Profit First for UK Business - Live Workshop
7th May 2.30pm (replay available to those that book)
Crisis-proof Your Business Dreams
...Hands-down the most comprehensive Profit First training program designed for UK businesses who want to drive more money into their life.
You’ve got a great business. Now you’re looking for more profit.
You’ve thought about getting more clients.
Just sell more...but that involves more push and hustle and every time it seems you get more clients, there are more costs too.
You’ve thought about taking a loan to ease cash pressure.
But then you have to pay it back at some point and how would you be able to afford the ongoing repayments if things don't change.
You’ve thought about even jacking it all in and getting a job.
But really, you're not employable any more, you'd hate working for someone else, and really you'd feel like you'd failed.
You’re ready to have more profit — and feel in control of the money in your business.
What if you stopped living hand to mouth in your business — and started taking home more money (with a buffer for those emergencies) instead?
Here’s the deal with getting Profit First really working in your business...
You don't need to keep making more and more sales, chasing the increase in profitability that never seems to come as a result.
You don't need to take out (another) loan to pay your monthly business bills.
You get a cash management strategy that actually works to deliver you more profit and take home.
..and that’s where Profit First for UK Business comes in.
The Profit First Method
Profit First Basics: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine.
A method of cash management that enables you to become much more profitable.
Many business owners are not managing cash - they are letting cash manage them. Get control of the cash in your business.
Profit First Practicalities: Clearing up the confusion.
We have found that when people implement Profit First themselves there are a number of stumbling blocks, some confusion, and sometimes things fall over. So in this section we cover all those issues that business owners are struggling with them implementing Profit First.
The UK Elements
Having been Certified in Profit First since early 2016, we have seen every nuance of UK-ness and are supporting you with that.
Since Profit First was written by an American, there are parts of UK tax and company law that don't quite fit or are not covered in the book.
We cover them here.
Ready to finally put an end to sleepless nights worrying about making payroll? All you need is Profit First working in your business (and understanding how it is nuanced in the UK).
Here’s exactly what we’ll cover during the Profit First for UK business workshop:
Stage 1 - Profit First Basics: Taming the cash eating monster
- Behaviour Basics
- Small Plates
Stage 2: Profit First Practicalities: Clearing up the confusion
- How can I “magic” profit?
- How many bank accounts?
- How to stop yourself “borrowing” back from your other bank accounts
- How to work out what percentages to use
- Making allocations easier
- Can’t I just use spreadsheets rather than different bank accounts?
- Starting bank balances
- Using Profit First with Xero/Quickbooks/Wave/Freeagent/Other Bookkeeping Software
Stage 3: The UK Elements
- UK Profit First Friendly Banks
- PAYE versus Dividends & The Interaction with Owners Pay and Profit Accounts
- Can my UK business really pay my personal tax bill?
- UK Business Target Allocation Percentages
Everything you need to make more profit, have more take-home, get Profit first in place and ensure you are doing it in a UK compliant way.
Let’s increase your profitability without the confusion over US-based terminology and in alignment with UK VAT, payroll and tax laws.
My Interview with Mike Michalowicz
I’ve had the privilege of interviewing the Profit First author, where he shared some valuable insight into the book.
Profit Plan Training
The exact Profit Plan I create for my accounting clients, I hand over to you. A solid training in five videos so you can craft and implement your very own Profit Plan.
If at any time you want to ask any questions you can ask in our Facebook Group.
I love the Profit First Method because it transformed my business, and my life (yes, seriously - I am not exaggerating).
I remember the most frightening day of my life like it was yesterday.
At the time, life was good. The business was doing well. My accounting firm was doing over 6 figures a year.
But there was an underlying issue…I wasn’t actually paying myself, hardly anything at all.
I was grateful for the clients that I had.
I felt really busy but I thought that’s how it’s supposed to be.
We’d just had a baby and things were going well.
One late evening, I was in bed feeding my 6 week-old son and literally out of nowhere he just stopped moving.
