email: paul@thebluecollaradvisors.com Website: thebluecollaradvisors.com LinkedIn: LinkedIn/paulmaskill   Instagram: @paul_maskill   BusinessFreedomFormula   Watch the full episode on YouTube: https://www.youtube.com/@profitanswerman Sign up to be notified when the next cohort of the Profit First Experience Course is available! Profit First Toolkit: https://lp.profitcomesfirst.com/landing-page-page  Relay Bank (affiliate link): https://relayfi.com/?referralcode=profitcomesfirst Profit Answer Man Facebook group: https://www.facebook.com/groups/profitanswerman/ My podcast about living a richer more meaningful life: http://richersoul.com/ 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

    42min
  3. From Startup to Multi-Million Dollar Brand with Matt McLean

    18 DE MAR.

    From Startup to Multi-Million Dollar Brand with Matt McLean

    From Startup to Multi-Million Dollar Brand with Matt McLean   What does it take to turn a backyard business into a nationwide brand? How do you scale profitably while staying true to your mission? And what are the biggest mistakes entrepreneurs make when growing their companies?   This week on The Profit Answer Man, we dive deep with Matt McLean, founder and CEO of Uncle Matt’s Organic, America’s top-selling organic orange juice brand. With distribution in 20,000+ stores nationwide, including Walmart, Whole Foods, and Kroger, Matt has mastered the art of scaling a business while staying profitable.   But it wasn’t always easy. Matt’s journey is one of resilience, adapting to economic downturns, market competition, and supply chain disruptions while keeping his company thriving. If you’re an entrepreneur looking for real-world lessons on business growth, financial discipline, and staying ahead in a competitive market, this episode is for you.   In This Episode, You Will Learn: How Matt McLean grew Uncle Matt’s Organic from 3 acres to a national brand. The profit-first strategies he uses to maintain financial stability. The #1 mistake most businesses make when trying to scale. Why competition can destroy your margins—and how to fight back. How to stand out in an overcrowded industry and build a loyal customer base.   Key Takeaways:    Why Every Business Needs a “Day One” Mentality. Even after 25 years in business, Matt still thinks of Uncle Matt’s Organic as a startup. He believes that success comes from constantly innovating, staying lean, and never becoming complacent—a mindset Amazon’s Jeff Bezos also champions.   The Hardest Part About Scaling? Profitability. Most entrepreneurs believe that more revenue = more profit. WRONG!. As Matt explains, when you create a highly profitable niche, competitors swarm in, driving down margins. The Biggest Mistake That Kills Businesses. Matt shares how many businesses fail because they don’t plan for market fluctuations. After surviving industry downturns and major economic shifts, his advice is clear: “Always have a financial cushion. If you don’t manage your cash flow, you won’t survive long enough to see the next big opportunity.   The Secret to Standing Out in an Overcrowded Market. Organic food brands are everywhere. So how did Uncle Matt’s Organic dominate? Matt attributes their success to: Brand authenticity- Their commitment to real organic farming builds trust. Consistent quality- Cutting corners kills brands. Consistency wins, and Customer education- They don’t just sell juice; they educate consumers on health benefits.   Want to Grow Faster? Master These Profit First Principles. Matt credits financial discipline as the key to staying profitable.   About Matt McLean: Matt McLean is a pioneer in the organic food industry, an entrepreneur, and an advocate for sustainable farming. A 7th-generation Floridian, his citrus-growing heritage inspired him to launch Uncle Matt’s Organic in 1999—before the USDA even had an organic certification.   Today, Uncle Matt’s Organic is the #1 selling organic orange juice brand in America, with products available in over 20,000 stores nationwide. Matt is passionate about organic farming, sustainability, and helping other entrepreneurs navigate the challenges of growing a business profitably.   Conclusion: Matt McLean’s journey is a masterclass in resilience, smart growth, and financial discipline. If you’re looking to scale your business without losing sight of your bottom line, his Profit First approach is a game-changer.   Links: Website: Uncle Matt's Organic – Organic Juices and Beverages | Love at First Sip Media Kit: Matt McLean - Kitcaster Instagram: https://www.instagram.com/# Facebook: https://www.facebook.com/unclematts Twitter: www.twitter.com/unclematts   Watch the full episode on YouTube: https://www.youtube.com/@profitanswerman Sign up to be notified when the next cohort of the Profit First Experience Course is available! Profit First Toolkit: https://lp.profitcomesfirst.com/landing-page-page  Relay Bank (affiliate link): https://relayfi.com/?referralcode=profitcomesfirst Profit Answer Man Facebook group: https://www.facebook.com/groups/profitanswerman/ My podcast about living a richer more meaningful life: http://richersoul.com/ 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

