THE Profit First Podcast

This Week’s Profit First Club Newsletter Estimated Read Time: 5 mins   Hey Profit First Champions This week’s focus is on something I see all the time—and it could be the biggest thing holding you back in business: trying to do it all yourself. Whether you’re a one-person show or leading a small team, the mindset of “I have to do it” is stopping you from scaling, earning more, and enjoying your business. Let’s fix that.     Why Doing Everything Yourself Doesn’t Work Most business owners are juggling everything—marketing, sales, delivery, admin, and finance. But eventually, that becomes your ceiling. The common belief is: “No one can do it like me.” But the truth? There are people who can do it better—and freeing yourself up is what takes your business to the next level.     ‍♂️ “Who Not How”: A Game-Changing Mindset This week I talk about the powerful shift from How can I do this? to Who can do this better than me? This isn’t just about outsourcing—it’s about upgrading your business with specialists who unlock real growth and give you back your time and freedom.     Focus on the Right 20% Enter the 80/20 Rule: 80% of your results come from just 20% of your actions. Start here:✅ What work do you love doing?✅ What actually moves the needle? Spend more time there—and let go of the rest.     Use This Matrix to Prioritise Stephen Covey’s Time Management Matrix helps you focus on what matters most: Important but not urgent = your long-term game changers.That’s where your real progress comes from—not the day-to-day firefighting.     ⚡️ Bonus Tip: Protect Your Energy Forget time management—manage your energy.Work on tasks that fuel you, not drain you. The more energised you are, the more productive and fulfilled you’ll be.     ✨ Final Thought Want to grow your business without being glued to it 24/7? Start doing less and doing it better. Find your 20%. Find your “whos.”And remember—your business should work for you, not the other way around. Until next week—keep putting Profit First!   Stephen Edwards  Profit First Accountant & Business Coach  We Are Gro Accountants  P.S. If this helped you, forward it to a fellow business owner—it might be the nudge they need.

In this first episode of our podcast and content refresh, Stephen Edwards FCCA and Profit First Coach discusses how most business owners do not intentionally plan on becoming a business owner. There is an element to chance to their story. Yet in order to flourish they need to learn to become a better business owner.

Profit First Club Newsletter – Launch Edition Hi everyone, welcome to the inaugural edition of the Profit First Club Newsletter! I’m Steven Edwards from Gro Profit First Accountants, and I couldn’t be more excited to launch this new chapter for 2025. This year, we’re introducing a fresh format: the newsletter you know and love will now double as a podcast. Why the change? We know people consume information in different ways—some love to read, others prefer to listen, and many enjoy watching videos. By expanding our reach, we aim to provide even more value, no matter how you prefer to engage with us.   Why This Change? Our goal has always been to deliver value to you, and this change is part of that mission. As the UK’s leading Profit First accountants, we’ve helped countless business owners transform their finances and take control of their profitability. Instead of just talking theory, I want to share practical, real-life examples of how Profit First works. We’ll showcase the strategies we’ve used with our clients, from the challenges they faced to the success they’ve achieved. This will give you insights you can apply to your own business—all for free.   What Is Profit First? If you’re new to Profit First, let me break it down for you. It’s a system that shifts the way we think about business finances. Traditional accounting follows this formula: Sales – Expenses = Profit. In this model, profit is what’s left at the end—and for many businesses, that’s often not much. Profit First flips the script: Sales – Profit = Expenses. By taking your profit first, you force your business to operate within its means. It’s a system that prioritises your financial health and ensures you’re building a sustainable, profitable business.   Why Profit First Works The success of Profit First is rooted in Parkinson’s Law, which states that work (or spending) expands to fill the resources available. The same applies to money—when you see a big number in your bank account, it’s easy to think you’ve got plenty. Let’s say you log in to your business bank account and see £50,000. You feel confident. But when you break it down—£20,000 for VAT, £20,000 for taxes, and £10,000 for operating expenses—you realise you don’t have nearly as much as you thought. Profit First solves this by dividing your income into specific “pots” for profit, taxes, operating expenses, and more. By managing your cash flow in this way, you’re forced to be more resourceful, prudent, and creative with the money you have.   Who Is Profit First For? Profit First isn’t just for small businesses; it’s for businesses of all sizes. I’ve worked with companies turning over millions of pounds that were still struggling to make ends meet. Take one client I met last year, for example. Their business was generating £8 million in revenue but barely making £100,000 in profit. For a business of that size, that’s simply not enough. The lack of profitability isn’t just a small business problem—it affects organisations at every level. But here’s the good news: Profit First works.   Real-Life Success Stories To show you just how impactful Profit First can be, I’ll be sharing real-life stories in this newsletter and on the podcast. One example is Nathan. When he joined our Profit First programme three years ago, he was on the verge of giving up his business after nearly 10 years of operation. He struggled with cash flow, VAT, and taxes, and felt like no matter what he did, he couldn’t get ahead. Fast forward to today: Nathan has tripled his profit, reduced his time working in the business, and completel...

