Simplify Your Business for Bigger Profits with Alvin Narsey
Alvin Narsey is a business coach who helps retail business owners improve their cash flow and profitability. Over the past 16 years, he has had an exciting journey buying and selling multiple Pharmacy Businesses in Australia.
What does it take to thrive as a business owner? And what does it take to be happy as a business owner? And what is the difference between the two?
Our guest today has the answers!
Now that he has sold all his businesses, he is embarking on his next adventure of traveling the world and helping other retail business owners create the lifestyle they want. Alvin is best known for simplifying the fundamentals of growing retail businesses. For that, he uses an interesting framework where he focuses on cash flow and profit to set everything up so that the business can run itself and doesn’t require the presence of the business owner.
Alvin says that we often tend to overcomplicate things in our businesses, but that in reality, everything is simple. That’s why he suggests simplifying your business as much as possible and focusing on the fundamentals.
In this episode of the Think Business With Tyler podcast, we talk about the concept of freedom, how to simplify your business, why mindset is everything, and finally, the importance of having a real connection with your mentor.
If you want to improve your business and live the life you’ve always wanted, tune into this episode to hear what Alvin has to say.
💡 Name: Alvin Narsey
💡 What he does: He is a business coach who helps retail business owners improve their cash flow and profitability.
💡 Noteworthy: Alvin has had an exciting journey buying and selling multiple Pharmacy Businesses in Australia over the past 16 years. Now that he has sold all his businesses, he is embarking on his next adventure of traveling the world and helping other retail business owners create the lifestyle they want.
💡 Key Quote: “This is the great thing about humans, about individuals, we all have individual desires and wants, and I guess this is a process that you would go through with your clients; I do the same is kind of help your clients or help people figure out what do they really want out of life? And then, of course, using the business as a vehicle to help you get that.”
💡 Where to find Alvin: LinkedIn
Freedom means different things to different people. Most people choose to become entrepreneurs to escape the 9-to-5 monotony. But another reason why they choose to begin this journey is freedom. They want to be free to work when and where they want. Some of them want to travel the world, while others just want to be in control of their time.
All in all, everyone has their own definition of freedom. Alvin shares what it means for him, “I hate being tied down. I like being free and experiencing adventure and taking lots of holidays and that kind of thing. So that’s what we did. We set up my first business and the subsequent businesses after that so that I could really be happy.
And the way that I’m happy is when I’m living my values. And so, I guess in a certain sense, since the first two or three years after getting into business, I’ve been fortunate enough to be able to live this lifestyle where I travel regularly. I’m not tied down to my business as such, and just kind of go in and make sure we are working on growth and that kind of thing.”
Simplify your business as much as possible. Most business owners get caught up in piles and piles of reports and numbers. Because they want to grow their business, they fall into the trap of overcomplicating things. But in reality, everything is very simple. You just have to understand the fundamentals of your business. Alvin explains,
“This is a super common problem, and the way I got around it, the way it was taught to me, and this is what I work with my clients, just really, really simplify it. We quite often, as business owners tend to overcomplicate things, and I guess it’s from looking at the reports that we get from our account and our bookkeeper, we see piles and piles of reports and numbers and ledgers, we’re like, ‘What does all this mean?’
And we tend to push it aside. This has been my experience personally and working with clients. So I think it’s really important that you need to have an understanding of what’s really essential or the fundamentals of your business, and really simplifying it to that.”
Mindset is everything. It’s no secret that mindset is key to success. If you think you’re going to fail, you will. If you think you will succeed, you will. It all boils down to having the right mindset and then doing the necessary work, whatever that means for your business. Alvin says, “The way it was realized to me, having a really good mindset, whatever that means.
And that means like a positive mindset, an opportunistic mindset, kind of sets the sail for you as a person, I believe. And so what it is, I think it’s about understanding what drives you, what your values are. Some of the things that we spoke about earlier, and your mindset sort of becomes that course correction when things get tough in business.”
There has to be a connection between you and your business coach. Having a business coach can boost both your personal and business growth. And there’s no denying that business coaching is valuable for all entrepreneurs. But once you find a mentor, how do you get the most out of your sessions? According to Alvin, having a true connection with them is key. He explains,
“Apart from the obvious, which is doing a Google search and reading the reviews and all that kind of thing, I think what it really boils down to, if I look at all the people that have helped me and that I’ve worked with, there’s been a resonance with personality and resonance with like-mindedness. […] At the same time, your coach has got to be objective for you, but for you to feel confident in implementing the strategies that they’re going to be suggesting, there’s got to be some sort of, I don’t want to say bond, but there’s got to be some level of familiarity, or you just got to be comfortable with them.”
“This is the great thing about humans, about individuals, we all have individual desires and wants and I guess this is a process that you would go through with your clients, I do the same is kind of help your clients or help people figure out what do they really want out of life? And then, of course, using the business as a vehicle to help you get that.”
“I think two mistakes that business owners make with key performance indicators. One, they don’t have them at all. Or two, they have too many, and they overcomplicate it, and then they get into this analysis paralysis. So they’re the two things I see all the time. And I think KPIs are definitely important because ultimately, we want to work towards finding levers in your business that we can pull that will drive the business forward.”
“The way I help, I just have a very simple three-step process I get them to work on and understand the visibility of the numbers in their business, which we spoke briefly about. Then we start to look at ways that we can flush their bank account with cash, and then we work on their profit piece. So I keep it really, really simple. We just work on three areas in their business, which really, this is not anything new.”
“I think meditation is one of those things where you need to find a style of meditation that resonates with you and that connects with you again, and it can only be five minutes to start off with. So I think finding that practice in your life can have dramatic effects, not only in your business but personal life.”