    39min
  4. Profitable Entity Structures with Alex Langan

    11 DE MAR.

    Profitable Entity Structures with Alex Langan

    Profitable Entity Structures with Alex Langan   In this episode of The Profit Answer Man, we sit down with Alexander Langan, an attorney and financial advisor who brings a unique perspective to wealth management and strategic financial planning. As the Chief Investment Officer of Langan Financial Group, Alex is well-versed in helping business owners build sustainable financial strategies.   Our conversation covers the importance of aligning financial, tax, and legal strategies, the impact of business entity structures on profitability, and how business owners can adopt a Profit First mindset—even if they don’t realize they’re already doing it.   If you're looking for ways to improve your business's financial health, ensure your advisors are working together effectively, and make smarter financial decisions, this episode is for you.   In This Episode, You’ll Learn: Why business owners need a cohesive financial team consisting of a CPA, attorney, financial planner, and a business strategist. How entity structures impact tax savings and long-term financial growth. The hidden financial pitfalls that could be draining your profitability.  Why a Profit First approach can simplify financial management—even if you don’t formally follow the system. How to set up multiple bank accounts to manage cash flow more effectively. How financial advisors and business strategists can work together to maximize your bottom line.   Key Takeaways: Your Business Needs a Financial Dream Team. Alex emphasizes that business owners should have a CPA, attorney, financial planner, and profit coach who communicate regularly. Without alignment, owners can end up making costly decisions—like structuring their business in a way that benefits their CPA or attorney but hurts their long-term wealth. Entity Structures Can Make or Break Your Finances. Choosing the right business entity isn’t just a legal decision; it’s a profitability decision.  Financial Planning Isn't Just About Investments. Most business owners think of a financial advisor as someone who just manages stocks and retirement funds. But Alex brings a broader perspective—financial planning should start at the business level. Optimizing tax strategies, structuring cash flow, and ensuring liquidity in business operations are just as important as planning for personal wealth. Profit First Is a Mindset, Not Just a System. While Alex wasn’t formally using Profit First, he realized he was already following many of its principles. Even if you’re not implementing Profit First exactly as written, adopting a cash flow allocation strategy ensures you’re setting aside money for taxes, profit, and future growth before spending. Simplicity Wins When Managing Finances. A complicated financial plan is one that doesn’t get followed. Whether it’s investing, tax strategies, or cash flow management, the simpler the system, the more effective it is.   Guest Bio: Alex Langan is the Chief Investment Officer of Langan Financial Group, a leading financial planning and wealth management firm. As a second-generation leader in the family business, Alex specializes in strategic investments, business finance, and wealth-building strategies.   Alex holds a Doctor of Law from Widener University and serves as an Adjunct Professor of Law. He has been featured in major media outlets, including MarketWatch, Yahoo Finance, and ABC 27. Beyond his work in financial planning, Alex is also a Board Member for multiple nonprofits and is passionate about helping business owners build long-term financial success.   Conclusion: If you’re a business owner struggling to connect the dots between accounting, legal strategy, financial planning, and business growth, this episode is a must-listen. Aligning your advisors, choosing the right business structure, and adopting a Profit First mindset can transform your financial success.   Links: https://www.linkedin.com/in/alexander-langan-26017b40 https://langanfinancialgroup.com/   Watch the full episode on YouTube: https://www.youtube.com/@profitanswerman Sign up to be notified when the next cohort of the Profit First Experience Course is available! Profit First Toolkit: https://lp.profitcomesfirst.com/landing-page-page  Relay Bank (affiliate link): https://relayfi.com/?referralcode=profitcomesfirst Profit Answer Man Facebook group: https://www.facebook.com/groups/profitanswerman/ My podcast about living a richer more meaningful life: http://richersoul.com/ 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