Hi Everyone, It’s Stephen Edwards from Gro Profit First Accountants, and welcome to this week’s Profit First Accountant Newsletter. This week I want to talk about something that rarely gets discussed properly in business — time away, boundaries, and rewarding yourself without guilt. I’ve just come back from a short break, and it really brought something into sharp focus for me. I speak to a lot of business owners, across all industries, and one pattern comes up again and again:   They are exhausted.They feel trapped.And they haven’t taken proper time out for years. So let me ask you something upfront:   When was the last time you genuinely stepped away from your business and switched off? Not a weekend where you checked emails.Not a “holiday” where you were still thinking about work.But real time away.   Why Business Owners Struggle to Take Time Off Most business owners tell me the same things: “I’ll take time off when things calm down.” “The business needs me.” “I can’t afford to step away.” “If I stop, everything stops.” And on the surface, those reasons feel logical. But dig a little deeper and what’s really happening is this: The business is running you — not the other way around. That’s not a failure. It’s incredibly common. But it is a warning sign. Because if your business can’t survive without you for a few days, then it certainly can’t support the lifestyle you started it for in the first place.   It Doesn’t Start With a Big Holiday Let’s get one thing straight. This is not about luxury holidays or weeks off at a time. That comes later. It starts with small pockets of protected time. For me, Mondays are sacred. I’ve talked about this before, but it’s worth repeating. Monday is not a delivery day.It’s not a firefighting day.It’s a thinking, planning, and strategy day. That space allows me to: Zoom out Make better decisions Plan properly for the week ahead Work on the business, not just in it During the week, I also deliberately create space by doing things like: Going to the gym Using the sauna Going for long walks This isn’t time wasting. This is where your subconscious works through challenges, opportunities, and ideas in the background. Some of the best decisions you’ll ever make won’t happen at your desk. So ask yourself: Where are you creating space in your week — if at all?   The First Big Milestone: Free Up Your Weekends If you’re currently working six or seven days a week, this is the first real milestone: Free up your weekends completely. A weekend that’s “a bit of work and a bit of rest” is not rest. Checking emails.Doing admin.“Just doing a bit of learning.”Listening to work podcasts all weekend. It all keeps your brain switched on. If this is you, give yourself permission to: Move learning into the week Create boundaries around your free time Stop pretending that half-working weekends count as rest Yes, I know this is hard. Especially if you’re a learner with a growth mindset. I’m exactly the same. But the problem is — learning has no natural limit. It will consume all your available time unless you create boundaries.   What This Has to Do With Profit First This is where Prof...

Welcome to This Week’s Profit First Accountant Newsletter! Estimated Read Time: 8 Minutes Hi Everyone, It’s Stephen Edwards from Gro Profit First Accountants, and welcome to this week’s Profit First Accountant Newsletter. As we head into Week 3 of 2026, there’s still plenty of time to step back and build a business plan that gives you clarity, direction, and a way to measure real progress. Too often, planning gets neglected because people think it needs to be perfect or take too long. But a rough plan is better than no plan. That’s why this week we’re diving into a simple but powerful framework: the 8-Question Business Plan. This approach works whether you’re a solo founder or running a growing team. You can do it in half a day, and it might be the most impactful thing you do this quarter. Watch the full video here The 8-Question Business Plan for 2026 Set aside 2–4 hours, block distractions, and get version one done. Planning is about clarity, not perfection. 1. What Are Your Core Values? These are the non-negotiable beliefs that guide how your business operates—how you hire, how you serve customers, and how you make decisions. Think About: What behaviours are rewarded in your team? What traits annoyed you in past hires or clients? What would someone need to “get” to succeed in your business? Example: Our core values at Gro are “KAN”: Continuous Improvement, Above-the-Line Thinking, and No Eeyores. It sets the tone for how we show up and who we choose to work with. Your core values create alignment, culture, and clarity. Start with 3 strong ones and refine over time. 2. What’s Your Core Focus? This is your purpose, your niche, and your reason for existing. It defines who you help and how you help them best. Think About: What product or service do you do best? Who are your ideal customers? What’s the bigger mission behind the business? Avoid trying to be everything to everyone. Focus wins. Whether you're the best dog groomer for nervous rescue pets or the go-to marketing coach for yoga instructors—clarity here is powerful. 3. What’s Your 10-Year Target? This is your “north star.” It helps you reverse-engineer where you need to be in 3 years, 1 year, and even this quarter. Think About: What would you be proud to have built? How much revenue/profit would make a real difference? What would your ideal role look like? Don’t stress about getting it perfect. If 10 years feels too far, aim for 5. Write something ambitious but exciting—and revisit it annually. 4. What’s Your Marketing Strategy? A lack of clear marketing is why many businesses struggle. You need a plan that builds trust, attracts leads, and sets you apart. Your marketing strategy has three key parts: a. Your 3 Uniques – What makes you different? Think About: Your customer experience Your process Your background or expertise b. Proven Process – How do clients work with you? Outline your service journey in 3–7 steps. Make it visual if possible. This builds confidence and clarity. c. Guarantee – Can you offer a promise that removes risk? Example: “If you don’t save at least £1,000 in...

Welcome to This Week’s Profit First Accountant Newsletter! Estimated Read Time: 3 Minutes Hi Everyone, It’s Stephen Edwards from Gro Profit First Accountants, and welcome to this week’s Profit First Accountant Newsletter. As 2025 wraps up, I want to share something that’s resonated deeply with me this year and will shape my approach for 2026. Every year, I choose a theme—a guiding principle that keeps me grounded and focused through all the ups and downs. And honestly, I find it much more effective than setting short-term goals or dopamine-charged New Year’s resolutions that fade by February. We still set 10-year visions, 3-year and 1-year targets, and 90-day goals—but the reality for many business owners is that those goals get buried under endless to-do lists. That’s why a strong theme can provide clarity and energy that lasts. This Week’s Key Topic: Why “Boring Is Brilliant” in Business You might have heard my 2025 theme was “Less is More.” It was about simplifying, cutting through the noise, and focusing on the few things that make the biggest impact (hello, 80/20 rule!). Now, for 2026, my new theme is this: “Make Your Business Boring.” Yes, you read that right. I know it sounds uninspiring, but let me explain: a boring business is a brilliant business. Here’s the truth: if your business feels too “exciting,” it often means too much change, too many ideas, and not enough consistency. And that kills progress. As entrepreneurs, we love learning, creating, experimenting—new apps, new tools, new services (I’m a fan of AI tools like ChatGPT, Gemini, Perplexity, Replit, Manus, Sintra). But constantly chasing shiny objects just feeds our dopamine, while distracting us from building solid foundations. I’m someone who comes up with 10 new ideas a week. But I’ve learned that great businesses aren’t built on chaos. They’re built on: Consistency Predictability Systems Structure Look at McDonald’s: they’ve mastered consistency. Two-thirds of their menu rarely changes. They innovate, yes—but only in small, systemised ways. That’s what creates scalability. The Ceiling of Complexity If you’ve grown from £250K to £500K in revenue and now feel stuck, you might be hitting what I call a Ceiling of Complexity. It’s where your systems break down and everything feels harder. To break through it, you need to: Systemise Simplify Structure your team Focus on predictability Predictable businesses avoid surprises, manage cash flow better, and deliver better service. Real-Life Analogy: Table Tennis in Florida This summer in Florida, my son and I got obsessed with table tennis. We’re both competitive, so I started learning flashy shots on YouTube. But I kept losing. Why? I lost consistency. When I went back to basics—solid backhand returns, safe play, staying in the game—I started winning. Then I added a few flourishes when needed. That’s how you win in business too. The “boring” backhand wins 80% of the time. Innovation vs. Execution Don’t get me wrong—I love innovation. AI is going to transform everything. You must think about how the future will affect your business model, your team, and your customers. But most of your time should be focused on what’s working now. That’s where the profits and predictability lie. Questions to Ask in 2026 ...

