Shownotes can be found at https://www.profitwithlaw.com/393.
In this podcast episode, Rocky Lalvani, known as the "Profit Answer Man," joins Moshe Amsel to talk about prioritizing profit and financial management for business owners. They discuss the importance of financial statements, understanding profitability levers, building awareness without excessive spending, alternative pricing models, value pricing in the legal industry, tracking labor costs and efficiency, evaluating overhead costs, implementing the Profit First system, and determining the right pricing strategy. They emphasize the need for consistency, accountability, and profitability to sustain and expand a business.
Chapters:
00:00 Introduction
04:08 Rocky Lalvani's Background and Journey
07:17 The Importance of Financial Statements for Business Owners
13:20 The Importance of a Fractional CFO
14:37 Keys to Profitability and Profit Levers
16:10 Factors to Consider for Business Growth
26:56 Value Pricing in Legal Services
29:03 Efficiency and Margins in Alternative Billing Models
36:04 Considerations for Below the Line Costs
40:41 Transition Plan and Timeline for Implementing Profit First
42:49 Staying Focused and Accountable in Business
49:36 The Importance of Pricing Correctly
51:23 Consistency and Perseverance in Business
Resources mentioned:
Check out our Profit with Law YouTube channel!
Learn more about the Profit with Law Elite Coaching Program here.
Connect with Rocky Lalvani: LinkedIn | Twitter | Instagram | Podcast
Episode 155: The episode of Prophet Answer Man featuring Moshe Amsel
Profit First by Mike Michalowicz
Value Pricing for Accounting Professionals by Mark Wickersham
Join our Facebook Community: https://www.facebook.com/groups/lawfirmgrowthsummit/
To request a show topic, recommend a guest or ask a question for the show, please send an email to info@dreambuilderfinancial.com.
Connect with Moshe on:
Facebook - https://www.facebook.com/moshe.amsel
LinkedIn - https://www.linkedin.com/in/mosheamsel/