    43min
  5. Scaling Success: Transforming Your Business into a Powerhouse with Courtney De Ronde

    4 DE MAR.

    Scaling Success: Transforming Your Business into a Powerhouse with Courtney De Ronde

    Scaling Success: Transforming Your Business into a Powerhouse with Courtney De Ronde   Welcome to another insightful episode of The Profit Answer Man! In this episode, we sit down with Courtney De Ronde, CEO of Forge Financial and Management Consulting, to discuss the crucial intersection of financial management and business growth. Many businesses struggle not with generating revenue but with understanding what their numbers mean and how to take action on them. That’s where Courtney and her Simple ScaleUp System™ come in, helping business owners move from financial confusion to confident decision-making.   If you’re looking to scale your business while keeping financial clarity, this episode is a must-listen.   In This Episode, You Will Learn: How your financials tell the story of your business and why most accountants stop short of helping you act on them. Why management consulting and financial expertise should go hand in hand for business success. The Simple ScaleUp System™ and how it helps entrepreneurs translate financial insights into action. How small businesses can bridge the gap between financial data and strategic decisions. The key factors that separate thriving companies from those that struggle financially.   Key Takeaways: Financial Reports Are Just the Beginning. Most business owners get financial reports but struggle to act on them. Courtney highlights how her firm goes beyond the numbers, ensuring business owners understand the "why" behind their profit margins. The Missing Piece in Accounting – Business Strategy. Many accountants provide historical financial data but don’t connect the dots to operational decisions. Courtney’s firm helps entrepreneurs answer the big question: "Now that I know my financials, what should I do next?" This bridges the gap between data and strategy. Scaling Requires Systems, Not Just Growth. Scaling a business isn’t just about increasing revenue—it’s about ensuring your systems, leadership, and financial clarity grow alongside it. The Simple ScaleUp System™ provides a structured framework for making scaling intentional and profitable. Profitability Isn’t Just a Math Problem – It’s a Leadership Issue. Your profit and loss statement won’t explicitly tell you if you have poor leadership, a toxic culture, or inefficient systems—but it will show up in your bottom line. Courtney shares how business leaders can spot these inefficiencies early and take action before they eat away at profits. CFO Services Aren’t Just for Big Companies. Many small businesses think they can’t afford financial leadership, but outsourced CFO services provide big-business financial strategy on a small-business budget. Whether through bookkeeping, tax strategy, or high-level consulting, having a financial expert on your team is a game-changer.   About Courtney De Ronde: Courtney De Ronde is the CEO of Forge Financial and Management Consulting and the creator of the Simple ScaleUp System™. With 20+ years as a CPA and 15 years in leadership, she helps business owners understand their numbers and take action toward growth. Her firm provides a mix of financial expertise and management consulting to help businesses and nonprofits scale successfully without financial blind spots. When she’s not helping businesses thrive, Courtney enjoys road-tripping with her husband and three kids from their home base in Des Moines, Iowa.   Conclusion: Scaling a business isn’t just about making more money—it’s about making smart, sustainable financial decisions. Courtney De Ronde delivers a refreshing perspective on the power of financial clarity, showing how combining numbers with strategy is the ultimate formula for success.   If you’ve ever felt like you’re drowning in financial reports but don’t know what to do next, this episode is for you.   Links: Website: ForgeAhead.com LinkedIn: in/CourtneyDeRonde Facebook: /ForgeFMC https://www.forgeahead.com/resources/simple-scaleup-system-e-book/   Watch the full episode on YouTube: https://www.youtube.com/@profitanswerman Sign up to be notified when the next cohort of the Profit First Experience Course is available! Profit First Toolkit: https://lp.profitcomesfirst.com/landing-page-page  Relay Bank (affiliate link): https://relayfi.com/?referralcode=profitcomesfirst Profit Answer Man Facebook group: https://www.facebook.com/groups/profitanswerman/ My podcast about living a richer more meaningful life: http://richersoul.com/ 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