This Week’s Profit First Accountant Newsletter! Estimated Read Time: 4 Minutes Hi Everyone, It’s Stephen Edwards from Gro Profit First Accountants, and welcome to this week’s Profit First Accountant Newsletter. Are You Aiming Too Low? Time to Double Your Target This week, I want to talk about a powerful mindset shift—doubling your income target and the real value behind it. At a recent mastermind with about a dozen business owners, one woman shared her income goal. While I won't reveal the exact figure, the room's consensus was clear—it was too low. What stood out was that she wasn’t just sharing her target; she was almost asking for permission to want more. Comparison is the Thief of Joy Too often, we compare ourselves to others, and it drains our energy. Comparison leads to scarcity thinking and makes us feel like we’re behind—even when we’ve made massive progress. Instead, reflect on how far you’ve come. Look back 12 months or even three years. You’ll likely surprise yourself. Set a Real Income Target—And Make It Personal If you don’t have an income target yet, you need one. Don’t just pull a figure out of thin air—cost it out. What do you need for your lifestyle, family, holidays, and future? Once you’ve got that number, ask yourself: Is this limiting me? A few years ago, I did exactly this and realised I was capping my own potential. So, I doubled my income target—not because I “needed” more, but because I realised it would require me to grow and create more value. Money = Value Creation Money isn’t just about personal gain. It’s a reflection of how much value you’re providing to others. So when you limit your income goals, you may also be limiting the impact you’re capable of making. Growth Is Fun. Growth Is Freedom. What helped me emotionally connect to a higher target was giving. The more I earn, the more I can do—for my family, for causes I care about, and for building a buffer that provides peace of mind. The universe is always expanding—and our goals should do the same. Your Mind Will Tune In to the Target You Set Here’s the kicker: your brain is always looking for solutions. Set a low target, and it’ll find low-return paths. Set a bigger goal, and your thinking shifts. You read more, network differently, invest in better strategies. That’s the power of frequency tuning. Takeaway of the Week Don’t undervalue your worth. Set a goal that excites and challenges you—and maybe even scares you a little. Then go out and make it real. If you’ve got questions or want to chat more about how Profit First can help align your goals with your cash flow, drop me a message any time at stephen@cheltenhamtaxaccountants.co.uk. Until next week—keep putting Profit First! Warm regards, Stephen EdwardsProfit First Accountant and Business CoachGro Profit First Accountants

This Week’s Profit First Accountant Newsletter Estimated Read Time: 5 minutes Hi everyone, It’s Stephen Edwards from Gro Profit First Accountants, and welcome to this week’s Profit First Club Newsletter! This week, I hosted our first Profit First Live Drop‑In Session—a more relaxed Q&A format to give business owners direct support. We had a great turnout with two attendees, Tom and Gary, who shared valuable insights into their Profit First journeys. Whether you’re just getting started or fine‑tuning your financial systems, there’s something here for you. To get the maximum value from this week’s topic, I highly recommend watching the full video recording or listening to the podcast version of our live session. You'll hear firsthand insights and questions from business owners like you. Tweaks, TAPs & Takeaways Inside Our First Live Session Watch the full video here Key Topics Covered This Week: Starting Profit First in a New Business Tweaking Target Allocation Percentages (TAPs) Handling Seasonality and Cash Flow Gaps Building Buffers and Emergency Pots Advanced Strategies for Long‑Term Profit Planning   Tom’s Journey: Starting Fresh with Profit First Tom, who runs a heating and plumbing business, shared his experience starting Profit First from day one of launching his limited company. He’s using a system that transfers income into a Metal account with pots for tax, OpEx, and profit—based on the book’s recommendations. What stood out was how Tom’s proactive approach (and listening to the Profit First audiobook) helped him start strong with cash allocation. His biggest concern? Making sure he’s saving enough for tax when January rolls around. We advised him to consider shifting from monthly to biweekly allocations for better clarity and control.   Gary’s Experience: Four Years In and Still Learning Gary, who runs a promotional merchandise business, has been implementing Profit First for four years. He’s tweaked his system over time, recently moving toward our recommended model that subtracts VAT and cost of goods sold (COGS) before making allocations. One of his key challenges is seasonality and cash flow timing, especially when he’s invoicing clients on 60‑day terms but paying suppliers upfront. Gary’s solution: build buffers in every account and track net worth weekly—including pensions, crypto, and emergency funds. He also emphasized the value of separating salaries from general OpEx for greater control—a more advanced tweak we sometimes recommend when it fits the business.   Key Insights Profit First isn't about rigid rules—it’s about creating a system that brings financial clarity, control, and consistency to your business. 1. Start With the Basics Open income and expense accounts. Use app like Monzo with “pots” to split funds for Tax, Profit, and Owner’s Pay. Simplicity sustains the habit. 2. Build Buffers Whether it’s the OpEx, Owner’s Pay, or Profit pot, build reserves to handle lean months. Seasonality is no longer a stressor if you've got a fallback. 3. Track Consistently Weekly or biweekly reviews help you catch problems early. Use a simple scorecard (Revenue, Profit, Cash, Debt, Payroll %, OpEx) to stay on course. 4. Tweak Percentages with Purpose Review your TAPs quarterly. Your real revenue (after VAT and direct costs) should guide your allocations. Benchmark against your history and industry—but don’t copy blindly.

