Today, we’re diving into the game-changing concept of Profit First—a simple shift that can transform the way you run your business finances. Championing Mike Michalowicz’s proven methodology, I’ll show you why putting profit before expenses isn’t just smart accounting—it’s the key to building a business that truly supports you.

I’m Deb Halliday, Profit First Professional, author, and founder of The Accounts Ladies and The Accounts Office. In this episode, I’ll break down how the traditional “sales minus expenses equals profit” formula leaves so many business owners stressed and struggling. Instead, we’ll explore how flipping the formula—prioritising profit first—can help you create financial security, reduce cash flow stress, and build sustainability into your business from day one.

We’ll talk through the practical steps: setting up separate accounts for profit, tax, owner’s pay, and operating expenses, and how this approach makes cash flow management so much easier—especially with rising costs and ever-changing UK tax rules. You’ll hear real-life scenarios (think: a bakery in Bristol or a freelance designer in Manchester) to help you picture how Profit First can work for any business, no matter the size or sector.

By the end of this episode, you’ll be inspired to rethink your approach to money, take control of your finances, and start building a business that puts your wellbeing first—not just your bills.

Takeaways:

• Discover why putting profit first is the foundation of a financially healthy business
• Learn how allocating a percentage of revenue to profit, tax, and your own pay brings stability and peace of mind
• See how setting up separate bank accounts for each purpose can transform your cash flow
• Understand that Profit First isn’t just a system—it’s a mindset shift for business owners

Links mentioned:

debhalliday.co.uk

Companies and resources featured:

Profit First, Deb Halliday, Accounts Ladies, Accounts Office, Mike Michalowicz, HMRC

Ready to make profit a habit from day one? In this episode, I’m guiding you through the essential steps to implementing Profit First, inspired by Chapter Five of the book. Whether you’re just starting out or looking to finally get your business finances working for you, this is your roadmap to sustainable profitability.

I’ll break down exactly how to set up your Profit First accounts—covering income, profit, owner’s pay, tax, and operating expenses—so you can allocate your funds with clarity and intention. We’ll talk about why consistency matters, how to establish a simple allocation rhythm, and the power of celebrating your profits every quarter.

You’ll hear real-life success stories from UK business owners who’ve transformed financial chaos into clarity and calm with Profit First. Plus, I’ll share practical tips for working with your accountant, getting past any scepticism, and making the system work for your unique business—whether you’re a manufacturer in Sheffield or a freelancer in Cornwall.

This episode is all about taking control, finding efficiencies, and building a business that supports your goals (not the other way around). I’ll finish up with clear, actionable steps so you can get started today—setting up your accounts, reviewing expenses, and shifting your focus to profit.

Takeaways:

• Learn how to set up and use Profit First accounts for better cash flow and less stress.
• Discover the importance of consistent, quarterly profit celebrations.
• Find out how reviewing expenses can boost your bottom line.
• Get practical advice for working with your accountant and making Profit First your own.
• Start transforming your financial habits with simple, actionable steps.

Links mentioned:

financiallyhealthybusiness.co.uk

debhalladay.co.uk

Companies and resources featured:

Accounts Ladies, Accounts Office Training Academy, Starling, Monzo

Wondering how to make Profit First work for your unique business? In this episode, I’m diving into how you can tailor the Profit First methodology to fit your UK-based business—no matter your industry or size.

I’ll walk you through setting Target Allocation Percentages (TAPs) that actually make sense for your business model, so you can build real financial health and sustainability. We’ll talk about why it’s important to avoid getting stuck in “analysis paralysis” and how taking action—however small—can move you forward.

You’ll hear practical examples of how different businesses, from retail shops to freelancers, can set up their TAPs and adapt the Profit First approach to suit their own needs. Plus, I’ll share real stories (like Aisha’s journey) to show how customising your allocations can lead to bigger profits and less stress.

Whether you’re just starting out or looking to improve your financial habits, this episode will give you the confidence and know-how to get started—so your business doesn’t just survive, but truly flourishes.

