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

Episode Transcript

(00:09):
Welcome to Profit first withDeb Halliday.
That's me.
I'm Deb.
I'm a Profit FirstProfessional and trainer, author
of how to Build a FinanciallyHealthy Business, founder of the
Accounts Ladies, an awardwinning accountancy practice and
the Accounts Office Training Academy.
This is the show for businessowners who want to stop stressing
over money, keep more cash,pay themselves more and build a business

(00:33):
that truly thrives.
Just a quick note, Profitfirst is a licensed methodology.
Everything here is designed tohelp you implement it in your own
business.
If you're interested inhelping others with Profit First,
I'll share how you can applyto become certified too.
Let's get started because yourbusiness should work for you, not

(00:54):
the other way around.
Welcome back to Profit firstwith Deb Halliday.
I'm Deb Halladay, a certifiedProfit First Professional and today's
episode is all about what itmeans to be a Profit First Professional
in the uk.
If you're wondering how aprofessional like me can help your
business become permanentlyprofitable, this episode is for you.

(01:15):
Let's get started.
By now you've heard aboutProfit first by Mike Michalowicz
and a system that flipsaccounting to prioritize profit using
multiple bank accounts and atwice monthly allocation rhythm.
As a certified Profit FirstProfessional, my job is to guide
UK business owners like youthrough this system tailored to our

(01:36):
unique challenges.
Vat, hmrc, rising costs and all.
Think of me as yourprofitability coach, helping you
tame the cash eating monsterMike describes in chapter one.
So what does a Profit FirstProfessional do?
We're trained by Mike's teamin the UK to help you implement the

(01:57):
system from chapters two andfive, setting up accounts, Profit
Owner's pay tax, operatingexpenses, conducting the instant
assessment, chapter three andcustomizing target allocation percentages
or taps.
Chapter four.
In the UK, this means ensuringyour tax account covers VAT at 20%,

(02:20):
corporation tax at 19% orwhatever your specific rate is, and
national insurance.
We also help you cut expensesand build a rhythm of profitability
so you're not just surviving,but thriving.
No two businesses are exactlyalike and no two business owners
have the same goals or visionfor their future.

(02:41):
Having a Profit FirstProfessional help you map out your
future and align your businesstargets to achieve them is invaluable.
Why work with a professional?
Profit first is simple but notalways easy.
Chapter five warns thataccountants might resist it, calling
it unorthodox.

(03:01):
I've seen UK business ownersstruggle to start a loan.
Maybe they set unrealistictaps or dip into their tax account
as your guide.
We provide accountability,troubleshoot challenges and offer
UK specific strategies likeusing digital banks like Starling
or Monzo for low fee accounts.

(03:23):
Can't I just read the book anddo it myself?
Absolutely, and Profit firstis designed for that.
But a Profit FirstProfessional accelerates your success.
We analyze your financialslike the instant assessment in Chapter
3 to spot bleed areas likeoverspending on expenses.

(03:44):
We also keep you on track withthe day 1/4 1 plan from chapter 5
ensuring you take quarterlyprofit bonuses.
It's like having a personaltrainer for your business finances.
As a UK Profit FirstProfessional, we also bring local
expertise.
We understand HMRC's,quarterly VAT returns, making tax,

(04:05):
digital rules and how tointegrate profit first with tools
like Xero or QuickBooks.
We help sole traders, limitedcompanies and partnerships.
Whether you're a Glasgowretailer or a London freelancer,
our role is to makeprofitability a habit, not a hope.
Subscribe now for more Profitfirst tips and to make Profit first

(04:26):
work for you, let's worktogether to transform your business.
Thanks for tuning in to Profitfirst with me.
Deb Halliday if you foundtoday's episode helpful, please subscribe,
leave a review and share itwith another business owner who needs
to hear this.
For more resources, coursesand to connect with me, head to debhalladay.co.uk

(04:51):
and remember, when you putprofit first, you build a business
that reduces the stress whileit supports your goals and dreams.
See you next time.