This Week’s Profit First Accountant Newsletter Estimated Read Time: 3 minutes   Hi everyone, It’s Stephen Edwards from Gro Profit First Accountants, and welcome to this week’s Profit First Accountant Newsletter! Key Topics Covered: The GROW Model: A Blueprint for Smarter Finances The Three Pillars: Foundations, Profit, and Wealth How to Get a Guaranteed £2–5k in Tax Savings Building a Business That Works for You Most business owners are putting in the hours, taking on the risk, but not seeing the financial return they deserve. Around 80% of business owners are in this trap—and we want to break that cycle. That’s why this week’s focus is on what I call the GROW Model—a practical three-step process to building a better finance function and a business that truly pays you back. 1. Finance Foundations You can’t scale chaos—you have to scale clarity. Start by getting your financial basics in order. That means using an online bookkeeping system like Xero, QuickBooks, or FreeAgent. We prefer Xero, but the key is: it must be online, up to date, and giving you monthly clarity. No more chasing receipts or waiting months for your accountant to tell you how you did last year. You need real-time visibility, weekly or fortnightly bookkeeping, and a relationship with your accountant that goes beyond just filing a tax return. If you’re still stuck in reactive mode, now’s the time to fix that. 2. Profit Improvement Once your books are in shape, it’s time to turn your business into a profit machine. This is where the Profit First system shines—by giving you a proactive view of your margins, taxes, and cash flow. We help clients with monthly finance reviews, almost like having a part-time finance director without the £80k+ salary. Even if you only do a once-a-year forward-looking review, it can be transformational. Set your goals for 2026 now, not when it’s too late. 3. Wealth Maximisation You’ve built a better engine—now it’s time to take home more of the reward. We call this the Tax MOT—a deep-dive tax diagnostic based on 33 ways to save tax. We do this with clients annually, and the results speak for themselves: we typically find £2,000–£5,000 in savings, and we guarantee you’ll save something. This is where you make your business a true wealth-building machine, not just for the business—but for your family’s future too. Want to Know If You’re Missing Out? If you’re interested in our Tax Diagnostic service—whether you’re already a client or not—just reply to this email. We’ll help you uncover opportunities and get you on the path to higher profitability. Here’s to building a business that works for you.   Until next time, Stephen EdwardsProfit First Accountant & Business Coach stephen@cheltenhamtaxaccountants.co.ukGro Profit First Accountants

This Week’s Profit First Accountant Newsletter Estimated Read Time: 6 minutes   Hi everyone, It’s Stephen Edwards from Gro Profit First Accountants, and welcome to this week’s Profit First Accountant Newsletter! Watch the full video here This week we’re diving into Step 1 of the Profit First programme—and it's not what most people expect. Before we open spreadsheets or create new bank accounts, we need to start with something far more important: mindset and I want to challenge you with a fundamental question: Are you really ready for Profit First? This isn’t just a throwaway question—it’s the first thing I ask anyone before diving in. Because after working with dozens and dozens of business owners, I’ve seen a pattern. Those who succeed with Profit First? They have the right mindset. Those who struggle often skip this part entirely. That’s why Step 1 is all about laying the right foundation. And to help you do that, I want to share what I call the Four D’s of Success—a framework that applies not just to Profit First, but to any goal you want to achieve in life or business. The Four D’s of Success (Applied to Profit First) 1. Desire – What’s Driving You? You’re here, so you already desire more profit. But what lies beneath that desire? It’s not really about the profit—it’s about what profit enables you to do. Is it more holidays? Helping family? Hiring better team members? Creating more time and space in your life? None of these are selfish. They’re personal. And Profit First is the vehicle to help you achieve those outcomes. Think of someone five stone overweight looking to get healthy in the New Year. The desire is there, but that alone won’t make it happen. It’s just the starting point. 2. Decision – Flipping the Switch Desire isn’t enough. The second step is decision—the moment you decide this is a must, not a should. This is when you commit fully. For example, joining the gym, and better yet, paying for a year upfront. That’s what decision looks like. So, with Profit First, have you decided that you’re all in? Maybe you’re doing well already and want to level up. Or maybe you’re fed up with your business not paying you what you deserve. Either way, this step is crucial. Make the decision. Flip the switch. 3. Design – Follow the Blueprint Next comes design—the plan, the structure, the roadmap. Using the gym metaphor again: if you’ve joined, great. But without a plan or personal trainer, you’re likely to waste time or make the same mistakes over and over. Same goes for business. Some owners say they’ve been in business for 10 years—but really, it’s one year repeated 10 times. With Profit First, we give you the proven design that works. You don’t have to reinvent the wheel. That’s the beauty of the system. You just have to follow it. 4. Discipline – Showing Up, Even When It’s Hard And here’s where it often falls apart: discipline. You can have the desire, make the decision, and follow the design—but if you don’t stick with it, it won’t work. You have to put on your shoes and go to the gym. Even when it's hard. Especially when it’s hard. This is why we offer one-to-one support, Profit First packages, and live workshops every two weeks—to help you stay disciplined and accountable. Because even the most successful entrepreneurs f...

