558. Your Top 10 Profit First Questions Answered

In this special Community Q&A episode, Annette Ferguson answers the top 10 most common questions about implementing Profit First in your business. Whether you're just starting out or looking to refine your system, this episode is packed with practical advice for UK business owners.

Key Takeaways:

• Profit First is for Everyone (with a catch): Learn why Profit First works for any business size or industry, but why you can't just take the percentages straight from the book.

• VAT is Not Your Money: Discover the right way to handle VAT in your Profit First system to avoid nasty surprises from HMRC.

• Feeling Overwhelmed? Start Here: Find out the one simple exercise you can do today to get your business finances under control, even if you're not ready for the full Profit First system.

In This Episode, You'll Learn:

• The 10 Most Common Profit First Questions: Get clear, actionable answers to your biggest questions about bank accounts, percentages, VAT, and more.

• Why Spreadsheets Don't Work: Understand the psychological and practical reasons why you need to physically separate your money.

• How to Reduce Your Operating Expenses: Learn the "Money Leaks Exercise" to identify and eliminate unnecessary spending in your business.

• The Right Way to Get Started: Discover how to determine your initial Profit First percentages and map your journey to financial health.

Resources Mentioned:

• "The Profit Plan" Book: Amazon UK

• Money Leaks Exercise: Find it on the YouTube Channel

• Book a Fitting Call: annetteandco.co.uk/fitting