    42min
  6. The Most Important Numbers and Drivers with Lee Benson

    25 DE FEV.

    The Most Important Numbers and Drivers with Lee Benson

    The Most Important Numbers and Drivers with Lee Benson   Welcome to another episode of The Profit Answer Man, where we dive deep into the strategies and mindsets that drive business profitability and sustainable growth. Today, we’re joined by Lee Benson, a serial entrepreneur who has successfully built and sold multiple businesses, including a nine-figure exit to Textron.   Lee brings decades of experience in business strategy, leadership, and value creation. His passion for helping organizations increase their impact and profitability is evident in his work as the CEO of Execute to Win, a firm dedicated to enhancing organizational effectiveness.   If you’re a business owner looking to scale profitably while navigating growth challenges, you won’t want to miss this episode!   In this episode, you will learn: How Lee took a failing company, assumed its debt, and turned it into a highly profitable venture. The key lessons from scaling a business from $0 to a nine-figure exit. Why hitting plateaus in business growth is normal and how to break through them. The importance of aligning leadership with the needs of the company at different stages. How to develop a sustainable growth strategy that maintains profitability. The biggest mistakes entrepreneurs make when scaling and how to avoid them.   Key Takeaways: Take Smart Risks and Own the Outcome – Lee turned a struggling company around by assuming its debt, securing customers, and focusing on value creation. Many entrepreneurs hesitate at the idea of taking on debt, but when done strategically, it can be a powerful tool for business growth. Growth is Not Linear – Scaling a business involves hitting revenue plateaus before making the next big leap. Lee experienced these plateaus, such as being stuck at $8 million for a few years before unlocking the next growth phase. Be the CEO Your Company Needs – One of the biggest lessons Lee shared is that business owners must evolve as leaders. Each stage of business growth requires different skills, mindsets, and strategies. Focus on Profitability Over Revenue – A mistake many business owners make is chasing top-line revenue without ensuring profitability. Lee emphasized the importance of maintaining strong profit margins while scaling. Execution is Everything – Scaling isn’t just about strategy; it’s about execution. Lee’s company maintained a 20%+ annual growth rate by continuously refining operations and executing with discipline.   Guest Bio: Lee Benson is the founder and CEO of Execute to Win, a company dedicated to helping organizations maximize their value. He is a serial entrepreneur who has started and grown multiple businesses, including Able Aerospace, which he successfully sold to Textron in a nine-figure deal. Lee is also a sought-after speaker, author, and podcast host of Show Your Value. His expertise lies in value creation, leadership, and execution, and he has been featured in major publications like The Wall Street Journal, Forbes, and Inc.   Conclusion: Scaling a business isn’t just about growth—it’s about profitable growth. Lee Benson’s journey demonstrates the importance of strategic risk-taking, leadership evolution, and disciplined execution. If you’re an entrepreneur looking to break through revenue plateaus and build a high-value business, start by implementing the key lessons from this episode.   Links: https://www.linkedin.com/in/lee-j-benson/ https://www.etw.com/ https://www.facebook.com/ETW.executetowin https://www.instagram.com/executetowin/ https://www.youtube.com/@execute-to-win   Watch the full episode on YouTube: https://www.youtube.com/@profitanswerman Sign up to be notified when the next cohort of the Profit First Experience Course is available! Profit First Toolkit: https://lp.profitcomesfirst.com/landing-page-page  Relay Bank (affiliate link): https://relayfi.com/?referralcode=profitcomesfirst Profit Answer Man Facebook group: https://www.facebook.com/groups/profitanswerman/ My podcast about living a richer more meaningful life: http://richersoul.com/ 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

    53min
  7. Ep 256 Scaling Businesses Across Industries: Lessons from a Serial Entrepreneur with Philip Taylor