Takeaways:

• Learn how to set realistic Target Allocation Percentages (TAPs) for your business
• Discover why customising Profit First is key to long-term financial health
• Avoid analysis paralysis and start making positive changes today
• Get inspired by real-world examples from different industries
• Find out how starting Profit First early can set you up for lasting success

Links mentioned:

debhalladay.co.uk

financiallyhealthybusiness

Are you brave enough to look at the real numbers behind your business? In this episode, we’re diving into “The Naked Truth” from chapter three of Profit First—a must-listen if you’re ready to get honest about your finances and build a business that’s truly profitable.

I’m Deb Halliday, Profit First Professional and trainer, and I’ll be guiding you through the importance of facing your business finances with clarity and confidence. It’s not about how big your turnover is or how many people you employ—it’s about how much profit you actually keep. As Mike Michalowicz says, real success is measured by profitability, not just revenue.

We’ll explore the concept of the instant assessment—a simple but powerful tool that works like a financial X-ray for your business. I’ll show you how to compare your actual figures (revenue, profit, owner’s pay, tax, and expenses) with the Profit First benchmarks, so you can spot where money is leaking out and where you need to take action.

This episode is all about helping you get a clear, honest picture of your financial health and giving you the confidence to make positive changes. I’ll share practical steps and relatable stories so you can see exactly how to use the instant assessment to move your business towards greater sustainability and peace of mind.

Takeaways:

• Why profitability matters more than turnover or business size
• How to use the instant assessment to get a transparent view of your finances
• The importance of comparing your numbers to Profit First targets
• Simple, actionable steps to plug financial leaks and build a healthier business

Links mentioned:

financiallyhealthybusiness.co.uk

debhalladay.co.uk

Companies and resources featured:

Accounts Ladies, Accounts Office, Xero, QuickBooks, HMRC

Ready to take control of your business finances and finally put profit first? In this episode, I’m breaking down the core principles of the Profit First methodology and showing you how these simple shifts can help you stay on top of your cash flow, reduce stress, and build a business that truly works for you.

I’m Deb Halliday, Profit First Professional, and I’ll walk you through how the Profit First system helps business owners move from financial firefighting to feeling confident and in control. We’ll talk about why traditional accounting often leaves profit as an afterthought—and how flipping the formula helps you prioritise your own financial goals.

You’ll learn how to set up multiple bank accounts for profit, owner’s pay, tax, and operating expenses, and why this structure is so effective for UK business owners. I’ll share practical tips for setting up your accounts, finding the right banks (including options like Starling, Monzo, and Tide), and creating a simple, sustainable routine for allocating your income—ideally twice a month, in line with your business’s natural financial rhythm.

By the end of this episode, you’ll have a clear action plan: open a dedicated profit account and start allocating a small percentage of your income to it. It’s a small step that can make a massive difference to your peace of mind and your bottom line.

Takeaways:

• Discover how Profit First can transform your approach to business finances.
• Learn the power of allocating funds to specific accounts for profit, tax, owner’s pay, and expenses.
• Get step-by-step advice for setting up your accounts and building a routine that works for you.
• Understand why rhythmic, twice-monthly allocations make cash flow management easier.
• Take action today—open a profit account and start building a more resilient business.

Links mentioned:

financiallyhealthybusiness.co.uk

debhalladay.co.uk

Companies and resources featured:

Accounts Ladies, Accounts Office, Profit First, HMRC, VAT, Starling, Monzo, Tide, Santander, NatWest, Lloyds, Barclays

Are you tired of working hard in your business, only to find there’s never enough left over for you at the end of the month? In this episode, I’m introducing you to the transformative Profit First methodology—created by Mike Michalowicz—which flips the traditional way of managing business finances on its head.

I’m Deb Halliday, certified Profit First Professional, founder of the Accounts Ladies, and author of ‘How to Build a Financially Healthy Business’. I know firsthand how easy it is for business owners to fall into the “survival trap”—chasing sales, covering bills, and still feeling like you’re running on empty. Traditional accounting says profit comes last, but that’s exactly why so many of us end up with nothing left.

Profit First is all about putting profit first—literally. Instead of sales minus expenses equals profit, we switch it to sales minus profit equals expenses. This simple mindset shift can change everything, especially when you’re facing the challenges of VAT, corporation tax, and rising costs here in the UK.

