Today Nicole is joined on Start Scale Succeed by Jason Withers, a Certified Profit First Professional Coach and the only officially recognised Profit First Guide for the UK. They dive into the topic of using the Profit First cash management system in your business to maximise profitability. Drawing from his 25+ years of commercial experience as a business coach, consultant, and CFO, Jason shares valuable insights and strategies for implementing Profit First.

KEY TAKEAWAYS

• The Profit First cash management system is a financial framework developed by Mike Michalowicz. It aims to help businesses prioritise profitability and improve their financial health. The system advocates for setting aside profit first rather than considering it as an afterthought.
• The core concept is based on the idea of allocating income into different bank accounts, each serving a specific purpose. These accounts include, in order of priority are Profit, Owner's Compensation, Tax, and Operating Expenses. So they are reward based first, then protection based, then service based last. 
• Profit First provides a clear and practical framework for business owners to manage their finances effectively. It helps in creating a healthy financial ecosystem where profit becomes a priority, allowing businesses to thrive and grow.
• By implementing the Profit First system, businesses ensure that profit is protected and allocated before any expenses are paid. This approach encourages business owners to focus on profitability and make intentional financial decisions. It helps to ensure that the business is consistently profitable and sustainable.
• The system also emphasises cash flow management and expense control. By examining expenses closely and making necessary adjustments, businesses can better allocate resources and increase their overall profitability.
• Vital, Negotiable, and Cut is a productivity concept used to categorise tasks based on their importance and priority. Vital tasks are high-priority activities directly contributing to goals, while negotiable tasks are important but flexible. Cut tasks are low-value or non-essential activities that should be minimised or eliminated.

BEST MOMENTS
‘Turnover is vanity and profit is sanity’
‘Business owners don’t pay themselves what they should because they don’t trust the money in their bank account’
‘It’s about understanding where we are and moving towards those targets’
‘No business misses 1%’

EPISODE RESOURCES
Instagram
Facebook - Profit First Pro - Jason Withers
Jason A Withers

ABOUT THE GUEST
Jason is a Certified Profit First Professional Coach since 2019, specialising in helping owner-managed and entrepreneurial businesses implement the Profit First cash management system. With over 25 years of commercial experience as a business coach, consultant, and CFO, he helps business owners improve profitability through strategic and tactical financial support. As the only officially recognized Profit First Guide for the UK, Jason mentors and coaches other UK-based Profit First Professionals. He empowers business owners to gain clarity, certainty, and mastery over their money using the Profit First system, enabling them to prioritise paying themselves and make informed financial decisions for accelerated growth and profitability. Jason believes that every business owner deserves to be financially rewarded for their efforts, providing them with greater choices and a positive impact on their personal, business, and social life.

ABOUT THE HOST
Buying & retail expert Nicole Higgins spent the last 18 years sourcing & developing products from all over the world, building strategies for blue chip businesses, and increasing bottom line sales and profit, adding over £40 million in incremental business to the bottom line. She now uses that experience and works as a consultant and coach for entrepreneurs and business owners, helping them start and scale their product businesses.
Join the Start Scale Succeed waitlist. How to start & scale a product business. A 12 Week programme:  thebuyerandretailcoach.com/startscalesucceedwaitlist

CONTACT METHOD
Book a call with me https://thebuyerandretailcoachltd.as.me/discoverycall
GET IN TOUCH HERE https://thebuyerandretailcoach.com/instagram/
Newsletter: https://thebuyerandretailcoach.com/newsletter-sign-up/