Profit First is a revolutionary methodology that transforms the traditional approach to business finance by putting profit at the heart of your financial strategy. I’m Deb Halliday, a certified Profit First Professional, and in this episode, I break down the core principles from Mike Michalowicz’s influential book—offering a lifeline for small business owners facing cash flow challenges.This episode explores the fundamental tenets of Profit First, encouraging a complete shift in how you manage your business finances: profit comes first, not last. By establishing a simple system of allocating funds across dedicated accounts, you can ensure consistent profitability and reduce the stress of financial uncertainty. My aim is to provide you with actionable insights and practical steps to help you implement these principles, guiding you towards a more financially healthy business.In the first episode of ‘Profit First with Deb Halliday’, we take a close look at this transformative framework and its relevance for UK business owners. I highlight the common financial pressures faced by entrepreneurs—fluctuating income, rising expenses, and the ever-present tax obligations—and explain how the Profit First approach can offer clarity, control, and confidence.You’ll learn about setting up multiple bank accounts for profit, owner’s pay, taxes, and operating expenses—a practical system that encourages discipline and helps prevent overspending. Drawing on the guidance of Mike Michalowicz, I’ll show you how to integrate Profit First into your daily business routine, providing a clear roadmap to lasting financial well-being.Throughout the episode, you’ll discover:Why prioritising profit before expenses is a game-changer for business ownersHow four simple bank accounts can transform your approach to money managementThe real-world impact of Profit First, with examples tailored to the UK business landscapeActionable steps you can take right now, no matter your business size or experienceI also acknowledge the unique challenges UK businesses face, such as managing VAT and tax obligations, and promise to address these nuances throughout the series. My goal is to demystify financial management and empower you to take control of your business finances with confidence.Takeaways:Profit First helps you put profit before expenses, transforming your financial managementSetting up four distinct bank accounts is key to success with Profit FirstThe methodology is accessible to all business owners—no accounting background requiredProfit First is especially beneficial for UK businesses, helping you stay on top of VAT and taxActionable steps are provided to help both new and established businesses achieve financial healthLinks referenced in this episode:financiallyhealthysbusiness.co.ukdebhalliday.co.ukCompanies mentioned in this episode:Profit FirstAccounts LadiesAccounts Office Training AcademyMike Michalowiczfinanciallyhealthysbusiness.co.ukdebhalliday.co.uk

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