This Week’s Profit First Accountant Newsletter Estimated Read Time: 5 minutes   Hi everyone, It’s Stephen Edwards from Gro Profit First Accountants, and welcome to this week’s Profit First Accountant Newsletter! This week we’re cutting through the noise around business growth and zeroing in on three simple but powerful levers to grow your business: Get more customers Increase average transaction value Increase purchase frequency This is all about simplifying how you think about growth so you can take clear, focused action—rather than spinning your wheels doing a dozen things that don’t move the needle. The 3 Levers of Business Growth Let’s break down the three growth levers that can transform your business if applied consistently: 1️⃣ Get More Customers (But Not at Any Cost) Too many businesses think more customers = more profit. But if you’re underpricing your services, more customers just means more work and more stress for the same money. You might need six times more customers to make the same profit if your pricing is off. So, before chasing growth: ✅ Make sure your pricing is right. ✅ Know your ideal customer. ✅ Know your core offer. Then—and only then—should you focus on attracting more clients. And remember, “getting more customers” doesn’t just mean marketing. It could also mean: Strategic partnerships Joint ventures Appearing on other people’s podcasts Leveraging OPC (Other People’s Customers) Sometimes, the better move is improving your conversion rate.   For example: 10 leads × 20% conversion = 2 sales10 leads × 40% conversion = 4 sales ✅ Doubling your conversion rate = doubling your results without needing more leads. Better conversion processes = better ROI This might mean refining your customer journey, articulating your value better, or improving your sales collateral and follow-up process. 2️⃣ Increase Average Transaction Value This is all about value stacking. Think: “Would you like fries with that?” or “Upgrade to a large?” McDonald’s nailed it—and you can too. Try this: Offer premium versions of your service. Bundle add-ons or upsells. Create product equivalents of “end-of-aisle” offers. Success leaves clues. Look outside your industry for inspiration and apply what works to your business. 3️⃣ Increase Purchase Frequency Can your customers buy from you more often? If someone only buys once a year, what would happen if they bought twice? You’ve just doubled revenue—without getting a single new customer. Ask yourself: Do your clients know what else you offer? Are you staying in touch regularly (e.g. newsletters, email sequences)? Have you created offers that encourage more frequent purchases? Out of sight = out of mind. Staying visible keeps your business top-of-mind and increases Lifetime Value (LTV)—a key Profit First concept. Don’t Just Learn. Do. It’s easy to consume ideas and not act. But I want to give you a practical next step. ✅ Use our AI PromptWe’ve created a ChatGPT prompt that acts like a virtual business consultant...

This Week’s Profit First Club Newsletter Estimated Read Time: 4 minutes   Hi everyone, It’s Stephen Edwards from Gro Profit First Accountants, and welcome to this week’s Profit First Accountant Newsletter! This week, we’re diving into the foundational principles of Profit First, and why it continues to be the most powerful financial system for small business owners seeking clarity, control, and ultimately, more money in their pockets.   Watch the full video here   What We’re Covering This Week: What is Profit First, and why it emotionally resonates with business owners Why traditional accounting keeps you stuck—and how to break free A deeper look at each of the 9 key steps in the Profit First journey The biggest mindset shift: flipping the accounting formula Real stories, real transformations from businesses like yours What is Profit First? At its core, Profit First is a simple yet transformative cash management system developed by Mike Michalowicz. Unlike traditional accounting that leaves profit as an afterthought, Profit First flips the formula: Sales – Profit = Expenses Instead of hoping there’s money left at the end of the month, we start with profit and make the business operate on what’s left. It taps into natural human behaviour—most business owners check their bank accounts daily, not their P&L reports. So why not build a system around that? The Biggest Mindset Shift: Flipping the Formula Let’s talk about something that might sound small but changes everything: the order of operations in your business finances.   Traditional accounting teaches you: Sales - Expenses = Profit That means profit is what’s left over. It's reactive, not intentional. It puts everyone else first—your team, your suppliers, your bills—and you, the business owner, last.   Profit First flips this mindset: Sales - Profit = Expenses Now, your profit is a priority. You pay yourself first. You build a buffer before anything else. This changes how you operate. It forces you to be more intentional with what’s left for expenses, and that discipline leads to stronger businesses over time.   As I say in the program, You'd never say 'I'll put my family last.' So why do we treat profit that way? Real Stories, Real Transformations We’ve worked with dozens of businesses across all sorts of industries, and the results speak for themselves: One client made their first profit in over seven years. Another slashed their costs by over £200,000. Some have tripled their profits and created buffer accounts to eliminate tax-time stress. For others, the win was as simple and powerful as finally feeling in control of their finances. And here’s the truth: it’s not always about massive overnight change. Sometimes, it’s just setting up a pot to pay your VAT and tax on time. Or building a bonus pot for the first time. These wins build momentum, confidence, and real freedom in your business. Why Profit First Works Mike Michalowicz learned the hard way. After selling his company for millions, he lost most of it investing in other businesses. He realised success wasn’t just about growth—it was about how money was managed. His biggest insight? Parkinson’s Law ...

