Do you have anxiety when it comes to dealing with the finances in your business? Why is it important for you to understand what your money scripts are? How can charging your worth make a significant impact on the world around you?
In this podcast episode, Whitney Owens speaks with Profit First Professional, Rocky Lalvani, about changing your money mindset, money scripts, and adopting the Profit First method.
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Meet Rocky Lalvani
Rocky Lalvani was shocked to learn most business owners don’t look at their financial reports! Can you believe that? It has to do with our mindsets around money and also fear and shame. When he realized how much of a problem this was he realized his purpose: to help business owners be profitable.
Rocky Lalvani serves as Chief Profitability Adviser for business owners. He teaches them how to ensure they get paid and make profit a priority! As a certified Profit First Professional, he implements Mike Michalowicz’s Profit First System. We change the accounting formula of Sales – Expenses = Profit to Sales – Profit = Expenses. This ensures Profit comes first! (PS. It’s not about money at all costs, people come before money!)
In This Podcast
- What are your money scripts?
- Not charging your worth
- Make yourself profitable
- The Profit First method
What are your money scripts?
Understanding how you grew up and what you were taught about money, will influence your relationship with money. These are some common scripts you may have grown up with:
- Money doesn’t grow on trees.
- We can’t afford that.
- Rich people are evil.
- You have to work hard to make money.
You need to ask yourself:
- What are my money scripts?
- What do I believe about money?
- How do I think about money and what’s my relationship with it?
If you’re running your financials on what you thought at 10 years old, you’re going to struggle with money. (Rocky Lalvani)
Not charging your worth
Faith-based therapists and counselors feel that they cannot charge too much, as it’s just not fair. Or there is an age-old belief that money is evil.
The one that I hear is that ‘money is the root of all evil. They missed half the quote, it is ‘the love of money is the root of all evil’. Meaning that you’re putting other things before God, it’s not that money is or isn’t evil. (Rocky Lalvani)
You need to start thinking about money for what it really is, and that is that money is just a piece of paper, it is a way of transferring your value to somebody else. It’s not emotional, but yet we put emotion into it.
The Bible tells you that it is okay, you are expected to grow your business, and in order to do this, you need to not be afraid to charge people or raise your rates.
Make yourself profitable
If you want to tithe to your church, you need profit. If you want to be able to help others, you need to do that from a place of strength.
One of the things John Wesley says is ‘make all you can, save all you can and give all you can’. There is no way that we would be able to give if we weren’t making enough to give. I think it’s super important for Christians to make as much as they can so that they can give to those in need. (Whitney Owens)
It really isn’t about greed; it’s about helping those around you. You can’t hire people and pay them well if you don’t charge appropriate pricing. You need to make sure that you have a strong foundation so that you can help others get to that same place.
Make yourself profitable so that you can give and serve and help others. So, you have to make sure that the numbers work. (Rocky Lalvani)
The Profit First method
This equation is: Sales – Profit = Expenses
I bring attention to their numbers, I help them see what’s going on and then they can easily make decisions without the emotions. (Rocky Lalvani)
It is a small mindset shift that changes everything. You need to be aware of certain things:
- Can I hire somebody new?
- Is my pricing appropriate?
- Can I afford to invest here?
- Is my money flowing to where it should be flowing?
Books mentioned in this episode:
Useful links mentioned in this episode:
- Visit the Profit First website and listen to Richer Soul and The Profit Answer Man podcasts.
- Connect with Rocky on Facebook, Twitter, Instagram, and LinkedIn.
- 1099 to W2 Transition Course
- Check out the Faith in Practice Conference
- Join with the Faith in Practice Facebook Group and subscribe to the email list
- Visit www.brightervision.com/joe to receive your first month free
- Email Whitney: email@example.com
Check out these additional resources:
- Ernesto Segismundo Jr. on Being Spiritually Creative in your Practice | FP 111
- Next Level Practice
- Join the Faith in Practice Mastermind
- Practice of the Practice Podcast Network
- Group Practice Boss
Meet Whitney Owens
Whitney is a licensed professional counselor and owns a growing group practice in Savannah, Georgia. Along with a wealth of experience managing a practice, she also has an extensive history working in a variety of clinical and religious settings, allowing her to specialize in consulting for faith-based practices and those wanting to connect with religious organizations.
Knowing the pains and difficulties surrounding building a private practice, she started this podcast to help clinicians start, grow, and scale a faith-based practice. She has learned how to start and grow a successful practice that adheres to her own faith and values. And as a private practice consultant, she has helped many clinicians do the same.
Thanks For Listening!
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Faith in Practice is part of the Practice of the Practice Podcast Network, a network of podcasts that are changing the world. To hear other podcasts like Empowered and Unapologetic, Bomb Mom, Imperfect Thriving, Marketing a Practice or Beta Male Revolution, go to practiceofthepractice.com/network.