This Week’s Profit First Accountant Newsletter Estimated Read Time: 6 minutes   Hi everyone, It’s Stephen Edwards from Gro Profit First Accountants, and welcome to this week’s Profit First Accountant Newsletter! Watch the full video here This week we’re diving into Step 1 of the Profit First programme—and it's not what most people expect. Before we open spreadsheets or create new bank accounts, we need to start with something far more important: mindset and I want to challenge you with a fundamental question: Are you really ready for Profit First? This isn’t just a throwaway question—it’s the first thing I ask anyone before diving in. Because after working with dozens and dozens of business owners, I’ve seen a pattern. Those who succeed with Profit First? They have the right mindset. Those who struggle often skip this part entirely. That’s why Step 1 is all about laying the right foundation. And to help you do that, I want to share what I call the Four D’s of Success—a framework that applies not just to Profit First, but to any goal you want to achieve in life or business. The Four D’s of Success (Applied to Profit First) 1. Desire – What’s Driving You? You’re here, so you already desire more profit. But what lies beneath that desire? It’s not really about the profit—it’s about what profit enables you to do. Is it more holidays? Helping family? Hiring better team members? Creating more time and space in your life? None of these are selfish. They’re personal. And Profit First is the vehicle to help you achieve those outcomes. Think of someone five stone overweight looking to get healthy in the New Year. The desire is there, but that alone won’t make it happen. It’s just the starting point. 2. Decision – Flipping the Switch Desire isn’t enough. The second step is decision—the moment you decide this is a must, not a should. This is when you commit fully. For example, joining the gym, and better yet, paying for a year upfront. That’s what decision looks like. So, with Profit First, have you decided that you’re all in? Maybe you’re doing well already and want to level up. Or maybe you’re fed up with your business not paying you what you deserve. Either way, this step is crucial. Make the decision. Flip the switch. 3. Design – Follow the Blueprint Next comes design—the plan, the structure, the roadmap. Using the gym metaphor again: if you’ve joined, great. But without a plan or personal trainer, you’re likely to waste time or make the same mistakes over and over. Same goes for business. Some owners say they’ve been in business for 10 years—but really, it’s one year repeated 10 times. With Profit First, we give you the proven design that works. You don’t have to reinvent the wheel. That’s the beauty of the system. You just have to follow it. 4. Discipline – Showing Up, Even When It’s Hard And here’s where it often falls apart: discipline. You can have the desire, make the decision, and follow the design—but if you don’t stick with it, it won’t work. You have to put on your shoes and go to the gym. Even when it's hard. Especially when it’s hard. This is why we offer one-to-one support, Profit First packages, and live workshops every two weeks—to help you stay disciplined and accountable. Because even the most successful entrepreneurs f...

This Week’s Profit First Accountant Newsletter Estimated Read Time: 5 minutes   Hi everyone, It’s Stephen Edwards from Gro Profit First Accountants, and welcome to this week’s Profit First Accountant Newsletter! This week we’re cutting through the noise around business growth and zeroing in on three simple but powerful levers to grow your business: Get more customers Increase average transaction value Increase purchase frequency This is all about simplifying how you think about growth so you can take clear, focused action—rather than spinning your wheels doing a dozen things that don’t move the needle. The 3 Levers of Business Growth Let’s break down the three growth levers that can transform your business if applied consistently: 1️⃣ Get More Customers (But Not at Any Cost) Too many businesses think more customers = more profit. But if you’re underpricing your services, more customers just means more work and more stress for the same money. You might need six times more customers to make the same profit if your pricing is off. So, before chasing growth: ✅ Make sure your pricing is right. ✅ Know your ideal customer. ✅ Know your core offer. Then—and only then—should you focus on attracting more clients. And remember, “getting more customers” doesn’t just mean marketing. It could also mean: Strategic partnerships Joint ventures Appearing on other people’s podcasts Leveraging OPC (Other People’s Customers) Sometimes, the better move is improving your conversion rate.   For example: 10 leads × 20% conversion = 2 sales10 leads × 40% conversion = 4 sales ✅ Doubling your conversion rate = doubling your results without needing more leads. Better conversion processes = better ROI This might mean refining your customer journey, articulating your value better, or improving your sales collateral and follow-up process. 2️⃣ Increase Average Transaction Value This is all about value stacking. Think: “Would you like fries with that?” or “Upgrade to a large?” McDonald’s nailed it—and you can too. Try this: Offer premium versions of your service. Bundle add-ons or upsells. Create product equivalents of “end-of-aisle” offers. Success leaves clues. Look outside your industry for inspiration and apply what works to your business. 3️⃣ Increase Purchase Frequency Can your customers buy from you more often? If someone only buys once a year, what would happen if they bought twice? You’ve just doubled revenue—without getting a single new customer. Ask yourself: Do your clients know what else you offer? Are you staying in touch regularly (e.g. newsletters, email sequences)? Have you created offers that encourage more frequent purchases? Out of sight = out of mind. Staying visible keeps your business top-of-mind and increases Lifetime Value (LTV)—a key Profit First concept. Don’t Just Learn. Do. It’s easy to consume ideas and not act. But I want to give you a practical next step. ✅ Use our AI PromptWe’ve created a ChatGPT prompt that acts like a virtual business consultant...