    18 DE FEV.

    Ep 256 Scaling Businesses Across Industries: Lessons from a Serial Entrepreneur with Philip Taylor

    Scaling Businesses Across Industries: Lessons from a Serial Entrepreneur   In this episode of The Profit Answer Man, we sit down with Philip Taylor (PT), a CPA turned entrepreneur, to discuss his journey in building multiple successful businesses. From launching a finance blog in 2007 to creating major conferences like FinCon and TravelCon, and now running a CPA firm for content creators, PT shares his insights on diversification, adapting to industry changes, and maintaining profitability.   If you're an entrepreneur looking to build multiple income streams, navigate the shifting digital landscape, and optimize your financial strategies, this episode is packed with actionable insights!   In this episode, you will learn: How Philip built and scaled multiple businesses in blogging, events, and accounting. The major shifts in blogging and digital content creation over the years. How AI and search engines have disrupted traditional content models. Strategies for running a profitable conference and event business. Key financial mistakes content creators make—and how to avoid them. The importance of tax planning, retirement strategies, and financial systems for entrepreneurs. Why building a financial war chest is crucial for long-term success.   Key Takeaways: 1. Diversification is Key to Long-Term Success. Philip didn’t rely on just one business—he built multiple streams of income: PTMoney.com – A personal finance blog that started in 2007. FinCon – A major annual conference for personal finance content creators. TravelCon – A travel content creator event. The Creator CPA – A tax and accounting firm focused on digital entrepreneurs. Each of these businesses operates differently, but Philip has found ways to integrate them so they support each other. 2. The Changing Landscape of Blogging and AI's Impact. Blogging used to be a hub for conversations, but social media took that engagement away. AI-powered search engines now provide direct answers, reducing website traffic for independent bloggers. Google prioritizes big media brands over independent creators, making it harder for small content sites to rank. Many creators are shifting to email newsletters, YouTube, and social media platforms where they can directly engage audiences.   3. Running a Profitable Conference Business. Philip runs two major creator-focused events, but COVID and rising travel costs disrupted the event industry. His advice: Build financial reserves so you can weather downturns. Continuously evolve your model—smaller events, hybrid events, or alternative pricing strategies may be needed. Understand the true cost for attendees—it’s not just the ticket price; flights, hotels, and food add up significantly.   4. Financial Mistakes Entrepreneurs Make. Philip sees common financial pitfalls among entrepreneurs, especially content creators: Not setting aside 20% of income for taxes. Ignoring retirement planning (e.g., Solo 401(k)s, SEP IRAs). Mixing personal and business expenses. Failing to build a financial war chest to handle downturns. Solution: Work with a CPA, separate personal and business finances, and prioritize long-term financial stability over short-term spending.   5. Tax Planning vs. Tax Preparation. Most CPAs focus on tax prep (reactive) instead of tax planning (proactive). Strategic tax planning can help business owners reduce taxable income, plan for retirement, and optimize deductions. Meet with your CPA in September/October to plan before year-end. Tip: If your business revenue fluctuates, consider using Roth conversion strategies during low-income years to maximize tax advantages.   About Philip Taylor: Philip Taylor (PT) is a CPA, entrepreneur, and founder of FinCon. He also runs The Creator CPA, a tax firm specializing in financial services for content creators. His insights have been featured in The New York Times, Forbes, The Washington Post, and other major media outlets.   Conclusion: Philip Taylor’s journey proves that multiple revenue streams, financial planning, and adaptability are key to long-term entrepreneurial success. Whether you’re a content creator, business owner, or service provider, his advice on tax planning, cash flow management, and business diversification can help you increase profitability and protect against economic downturns.   Links: LinkedIn: https://www.linkedin.com/in/ptmoney/ Twitter: https://x.com/ptmoney   https://taylorassociatescpa.com/cpa-for-content-creators/     Watch the full episode on YouTube: https://www.youtube.com/@profitanswerman Sign up to be notified when the next cohort of the Profit First Experience Course is available! Profit First Toolkit: https://lp.profitcomesfirst.com/landing-page-page  Relay Bank (affiliate link): https://relayfi.com/?referralcode=profitcomesfirst Profit Answer Man Facebook group: https://www.facebook.com/groups/profitanswerman/ My podcast about living a richer more meaningful life: http://richersoul.com/ 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