This Week in the Profit First Club Estimated Read Time: 3 mins   Hi everyone, It’s Stephen Edwards from Gro Profit First Accountants, and welcome to this week’s Profit First Accountant Newsletter! This week, I want to talk about something many business owners overlook—strategy. We love talking about Profit First systems, bank accounts, cash flow, and profitability, but none of it truly matters if you’ve got the wrong business model or strategy underneath it all. Key Topics This Week: Why Profit First won’t fix a broken strategy Real client story: £1m revenue, but no profit How to rethink your model to create true freedom Strategy First, Then Systems You might love Profit First (like we do!), but it’s not a magic fix. If your business model isn’t viable, Profit First won’t suddenly make it profitable. We recently worked with a client in the e-commerce space turning over £1 million—but after fulfilment fees, stock costs, and overheads, he was left with a meagre £13,000 in profit. And that’s before catching up on debts and HMRC liabilities. Here’s the reality: you don’t have a £1 million business if you’re only keeping £80,000 before overheads. That’s an £80k business in disguise. This isn’t about embarrassment—it’s about clarity. If you're just moving money around for other people, Profit First helps reveal that. But before we even get to creating pots, you must understand if your strategy works on paper. Because if it doesn’t work there, it won’t work in the real world either. What Should You Do? Ask yourself: Is your current business model giving you the income and freedom you want? Is it even capable of doing that? Are you reviewing your business strategy annually or still stuck in survival mode? We encourage all clients to revisit their vision and model regularly. In fact, we're running a free business planning workshop for existing clients before Christmas to help you prep for 2026. If you’re not a client yet but want to explore this, just drop me a line. Final Thoughts: Don’t Wait for a Crisis You don’t need to wait for a pandemic or economic downturn to change your strategy. Take control now. Be proactive. Whether you need a total pivot or just a small tweak, reviewing your strategy could be the most profitable decision you make this year. If you’d like a Profit Assessment to benchmark your model and see what’s working (or what’s not), reply to this email and let’s chat.   Until next time, Stephen EdwardsProfit First Accountant & Business Coach stephen@cheltenhamtaxaccountants.co.ukGro Profit First Accountants  

This Week’s Profit First Club Newsletter Estimated Read Time: 4 minutes   Hi everyone, It’s Stephen Edwards from Gro Profit First Accountants, and welcome to this week’s Profit First Club Newsletter! This week, I’m diving into a story that still gives me chills—a random encounter on the other side of the world that reminded me of one simple but powerful truth: what you focus on determines your success. I’ll unpack how that moment shaped the rest of my year, how the Profit First system helps you stay laser-focused on what truly matters, and why finishing 2025 strong starts with just one question. Plus, I’ll give you a quick preview of something exciting we’re about to launch—Gro Academy—our brand new platform to help you implement Profit First with even more impact.   Profit Isn’t a Dirty Word Let’s reframe the way we think about profit. Profit is simply the result of value exchange. Whether you’re a heart surgeon or a business owner, the more value you offer, the more income and freedom you can create. That’s not greed—it’s growth. Profit allows you to support your team, your clients, and your family. It's the engine for impact. A Disney Encounter That Shifted My Mindset This summer, I took some time out in Florida and visited Epcot at Disney. While queueing for margaritas (as you do), I turned around—and there stood Nigel Botterill from the Entrepreneur’s Circle. Total coincidence. Thousands of people there... and yet we crossed paths. It reminded me of something Nigel once told me during our mastermind: “Steve, the truth is you’ll probably be successful at whatever you focus on.” That line kept replaying in my mind, and it’s since helped reshape how I run my business. What Are You Focusing On? My theme for 2025 was simple: Less is more. As a certified EOS implementer and high-performance coach, I’ve had to be super intentional with my time and energy. I’ve had to cut out the noise and focus on what moves the needle.   Now it’s your turn:Can you answer this question honestly: What am I focusing on right now?   Because if you can’t... you’re probably not moving toward the results you want.   How Profit First Keeps You Focused Profit First isn’t just about setting up bank accounts. It’s about intentionality. When you pre-allocate your money into Profit, Tax, and Owner’s Pay accounts, you’re aligning your cash with your goals. It’s a focus system disguised as a cash flow strategy.   This quarter, ask yourself:What are the 1–3 things I must focus on to finish 2025 strong? Coming Soon: Gro Academy Before the end of the year, we’re launching the Gro Academy. It’s a 9-step Profit First implementation system that will help our clients: Increase profit Free up cash Take control of their finances   If you’ve worked with us before (even as Cheltenham Tax Accountants), you’ll love what’s coming.   Want early access? Just reply and let me know.   Until next time,Stephen EdwardsProfit First Accountant & Business CoachGro Profit First Accountants wearegro.co.uk  

This Week’s Profit First Club Newsletter Estimated Read Time: under 3 minutes   Hi everyone, It’s Stephen Edwards from Gro Profit First Accountants, and welcome to this week’s Profit First Club Newsletter! This week, I’m diving into 33 practical ways to save tax—not gimmicks or loopholes, but proven strategies that keep more profit in your pocket while staying compliant. Most business owners I speak to are focused on sales and growth (and rightly so), but they don’t always realise how much of their profit is being lost unnecessarily to tax. The reality is that you could be missing out on £5,000–£10,000 in savings every single year simply because your setup hasn’t been reviewed properly.   Key Insights from This Week’s Video Here are a few highlights: The three layers of tax support every business should have: compliance, tax planning, and proactive strategy. Why salary vs. dividends vs. pensions is one of the simplest but most overlooked ways to optimise your personal tax bill. How family businesses can legally reduce tax by employing spouses and children in the right way. Why timing matters—aligning your business year-end with personal circumstances can sometimes save thousands. Real examples, including a family business that uncovered a £50,000 saving simply by restructuring how profits were withdrawn.   Thought for the Week Knowledge is only potential power. It’s the action you take with that knowledge that creates results. Whether it’s pensions, vehicles, or profit extraction, the businesses that win are the ones that treat tax as part of their strategy—not just a year-end obligation. Next Step If this has sparked ideas and you’d like to see how much tax you could be saving in your own business, I offer a Tax Discovery Call. We’ll run a quick diagnostic review and show you where hidden savings might be sitting. Many clients see between £3,000–£10,000 in savings, and sometimes far more. Click here to book your free Tax Discovery Call Or just reply to this email: stephen@cheltenhamtaxaccountants.co.uk   Until next time,Stephen EdwardsProfit First Accountant & Business CoachGro Profit First Accountants wearegro.co.uk

