Profit First Explained: Strategies for Financial Health and Success
Ever wondered what a Profit First Professional actually does—and why it matters for your business, especially here in the UK? In this episode, I’m breaking it down for you. I’m Deb Halliday, certified Profit First Professional, and I’ll walk you through how working with someone like me can help you put profit at the heart of your business (without the overwhelm).
We’ll dig into the real challenges faced by UK business owners, from VAT headaches and HMRC demands to rising running costs and unpredictable cash flow. I’ll explain how tailored support and a practical, step-by-step approach can help you not just survive, but actually thrive—so you can pay yourself more and stress less.
You’ll learn how the Profit First system uses multiple bank accounts to make profit a non-negotiable, and why personal guidance makes all the difference when it comes to navigating UK tax and compliance. Plus, I’ll share how working with a Profit First Professional can accelerate your journey to a healthier, more sustainable business—one that supports your life, not the other way round.
Ready to ditch the money stress and start building a business that works for you? Let’s get started.
Links mentioned:
debhalliday.co.uk
Companies and resources featured:
Accounts Ladies, Accounts Office Training Academy, Profit First, Mike Michalowicz, HMRC, Starling, Monzo, Xero, QuickBooks
Transcript
Welcome to Profit first with Deb Halliday.
Speaker A:That's me.
Speaker A:I'm Deb.
Speaker A:I'm a Profit First Professional and trainer, author of how to Build a Financially Healthy Business, founder of the Accounts Ladies, an award winning accountancy practice and the Accounts Office Training Academy.
Speaker A:This is the show for business owners who want to stop stressing over money, keep more cash, pay themselves more and build a business that truly thrives.
Speaker A:Just a quick note, Profit first is a licensed methodology.
Speaker A:Everything here is designed to help you implement it in your own business.
Speaker A:If you're interested in helping others with Profit First, I'll share how you can apply to become certified too.
Speaker A:Let's get started because your business should work for you, not the other way around.
Speaker A:Welcome back to Profit first with Deb Halliday.
Speaker A:I'm Deb Halladay, a certified Profit First Professional and today's episode is all about what it means to be a Profit First Professional in the uk.
Speaker A:If you're wondering how a professional like me can help your business become permanently profitable, this episode is for you.
Speaker A:Let's get started.
Speaker A:By now you've heard about Profit first by Mike Michalowicz and a system that flips accounting to prioritize profit using multiple bank accounts and a twice monthly allocation rhythm.
Speaker A:As a certified Profit First Professional, my job is to guide UK business owners like you through this system tailored to our unique challenges.
Speaker A:Vat, hmrc, rising costs and all.
Speaker A:Think of me as your profitability coach, helping you tame the cash eating monster Mike describes in chapter one.
Speaker A:So what does a Profit First Professional do?
Speaker A:We're trained by Mike's team in the UK to help you implement the system from chapters two and five, setting up accounts, Profit Owner's pay tax, operating expenses, conducting the instant assessment, chapter three and customizing target allocation percentages or taps.
Speaker A:Chapter four.
Speaker A:In the UK, this means ensuring your tax account covers VAT at 20%, corporation tax at 19% or whatever your specific rate is, and national insurance.
Speaker A:We also help you cut expenses and build a rhythm of profitability so you're not just surviving, but thriving.
Speaker A:No two businesses are exactly alike and no two business owners have the same goals or vision for their future.
Speaker A:Having a Profit First Professional help you map out your future and align your business targets to achieve them is invaluable.
Speaker A:Why work with a professional?
Speaker A:Profit first is simple but not always easy.
Speaker A:Chapter five warns that accountants might resist it, calling it unorthodox.
Speaker A:I've seen UK business owners struggle to start a loan.
Speaker A:Maybe they set unrealistic taps or dip into their tax account as your guide.
Speaker A:We provide accountability, troubleshoot challenges and offer UK specific strategies like using digital banks like Starling or Monzo for low fee accounts.
Speaker A:Can't I just read the book and do it myself?
Speaker A:Absolutely, and Profit first is designed for that.
Speaker A:But a Profit First Professional accelerates your success.
Speaker A:We analyze your financials like the instant assessment in Chapter 3 to spot bleed areas like overspending on expenses.
Speaker A:We also keep you on track with the day 1/4 1 plan from chapter 5 ensuring you take quarterly profit bonuses.
Speaker A:It's like having a personal trainer for your business finances.
Speaker A:As a UK Profit First Professional, we also bring local expertise.
Speaker A:We understand HMRC's, quarterly VAT returns, making tax, digital rules and how to integrate profit first with tools like Xero or QuickBooks.
Speaker A:We help sole traders, limited companies and partnerships.
Speaker A:Whether you're a Glasgow retailer or a London freelancer, our role is to make profitability a habit, not a hope.
Speaker A:Subscribe now for more Profit first tips and to make Profit first work for you, let's work together to transform your business.
Speaker A:Thanks for tuning in to Profit first with me.
Speaker A:Deb Halliday if you found today's episode helpful, please subscribe, leave a review and share it with another business owner who needs to hear this.
Speaker A:For more resources, courses and to connect with me, head to debhalladay.co.uk and remember, when you put profit first, you build a business that reduces the stress while it supports your goals and dreams.
Speaker A:See you next time.