In this episode, I’ll share real stories and practical insights to help you break free from the cycle of just getting by. We’ll explore why prioritising profit is the key to building a business that not only survives, but truly thrives. Plus, I’ll walk you through the first steps to making Profit First work for you—so you can finally start keeping more of what you earn.

Takeaways:

• Learn why the traditional approach to business finances keeps so many owners stuck—and how Profit First offers a way out.
• Understand the power of prioritising profit before expenses.
• Get practical, actionable steps you can take today to start building a more profitable business.
• Discover how Profit First can help you tackle the unique financial challenges of running a business in the UK.

Links mentioned:

financiallyhealthybusiness.co.uk

debhalladay.co.uk

Companies and resources featured:

Accounts Ladies, Accounts Office, Mike Michalowicz, HMRC, VAT

Ever wondered what a Profit First Professional actually does—and why it matters for your business, especially here in the UK? In this episode, I’m breaking it down for you. I’m Deb Halliday, certified Profit First Professional, and I’ll walk you through how working with someone like me can help you put profit at the heart of your business (without the overwhelm).

We’ll dig into the real challenges faced by UK business owners, from VAT headaches and HMRC demands to rising running costs and unpredictable cash flow. I’ll explain how tailored support and a practical, step-by-step approach can help you not just survive, but actually thrive—so you can pay yourself more and stress less.

You’ll learn how the Profit First system uses multiple bank accounts to make profit a non-negotiable, and why personal guidance makes all the difference when it comes to navigating UK tax and compliance. Plus, I’ll share how working with a Profit First Professional can accelerate your journey to a healthier, more sustainable business—one that supports your life, not the other way round.

Ready to ditch the money stress and start building a business that works for you? Let’s get started.

Links mentioned:

debhalliday.co.uk

Companies and resources featured:

Accounts Ladies, Accounts Office Training Academy, Profit First, Mike Michalowicz, HMRC, Starling, Monzo, Xero, QuickBooks

Profit First is a revolutionary methodology that transforms the traditional approach to business finance by putting profit at the heart of your financial strategy. I’m Deb Halliday, a certified Profit First Professional, and in this episode, I break down the core principles from Mike Michalowicz’s influential book—offering a lifeline for small business owners facing cash flow challenges.

This episode explores the fundamental tenets of Profit First, encouraging a complete shift in how you manage your business finances: profit comes first, not last. By establishing a simple system of allocating funds across dedicated accounts, you can ensure consistent profitability and reduce the stress of financial uncertainty. My aim is to provide you with actionable insights and practical steps to help you implement these principles, guiding you towards a more financially healthy business.

In the first episode of ‘Profit First with Deb Halliday’, we take a close look at this transformative framework and its relevance for UK business owners. I highlight the common financial pressures faced by entrepreneurs—fluctuating income, rising expenses, and the ever-present tax obligations—and explain how the Profit First approach can offer clarity, control, and confidence.

You’ll learn about setting up multiple bank accounts for profit, owner’s pay, taxes, and operating expenses—a practical system that encourages discipline and helps prevent overspending. Drawing on the guidance of Mike Michalowicz, I’ll show you how to integrate Profit First into your daily business routine, providing a clear roadmap to lasting financial well-being.

Throughout the episode, you’ll discover:

• Why prioritising profit before expenses is a game-changer for business owners
• How four simple bank accounts can transform your approach to money management
• The real-world impact of Profit First, with examples tailored to the UK business landscape
• Actionable steps you can take right now, no matter your business size or experience

I also acknowledge the unique challenges UK businesses face, such as managing VAT and tax obligations, and promise to address these nuances throughout the series. My goal is to demystify financial management and empower you to take control of your business finances with confidence.

Takeaways:

• Profit First helps you put profit before expenses, transforming your financial management
• Setting up four distinct bank accounts is key to success with Profit First
• The methodology is accessible to all business owners—no accounting background required
• Profit First is especially beneficial for UK businesses, helping you stay on top of VAT and tax
• Actionable steps are provided to help both new and established businesses achieve financial health

Links referenced in this episode:

financiallyhealthysbusiness.co.uk

debhalliday.co.uk

Companies mentioned in this episode:

Profit First

Accounts Ladies

Accounts Office Training Academy

Mike Michalowicz

financiallyhealthysbusiness.co.uk

debhalliday.co.uk