This Week’s Profit First Club Newsletter Estimated Read Time: 4 minutes   Hi everyone, It’s Stephen Edwards from Gro Profit First Accountants, and welcome to this week’s Profit First Accountant Newsletter! This week, we’re diving into the foundational principles of Profit First, and why it continues to be the most powerful financial system for small business owners seeking clarity, control, and ultimately, more money in their pockets.   Watch the full video here   What We’re Covering This Week: What is Profit First, and why it emotionally resonates with business owners Why traditional accounting keeps you stuck—and how to break free A deeper look at each of the 9 key steps in the Profit First journey The biggest mindset shift: flipping the accounting formula Real stories, real transformations from businesses like yours What is Profit First? At its core, Profit First is a simple yet transformative cash management system developed by Mike Michalowicz. Unlike traditional accounting that leaves profit as an afterthought, Profit First flips the formula: Sales – Profit = Expenses Instead of hoping there’s money left at the end of the month, we start with profit and make the business operate on what’s left. It taps into natural human behaviour—most business owners check their bank accounts daily, not their P&L reports. So why not build a system around that? The Biggest Mindset Shift: Flipping the Formula Let’s talk about something that might sound small but changes everything: the order of operations in your business finances.   Traditional accounting teaches you: Sales - Expenses = Profit That means profit is what’s left over. It's reactive, not intentional. It puts everyone else first—your team, your suppliers, your bills—and you, the business owner, last.   Profit First flips this mindset: Sales - Profit = Expenses Now, your profit is a priority. You pay yourself first. You build a buffer before anything else. This changes how you operate. It forces you to be more intentional with what’s left for expenses, and that discipline leads to stronger businesses over time.   As I say in the program, You'd never say 'I'll put my family last.' So why do we treat profit that way? Real Stories, Real Transformations We’ve worked with dozens of businesses across all sorts of industries, and the results speak for themselves: One client made their first profit in over seven years. Another slashed their costs by over £200,000. Some have tripled their profits and created buffer accounts to eliminate tax-time stress. For others, the win was as simple and powerful as finally feeling in control of their finances. And here’s the truth: it’s not always about massive overnight change. Sometimes, it’s just setting up a pot to pay your VAT and tax on time. Or building a bonus pot for the first time. These wins build momentum, confidence, and real freedom in your business. Why Profit First Works