    37min
  8. The Psychology of Growing Profit with Matthew Stafford

    11 DE FEV.

    The Psychology of Growing Profit with Matthew Stafford

    The Psychology of Growing Profit with Matthew Stafford   Welcome back to The Profit Answer Man! In today’s episode, we sit down with Matthew Stafford, a self-made entrepreneur who went from pouring concrete to optimizing Shopify stores with data-driven strategies. Matt shares his journey of transformation, the power of mindset, and the tools and systems that have helped countless businesses scale. Prepare to gain actionable insights that will revolutionize how you approach e-commerce, profitability, and breaking through mental barriers.   In this episode you will learn: Breaking Mental Barriers: How limiting beliefs cap your growth potential and the strategies to overcome them. The Science of Revenue Optimization: Tools and tactics to improve the customer journey and maximize Shopify profitability. Leveraging Mindset for Growth: The role of personal growth and coaching in scaling businesses. Key Lessons from a Concrete Entrepreneur Turned Data Scientist: The pivotal shifts that turned Matt’s story into a blueprint for success.   Key Takeaways: Your Mindset Shapes Your Reality: Matt emphasizes that many entrepreneurs hit plateaus because of internalized limiting beliefs. Recognizing and rewriting these "scripts" can unlock new potential for growth. Focus on the Customer Journey: As the architect of BGS’s “Revenue Optimization” system, Matt stresses the importance of removing friction points in the customer experience to increase conversion rates and drive profits. The Role of Data in Decision-Making: Data isn’t just numbers—it’s the story of your business. Learning to read and react to what the data tells you can mean the difference between stagnation and scaling. Tools and Techniques for Scaling: From Shopify optimization to mindset coaching, Matt shares practical tips to help entrepreneurs succeed both personally and professionally.   About Matthew Stafford: Matthew Stafford is a pioneer in the world of Shopify optimization and the mastermind behind Build Grow Scale’s "Revenue Optimization" system. With over 27 years of entrepreneurial experience, Matt has built a reputation for his no-nonsense, data-driven approach to scaling e-commerce businesses. His ability to spot and remove customer journey impediments is unmatched, making him a sought-after expert in the industry.   When Matt isn’t turning e-commerce businesses into profit machines, he’s coaching entrepreneurs on overcoming limiting beliefs and achieving new heights in their personal and professional lives.   Conclusion: This episode with Matthew Stafford is packed with lessons for entrepreneurs looking to scale their business while breaking free from self-imposed limits. Whether you're looking to optimize your Shopify store, shift your mindset, or understand the stories your business data is telling you, Matt’s insights are sure to inspire action.   Be sure to connect with Matthew Stafford on social media and check out the tools offered at Build Grow Scale. As always, remember: more revenue does not equal more profit. Stay focused on the bottom line, and let’s make your business thrive!   Links: Website: https://buildgrowscale.com/ https://www.facebook.com/matthewjacobstafford https://www.instagram.com/build.grow.scale https://www.linkedin.com/in/matthewstafforddotcom/ https://x.com/BuildGrowScale https://www.youtube.com/channel/UC-g_rSibfzEBc3Q9Ye5sMHA https://www.tiktok.com/@build_grow_scale   Watch the full episode on YouTube: https://www.youtube.com/@profitanswerman Sign up to be notified when the next cohort of the Profit First Experience Course is available! Profit First Toolkit: https://lp.profitcomesfirst.com/landing-page-page  Relay Bank (affiliate link): https://relayfi.com/?referralcode=profitcomesfirst Profit Answer Man Facebook group: https://www.facebook.com/groups/profitanswerman/ My podcast about living a richer more meaningful life: http://richersoul.com/ 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

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    Sobre

    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.

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