THE Profit First Podcast

• The One Plan Every Successful Business Has

  This Week’s Profit First Club Newsletter Estimated Read Time: 4 mins Hey Profit First Champions, It’s Stephen Edwards from We Are Gro Accountants, and welcome to this week’s edition of the Profit First Club Newsletter. Whether you’re joining us from the podcast, YouTube, or our Beehive newsletter, we’re glad to have you here. This week, we’re diving into a critical concept: Having a Numbers Plan. It’s a topic I’ve been talking to a lot of clients about recently—and it’s foundational whether or not you’re using Profit First (though we obviously think you should be ). The Numbers Plan: Why It Matters When many of us started our businesses, the “numbers plan” was as simple as: Can I pay the mortgage this month? Over time, the business grows, revenues increase—but profitability often gets pinched. That’s where Profit First shines, giving us structure and intention. But the real magic comes from zooming out and asking: Do I have a clear, intentional numbers plan guiding my decisions? If you’re just winging it—taking on any job, hiring without a plan, pricing based on guesswork—you’re likely stuck in amateur mode. We all start there. But the pros? They know their numbers. They forecast. They budget. They pay taxes on time. They track progress. That’s what transforms a business into a tool for life freedom. A Real-World Analogy Think of your business like a house. Ours is a 1930s home that’s had a few extensions over the years—lovely character, but you’d never design it this way from scratch. The same is true for most businesses. If you were starting fresh, would you run things the same way? That’s why building a numbers plan is about intention. Want to take home £50,000 a year? Great. Now work backwards: What revenue do you need? What are your costs? Taxes? Marketing spend? Map it all out. Simple Example: Let’s say you run a £100k construction business: Cost of sales = 30% → £30k Gross profit = £70k Need £60k pre-tax income to net £50k That leaves only £10k for overheads That’s tight! Without a numbers plan, you won’t spot this problem until it’s too late. Why Profit First Is the Perfect Tool Profit First gives you benchmarks to aim for—and it works whether you’re at £80k or £800k revenue. We help clients work toward their life number—what they need to live the life they want. Combine that with industry benchmarks, strategic tweaks, and a commitment to small, consistent improvements, and you’ll be amazed at the transformation. The numbers don’t lie. But they do need a plan. Action Step: Start Your Numbers Plan Here’s how to get started: Define your life number (e.g. £50k take-home) Map your revenue and cost targets backward Build a simple budget or forecast model Review and refine it monthly If you’re unsure where to start, that’s what we’re here for. Let’s Talk Want to see what it looks like to build a numbers plan with our team? Drop us a message or visit our site: wearegro.co.uk Until next time, keep putting Profit First.

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• The #1 Barrier Holding You Back (and How to Overcome It)

  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.

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• Double Your Profit Without Doubling Your Business

  This Week in the Profit First Club Estimated Read Time: 6 mins Hey Profit First Champions This week, we're tackling one of the most powerful exercises a business owner can do: financial visioning and reverse engineering your dream life through your business. The goal? To help you reimagine your business model, challenge old assumptions, and intentionally design a business that funds your ideal lifestyle—not just pays the bills.  Let’s break it down.  Key Topics Covered  Why business owners rarely achieve time and money freedom  The trap of traditional business growth models  How to reverse engineer your ideal profit  Using financial modelling to ask better questions  The role of Profit First in turning vision into reality  The Trap: Time and Money Freedom Eludes Most  When you first start your business, it’s usually to gain more time and money freedom. Yet, the reality is that most business owners—regardless of revenue—end up with neither. Many don’t pay themselves enough and get stuck in the daily grind.  Even with a turnover of hundreds of thousands, owners often take home far less than they need to live their dream lifestyle. Why? Because they’ve never intentionally calculated what that lifestyle costs—and how their business can support it.  If you haven’t increased prices in over a year, you’re giving a silent discount—especially with rising costs. Clients won’t flee over a small, fair increase. In fact, they expect it. Start With the End in Mind  One key coaching exercise involves asking: "How much do you want to earn to live your ideal life?"  List your lifestyle goals—housing, holidays, pensions, family support—and cost them out. Then ask:  What profit does my business need to generate to give me that? Only once you know this number can you start to reverse-engineer your business model to support it.  Reverse Engineering with Financial Modelling  Let’s say you currently run a £300K business with 10% profit (£30K). What if you wanted £90K instead?  Under Profit First, we flip the equation to:  Revenue – Profit = Expenses That would leave £210K to run the business. Most business owners think, "That’s not possible!" But with financial modelling, you ask: what if it was? You reimagine pricing, cost structure, and business model to make it happen.  This isn’t about drastic cost-cutting. It’s about strategic redesign.  Ask Better Questions to Unlock Better Outcomes  Most owners stay stuck because they don’t ask the right questions.  The magic of Profit First lies in forcing you to ask:  What must be true for this profit to be possible?  Could my business model be leaner, simpler, or more scalable? <...

