079 How to make more profit and grow your impact

Treat Your Business

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Hello and welcome back to the Treat Your Business podcast! I’m Katie Bell, and I am thrilled to have you join me today. Over the past few weeks, we've delved deeply into the Profit First model, and today, we are wrapping it up with a very special guest who brings a wealth of knowledge and practical tips.

Summary:
In this episode, I sit down with Annette Ferguson, CEO of Annette & Co, a UK-based accountancy firm that operates on the Profit First model. Annette is a certified Profit First professional and a financial strategist, making her the perfect guest to help us understand how to manage our business finances effectively.

Annette breaks down the complexities of the Profit First model into simple, actionable steps. We discuss the importance of having a cash management system, how to identify and fix money leaks in your business, and the transformational impact of consistently building profit into every transaction. If you’ve been feeling overwhelmed by your business finances or unsure about how to ensure you’re actually making a profit, this episode is a must-listen.

Key Takeaways:

1. Understanding Profit First: Annette explains how the Profit First model differs from traditional accounting and why it's crucial for ensuring long-term financial health.
2. Cash Management vs. Transaction Management: Learn the difference between these two systems and why both are essential for your business.
3. Identifying Money Leaks: Annette provides a practical exercise to help you find and fix financial leaks in your business.
4. Making Profit a Habit: Discover how to consistently set aside profit from each transaction and why this habit is vital for business sustainability.
5. Operational Efficiency: Understand how to streamline your business operations to enhance profitability.
6. Personal Experience: Annette shares her own journey with Profit First, including the challenges and successes she faced.
7. Three Top Tips: Annette's three actionable tips for implementing Profit First in your business immediately.
8. Mindset Shift: The importance of changing your mindset towards money management and profit-taking in your business.

To learn more about Annette’s services or to get in touch with her, visit annetteandco.co.uk. You can book a call or send a message directly through her website.

Resources:

• BUY YOUR TICKET TO CLINIC GROWTH LIVE https://events.thrive-businesscoaching.com/preregoct
• Join this months FREE masterclass https://join.thrive-businesscoaching.com/masterclass-registration
• Score App: https://bizhealthcheck.scoreapp.com/
• Book a Discovery Call to find out how our programs can help you grow your business https://call.thrive-businesscoaching.com/discovery-call
• If you've found value in this podcast, I'd greatly appreciate it if you could take a moment to leave a review. Your feedback helps others discover the show and join our community. Thank you for your support!: https://ratethispodcast.com/tyb

This podcast is sponsored by HMDG a physiotherapy, Chiropractic, and Allied Health specialist Marketing agency.

Chapters

1. Introduction and Welcome (00:00:00)

2. Meet Annette Ferguson (00:02:30)

3. What is Profit First? (00:04:00)

4. Identifying and Plugging Money Leaks (00:08:00)

5. Setting Aside Profit (00:12:00)

6. Building a Cash Flow Plan (00:16:00)

7. Scenario Analysis and Financial Decisions (00:20:00)

8. Annette’s Personal Journey with Profit First (00:23:00)

9. Top Tips for Business Owners (00:26:00)

10. How to Get in Touch with Annette (00:28:00)