))
Transform Your Business: The Profit First Mindset Shift
Manage episode 496738011 series 3678990
Content provided by Deb Halliday. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Deb Halliday or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://ppacc.player.fm/legal.
Today, we’re diving into the game-changing concept of Profit First—a simple shift that can transform the way you run your business finances. Championing Mike Michalowicz’s proven methodology, I’ll show you why putting profit before expenses isn’t just smart accounting—it’s the key to building a business that truly supports you.
I’m Deb Halliday, Profit First Professional, author, and founder of The Accounts Ladies and The Accounts Office. In this episode, I’ll break down how the traditional “sales minus expenses equals profit” formula leaves so many business owners stressed and struggling. Instead, we’ll explore how flipping the formula—prioritising profit first—can help you create financial security, reduce cash flow stress, and build sustainability into your business from day one.
We’ll talk through the practical steps: setting up separate accounts for profit, tax, owner’s pay, and operating expenses, and how this approach makes cash flow management so much easier—especially with rising costs and ever-changing UK tax rules. You’ll hear real-life scenarios (think: a bakery in Bristol or a freelance designer in Manchester) to help you picture how Profit First can work for any business, no matter the size or sector.
By the end of this episode, you’ll be inspired to rethink your approach to money, take control of your finances, and start building a business that puts your wellbeing first—not just your bills.
Takeaways:
- Discover why putting profit first is the foundation of a financially healthy business
- Learn how allocating a percentage of revenue to profit, tax, and your own pay brings stability and peace of mind
- See how setting up separate bank accounts for each purpose can transform your cash flow
- Understand that Profit First isn’t just a system—it’s a mindset shift for business owners
Links mentioned:
debhalliday.co.uk
Companies and resources featured:
Profit First, Deb Halliday, Accounts Ladies, Accounts Office, Mike Michalowicz, HMRC
11 episodes
Share