This Week’s Profit First Club Newsletter Estimated Read Time: 5 mins   Hi everyone, It’s Stephen Edwards from Gro Profit First Accountants, and welcome to this week’s Profit First Club Newsletter. After spending a month in Florida with the family (yes, a full month away from the business!), I’m back feeling refreshed—and I’m walking the walk. The firm didn’t fall apart while I was gone, which just reinforces the mission we’re on: helping business owners build companies that don’t rely on them 24/7. Step 4: Build Your Dream Team Even if you're a solo business owner, thinking about your ideal team structure is critical. If you've already started hiring, you might relate to the frustration: hiring people who don’t quite care like you do, or employees who just want to clock in and out without any ownership. Here's the truth: it's your business—they're never going to care as much as you do. But that doesn't mean you can’t build a great team. The key is getting clear on your core values (covered in Step 3) so you know exactly what kind of people will thrive in your culture. Our firm’s values follow the KAN model: Kaizen (continuous improvement) Above-the-line thinking (no blame, no denial) No Eeyores (we don’t hire drainers—only energisers) Mistakes I’ve Made I’ve hired based on urgency—quick fixes when the business was growing fast. Sometimes it worked, but often it didn’t. They weren’t the right fit because I wasn’t clear on my long-term goals or core values. What I learned: You need to think further ahead. Do the thinking for your business. Tools to Help You Think Like a CEO Here are some tools and concepts I’ve personally used and recommend: Accountability Chart (from the EOS system): Who reports to who? What are they responsible for? People Analyzer (also from EOS): A simple tool to assess fit based on values and performance. Jack Welch Matrix: High performer with poor values? They’re toxic. No matter how good they are, they’ll poison your culture. Books That Changed My Perspective E-Myth by Michael Gerber: “People are unmanageable.” It’s the system that matters. Clockwork by Mike Michalowicz: Great if you liked Profit First—Mike’s writing is accessible and practical. "People are more like cats than dogs—independent, not always loyal. So build a system that manages people. You manage the system." Thinking Time Is Essential Earl Nightingale once said the reason most people aren’t successful is because they don’t think. So here’s your challenge this week: Ask yourself: What does my team structure need to look like to get me where I want to go? No structure = no scalability. Just like a football manager knows the kind of striker or defender they need, you need clarity on the type of team members required for your business vision. Final Thoughts Leading your team starts with clarity. Clarity on your values, your structure, your standards, and your goals. You can’t say it once—you need to repeat it over and over until it sticks.

This Week’s Profit First Club Newsletter Estimated Read Time: 5 mins   Hi everyone, It’s Stephen Edwards from Gro Profit First Accountants, and welcome to this week’s Profit First Club Newsletter. Whether you're reading this via our Beehive newsletter, listening to the podcast, or watching on YouTube—I'm grateful you're here. As always, our mission remains simple: help entrepreneurs build a business that gives you more profit, more cash, and more freedom. And one of the key levers to do that? Core values. This week, we're diving into Step 3 of the Entrepreneur Freedom System—Values—from my book How to Build a Business That Runs Without You. You can grab a copy on Amazon, or if you’d like one for free, just drop me an email. Quick Recap: The 10-Step Entrepreneur Freedom System We’re now in Week 3 of our series: Vision – Crafting your personal and business vision Numbers Plan – Creating a high-level financial roadmap Values – This week’s focus Team Structure Scorecard Marketing Finance & Profitability Operations Manager Transform Your Role Freedom Why Core Values Matter in a Profit-First Business Many think values are “fluffy” or reserved for big corporates. Not true. If you want to build a sustainable, scalable, and profitable business, your values act as your compass. They guide hiring, decision-making, team culture, and even how you serve clients. Values are directly linked to team alignment, profitability, and long-term sustainability. From P.A.K.K.T.T. to K.A.N.: Our Evolution In the book, I initially shared our acronym P.A.K.K.T.T., which stood for: Person First – We always see the human behind the business. Above the Line Thinking (OARBED) – Ownership, Accountability, Responsibility. No Blame, Excuses, or Denial. Kaizen – Continuous 1% improvement. Keep it Simple – No unnecessary complexity. Team Player – Collaboration over ego. Tough Love – Say what needs to be said. Over time, we refined these into something simpler and easier to embody: ✨ New Core Values: K.A.N. Kaizen – Always improving Above the Line Thinking – No excuses, just action No Eeyores – Energy matters. No moaners, no drainers (Yes, Eeyore as in Winnie the Pooh! We want Tiggers, not doom-and-gloom.) ️ How You Can Define Your Core Values Here’s a simple way to start: Post-it Note Workshop – Gather your team and brainstorm what matters most. Keep or Cut – Narrow your values to just a few that truly represent your business. Use an Acronym – Helps the team remember and live them. Check for Alignment – Do your current team and clients reflect these values? Want help running a values workshop? Clients get access through Grow Academy, or reach out and I can guide you.

