In this episode, we’re tackling the biggest mistakes business owners make when implementing Profit First—and how you can avoid them to keep your finances on track. I’m Deb Halliday, certified Profit First Professional, and I’ll walk you through three common pitfalls I see time and again with UK businesses.

First up: neglecting your tax account. It’s all too tempting to dip into those tax funds when cash is tight, but this can lead to serious headaches with HMRC down the line. I’ll share why treating your tax account as completely off-limits is one of the smartest moves you can make.

Next, we’ll talk about the importance of consistency. Profit First only works when you stick to a regular schedule for allocating your money. I’ll give you practical tips for setting up a routine—so you don’t fall into the trap of skipping allocations during busy periods and missing out on profit.

Finally, we’ll tackle lifestyle creep. As your business grows, it can be tempting to let your expenses grow too. I’ll show you how keeping a lean approach to operating costs can double your profits, with a real-life success story to prove it.

Whether you’re new to Profit First or want to tighten up your current system, this episode is packed with actionable advice to help you build a business that truly works for you.

Takeaways:

• Keep your tax account untouchable to avoid future financial stress.
• Stick to a consistent allocation schedule for best results.
• Watch out for lifestyle creep—keep expenses lean as revenue grows.
• Regularly audit your costs and cut what you don’t need.
• Prioritise tax allocations to stay ahead of HMRC.
• Make regular allocations a habit to build a stronger, healthier business.

Links mentioned:

debhalliday.co.uk