I had to call an ambulance because he was unresponsive, he was floppy and not moving. So we rushed him to the hospital and we just crossed our fingers that he would be okay. I was so scared and so confused…waiting for answers and for him to be ok again.
We were admitted to hospital while they did tests to find out why this had all happened (and thankfully he was improving as each hour passed)
For the 3 days that I was in hospital with him, I was getting phone calls and emails from clients and I felt like I HAD to pick up the phone.
In all honestly, I was also feeling resentful for it because frankly, even though my business was making 6 figures and my team was paid well, I haven’t taken money out of the business for myself for a long time and then whilst I was in the hospital (and hadn’t even taken any maternity leave) this client rang me and asked me if I knew where he could find his bank statement.
That was the moment when I realized.
WHAT AM I DOING?!
My business was not working for me.
I started this business to support me and my family and I am here in the hospital, with a tiny baby and not able to be present with him, whilst doing something I wasn’t even that well paid for (yes the business was earning money – but not me personally)?
WHAT WAS WRONG WITH ME?
In that moment, I made a decision. This business will no longer run me. MY family comes first and it always will. I switched my phone off.
I said screw it. I am not responding to anyone.
I let my team handle the business for a week so I can spend the time caring for my son and thankfully, within a few days he recovered and was able to get back home and be his normal self.
The moment we got home, I put a plan of action so this NEVER happens again.
And that plan started with picking up the book –Profit First by Mike Michalowicz.
I read it cover to cover, more than once!
What I realized is that up until that point, I was building my life around my business and was accommodating for clients before accommodating for myself and my family.
So I flipped that and I decided to build my business around my life.
That meant spending more time with my kids, being more present with my husband, planning our family finances as well the business ones and actually putting some family intentions on what we wanted to experience together and what money we’d need for that.
A BIG mistake I was making, I was purely focused on revenue growth and even as an accountant, I wasn’t paying attention to my profit.
I forgot about reviewing basic numbers such as cost per client acquisition and lifetime value of a client.
So I was making all my decisions based on making more sales, rather than based on profit.
That ended that day.
Within a few months, I have put a solid bespoke system in place that included planning measuring and tweaking the numbers so my business can have a healthy sustainable growth and suddenly I was seeing my revenue grow WHILE I was able to spend more time with my family and crucially, take home MORE money for me and my family to enjoy.
Within 18 months my husband was able to quit his job and become a stay at home dad, I now spend weekends and evenings entirely with him and the kids, we have breakfast, lunch and dinner together, 7 days a week. And I did that while also GROWING my revenue by over 50%, and profit over 300%
And I thought WOW, this system does work.
So I started implementing it with my accounting clients and they were all getting the results they wanted WITHOUT sacrificing their time too. The results being – much more money home.
One client was able to pay off all their debt (around £60k).
Another client who hasn’t taken any salary for 4 years, has now been consistently able to take more home without making any extra sales.
This was the proof I needed to know that this system wasn’t just a one-trick pony, it worked for all my clients and I am now on a mission to share this with the entire world.
I am so confident in this system and I know if every business had it, their business and family life will transform.
I have developed the Profit First system to work with UK businesses (since it’s a USA based book) and have supported hundreds of UK businesses to get Profit First working, since becoming a Profit First Professional in 2015.
You see I am committed to making sure nobody ever experiences what I did – That nobody feels like they are working so hard for such little reward and feeling resentful.
I am committed to making sure that no mother or father ever feels the guilt that I did, when I thought I was failing and letting my family down.
So if you have reached the point where enough is enough and you are ready to make a change in your UK business, so that the business can support your lifestyle, I invite you to join me for this Profit First for UK business workshop.
With Profit First for UK Business, you’re just hours away from…
Working with your natural behaviours to support cash management instead of attempting to fight against them.
Getting a system where you have money set aside for Profit, your own pay, tax and operating expenses and you know how much you can spend on those each month.
Sleeping more soundly and not having middle of the night cashflow panics.