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• How an Average Business Can Transform Your Life

  This Week in the Profit First Club Estimated Read Time: 3 mins Hey Profit First Champions This week I want to talk about something simple but powerful: falling in love with average. Let me explain. Most business owners start with two goals: ➡️ More money ➡️ More freedom But for many, the reality is they’re working harder than ever and barely paying themselves enough. They’re chasing revenue, reacting to problems, and wearing all the hats—without really getting ahead. The Profit First system isn’t just about bank accounts. It’s about designing your business to give you freedom and profit. That means doing fewer things—but doing them better. Profit First Principle of the Week: Small hinges swing big doors. Instead of chasing shiny new strategies (AI projects, new marketing hacks, side hustles…), start by improving what you’re already doing. Here are 4 practical areas to focus on: 1. Do More with What You Already Have Think like McDonald's: “Do you want to supersize that?” Look at your existing products/services. Could you: ✔️ Offer a simple upsell? ✔️ Bundle services? ✔️ Add something of value that costs you little? These small tweaks often lead to big gains. 2. Review Your Pricing If you haven’t increased prices in over a year, you’re giving a silent discount—especially with rising costs. Clients won’t flee over a small, fair increase. In fact, they expect it. 3. Optimize, Don’t Overhaul 80% of your business is probably "business as usual." That’s where the hidden profit is. Ask yourself: How can we improve what we’re already doing by just 5–10%? Better service = more value = higher prices = more profit. 4. Try the “5/5/5” Review We’ve been running these inside our firm and they’re a game-changer. If you: ✅ Increase prices by 5% ✅ Decrease cost of sales by 5% ✅ Decrease overheads by 5% You could double your profit without working harder or selling more. If you want us to walk you through your own 5/5/5 review, just reply to this email. This Week’s Takeaway Success isn’t about being flashy. It’s about consistent, high-leverage moves done well. So this week, fall in love with the average. Fall in love with better. Small wins add up. Let’s build momentum. — Stephen Edwards Founder, Gro Profit First Accountants P.S. Want to catch the podcast episode that inspired this newsletter? Search "Profit First Club" on your favourite podcast platform or visit wearegro.co.uk.

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• FEELING OVERWHELMED IN BUSINESS? THIS IS THE ONE THING YOU NEED TO HEAR

  FEELING OVERWHELMED IN BUSINESS? THIS IS THE ONE THING YOU NEED TO HEAR Hi Profit First Club, This week’s podcast goes deep—and it’s for every entrepreneur who’s ever felt stretched too thin, stuck in survival mode, or drowning in ideas. We talk about something that affects us all: overwhelm. And how the answer isn’t more hustle, more tools, or more content—it’s clarity and focus. BUILDING A DREAM BUSINESS, ONE BLOCK AT A TIME Let’s be real: building a business that funds your dream life takes more than tactics. It takes vision, resilience, and the right priorities. And while Profit First helps you take control of your cash, it's just one piece of the puzzle. The real win? Building a business that supports the life you want—for you, your family, and your future. THE POWER OF LESS In 2024, I made a key distinction that became my theme for 2025: Less is more. You’ve heard of the 80/20 rule—20% of your activities produce 80% of your results. Your job is to identify that 20% and double down on it. Ask yourself: What’s really moving the needle in my business? Most of us are busy reacting to distractions. But your next breakthrough will come from subtracting, not adding. VISION FIRST, THEN STRATEGY If you’ve read my book How to Build a Business That Runs Without You, you know step one is defining your vision. Not in theory. On paper. Ask yourself: What’s your dream week look like? How much do you want to earn? How much do you want to work? What does your ideal life really look like? When you’re clear on the destination, the map becomes obvious. PLANNING THAT ACTUALLY WORKS Here’s the framework I use with clients and in my own business: Annual goal – What do I want this year to look like? Quarterly focus – What can I realistically achieve in the next 90 days? Monthly targets – What should I tackle this month? Weekly actions – What are the top 3 priorities that will move me forward? Daily execution – What’s the ONE THING that must happen today? Use this as a filter. Not everything on your to-do list matters equally. BACK TO PROFIT FIRST If you're not reviewing your numbers weekly and monthly, you’re driving blind. ✅ What expenses can you cut? ✅ How much do you really need to earn to fund your dream life? ✅ Are you paying yourself enough? Profit First isn’t just about discipline—it’s about liberation. You get to run your business with intention instead of anxiety. ‍♂️ WHEN TO GRIND—AND WHEN TO REST We’re not machines. One of the most powerful insights from my Entrepreneurial Freedom System is this: Your wellbeing is a strategic asset. Take a walk. Book a night away. Meditate. Hit the gym. Whatever helps you reset—do more of it. When I came back from a weekend in Palma, I felt clearer, sharper, and more focused than I had in months. That one short break moved me forward more than grinding through another weekend ever would. THE TAKEAWAY: FOCUS BEATS HUSTLE Your business doesn’t need more ideas. It needs more focus on the few ideas that matter. So this week, I challenge you to:

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