This Week’s Profit First Club Newsletter Estimated Read Time: 5 mins   Hi everyone, It’s Stephen Edwards from Gro Profit First Accountants, and welcome to this week’s Profit First Club Newsletter. I’m currently on holiday in Florida—taking a well-earned break and living what I teach in my book, How to Build a Business That Runs Without You. This episode was pre-recorded, but I’m really excited to share it with you. If you’ve been following the Entrepreneur Freedom System from my book, we kicked things off last week with Step 1: Creating Your Vision—where you define what you want your life and business to look like. This week, we’re moving to Step 2: Creating Your Numbers Plan. Step 2: Build Your Numbers Plan So, you’ve crafted a compelling vision of your ideal life—the income, the freedom, the flexibility, the type of work you want to do. Brilliant. But now comes the big question: Can your business model actually deliver that lifestyle? That’s what your numbers plan is for. It’s your financial reality check—and roadmap rolled into one. Too many business owners skip this step, and as a result, they: Work harder without earning more Underpay themselves Overspend in areas that don’t move the needle Feel out of control when it comes to finances A numbers plan fixes all of that. What Exactly Is a Numbers Plan? Your numbers plan connects your desired lifestyle to your business structure and income model. It includes: Your ideal personal income (let’s say £100k/year) Your business revenue target needed to support that Your direct costs and overheads Your owner’s pay, profit, and tax allocations Clear understanding of your pricing and capacity It’s not just about spreadsheets—it’s about intention. Profit First principles guide you to put your money in the right places, starting with YOU. Why Business Owners Struggle Without One Too many entrepreneurs avoid the numbers. They guess. They hope. They run things based on emotion or habits. And that’s dangerous. Without a numbers plan, it’s easy to: Think you’re doing well because revenue is up—but cash flow is down Forget to pay yourself consistently Overspend on team or marketing without knowing if there’s a return Miss tax deadlines or get caught short at year-end This isn’t just poor financial management—it’s risking your vision. Your dream life can’t be built on vague guesses. It needs solid numbers. Your Action Step: Reverse-Engineer Your Ideal Life Block out 30 minutes this week and ask yourself: What’s the income you need to support your ideal life? What business revenue is required to make that possible? What are your real overheads and delivery costs? How many clients, sales, or projects do you need monthly to hit that? What does that mean for your pricing? Then allocate everything using the Profit First system: Profit Owner’s Pay Tax

This Week’s Profit First Club Newsletter Estimated Read Time: 5 mins   Hi everyone, I’m Steven Edwards, founder of Gro Profit First Accountants. As I write this, I’m enjoying some time away in Florida, practicing what I preach—building a business that allows freedom, flexibility, and profit. This is exactly what I want to share with you today: the power of creating a clear vision for both your life and your business. Let’s Talk Vision: Step 1 of Entrepreneurial Freedom One of the most impactful things I did years ago was map out what I wanted my life to look like—and then built a business around that. That’s why Step 1 of my Entrepreneur Freedom System (from my book How to Build a Business That Runs Without You) starts with creating a vision. Yes, I know “vision” is a word that’s thrown around a lot. But here’s the question I want to ask you: What do you want? Not what you think you should want. Not what others have. What does your dream business and life really look like? Create Your Ideal Week Take 20 minutes. Seriously. Turn off distractions. Write down: What time you start and finish work What your work environment looks like How many holidays you take How many days per week you work What type of work you actually do in the business This is your personal vision, and it’s going to look completely different from anyone else’s. That’s the point. If you get this down on paper, studies show you’re 10x more likely to make it happen. Not woo-woo—just fact. Then… Map the Business to Fit the Vision If your current business model can’t give you that life, then something needs to change. Ask yourself: Do I need a team member to take things off my plate? Should I niche down or ditch certain clients? Do I need to rebuild some systems or processes? You may even realise that you’ve unintentionally built a business that traps you. But don’t worry—this is where change begins. We help our clients build business plans that bring clarity to: Revenue and profit targets Ideal customer profiles Your values and non-negotiables Team structure and roles The work YOU want to do Whether it’s one-to-one or through our soon-to-launch Gro Academy, we’ve got tools to help you get this done. Final Thought: This week’s big idea: If your business is going to fund your dream life, you have to start with the vision. Don’t skip this step. Your business should work for you, not the other way around. Next week, I’ll cover Step 2 of the Entrepreneur Freedom System: Your Numbers Plan—how to create a financial model that can fund the lifestyle you want. As always, if you want help putting this into action or creating your own business roadmap, just reach out. My team is here to support you. Until next week—keep putting Profit First! Stephen EdwardsProfit First Accountant & Business CoachGro Profit First Accountants

This Week’s Profit First Club Newsletter Estimated Read Time: 4 mins   Hi everyone, It’s Stephen Edwards from Gro Profit First Accountants—your Profit First Certified Accountants helping ambitious business owners across the UK build sustainable profits and the freedom they started their business for. In this week’s Profit First Podcast, I shared a concept that’s been a real breakthrough for me this year—the two types of easy—and how understanding this can help you push through the hard, complex middle stage most business owners get stuck in.   The Two Types of Easy When you first start your business, it often feels easy. Not because you’re a genius, but because you “don’t know what you don’t know.” You’re naive, full of energy, and unaware of the hidden challenges ahead. Then reality sets in. You learn more, take on more, and suddenly you’re juggling a million priorities—marketing, sales, operations, finance—while still delivering your core service. This stage isn’t easy at all. In fact, it’s overwhelming. Most business owners get stuck here—open-minded, eager to grow, but buried in complexity and unsure where to focus. But there’s another type of easy—the kind that comes after complexity. Once you’ve battled through, simplified, and built systems, business feels lighter again. You know what matters and what doesn’t. Less is more, and progress accelerates. The Four Big Machines Every business has just four major functions: Finance (where Profit First lives) Sales & Marketing Operations HR You can’t fix all four at once—pick one, master it, then move to the next. We help clients start with Finance, ensuring bookkeeping is accurate, VAT and payroll are streamlined, and Profit First is embedded. Once your numbers are clear, decision-making gets a whole lot easier. Profit First Quick Wins for This Week If you’ve read Profit First but haven’t yet started, here are two actions that can change your business overnight: Separate your VAT – Create a dedicated VAT account and transfer VAT as soon as you receive it. If you can’t manage this, Profit First is telling you something’s broken—possibly pricing, profitability, or cash flow timing. Start a Profit Account – Move just 1% of your revenue (top-line, before expenses) into a separate account. This tiny habit rewires how you think about profit and builds momentum without hurting cash flow. Do these two things together and you’ll prove to yourself you can run the business with money set aside—and then you can scale up from there. Final Thought: Business is only overwhelming if you try to grow without simplifying. Choose one area, master it, and remember—on the other side of complexity is a much better kind of “easy.”   Until next week, Stephen EdwardsProfit First Accountant & Business CoachGro Profit First Accountants