This Week in the Profit First Club Estimated Read Time: 3 mins   Hi everyone, It’s Stephen Edwards from Gro Profit First Accountants, and welcome to this week’s Profit First Accountant Newsletter! This week, I want to talk about something many business owners overlook—strategy. We love talking about Profit First systems, bank accounts, cash flow, and profitability, but none of it truly matters if you’ve got the wrong business model or strategy underneath it all. Key Topics This Week: Why Profit First won’t fix a broken strategy Real client story: £1m revenue, but no profit How to rethink your model to create true freedom Strategy First, Then Systems You might love Profit First (like we do!), but it’s not a magic fix. If your business model isn’t viable, Profit First won’t suddenly make it profitable. We recently worked with a client in the e-commerce space turning over £1 million—but after fulfilment fees, stock costs, and overheads, he was left with a meagre £13,000 in profit. And that’s before catching up on debts and HMRC liabilities. Here’s the reality: you don’t have a £1 million business if you’re only keeping £80,000 before overheads. That’s an £80k business in disguise. This isn’t about embarrassment—it’s about clarity. If you're just moving money around for other people, Profit First helps reveal that. But before we even get to creating pots, you must understand if your strategy works on paper. Because if it doesn’t work there, it won’t work in the real world either. What Should You Do? Ask yourself: Is your current business model giving you the income and freedom you want? Is it even capable of doing that? Are you reviewing your business strategy annually or still stuck in survival mode? We encourage all clients to revisit their vision and model regularly. In fact, we're running a free business planning workshop for existing clients before Christmas to help you prep for 2026. If you’re not a client yet but want to explore this, just drop me a line. Final Thoughts: Don’t Wait for a Crisis You don’t need to wait for a pandemic or economic downturn to change your strategy. Take control now. Be proactive. Whether you need a total pivot or just a small tweak, reviewing your strategy could be the most profitable decision you make this year. If you’d like a Profit Assessment to benchmark your model and see what’s working (or what’s not), reply to this email and let’s chat.   Until next time, Stephen EdwardsProfit First Accountant & Business Coach stephen@cheltenhamtaxaccountants.co.ukGro Profit First Accountants  

This Week’s Profit First Club Newsletter Estimated Read Time: 4 minutes   Hi everyone, It’s Stephen Edwards from Gro Profit First Accountants, and welcome to this week’s Profit First Club Newsletter! This week, I’m diving into a story that still gives me chills—a random encounter on the other side of the world that reminded me of one simple but powerful truth: what you focus on determines your success. I’ll unpack how that moment shaped the rest of my year, how the Profit First system helps you stay laser-focused on what truly matters, and why finishing 2025 strong starts with just one question. Plus, I’ll give you a quick preview of something exciting we’re about to launch—Gro Academy—our brand new platform to help you implement Profit First with even more impact.   Profit Isn’t a Dirty Word Let’s reframe the way we think about profit. Profit is simply the result of value exchange. Whether you’re a heart surgeon or a business owner, the more value you offer, the more income and freedom you can create. That’s not greed—it’s growth. Profit allows you to support your team, your clients, and your family. It's the engine for impact. A Disney Encounter That Shifted My Mindset This summer, I took some time out in Florida and visited Epcot at Disney. While queueing for margaritas (as you do), I turned around—and there stood Nigel Botterill from the Entrepreneur’s Circle. Total coincidence. Thousands of people there... and yet we crossed paths. It reminded me of something Nigel once told me during our mastermind: “Steve, the truth is you’ll probably be successful at whatever you focus on.” That line kept replaying in my mind, and it’s since helped reshape how I run my business. What Are You Focusing On? My theme for 2025 was simple: Less is more. As a certified EOS implementer and high-performance coach, I’ve had to be super intentional with my time and energy. I’ve had to cut out the noise and focus on what moves the needle.   Now it’s your turn:Can you answer this question honestly: What am I focusing on right now?   Because if you can’t... you’re probably not moving toward the results you want.   How Profit First Keeps You Focused Profit First isn’t just about setting up bank accounts. It’s about intentionality. When you pre-allocate your money into Profit, Tax, and Owner’s Pay accounts, you’re aligning your cash with your goals. It’s a focus system disguised as a cash flow strategy.   This quarter, ask yourself:What are the 1–3 things I must focus on to finish 2025 strong? Coming Soon: Gro Academy Before the end of the year, we’re launching the Gro Academy. It’s a 9-step Profit First implementation system that will help our clients: Increase profit Free up cash Take control of their finances   If you’ve worked with us before (even as Cheltenham Tax Accountants), you’ll love what’s coming.   Want early access? Just reply and let me know.   Until next time,Stephen EdwardsProfit First Accountant & Business CoachGro Profit First Accountants wearegro.co.uk  

This Week’s Profit First Club Newsletter Estimated Read Time: under 3 minutes   Hi everyone, It’s Stephen Edwards from Gro Profit First Accountants, and welcome to this week’s Profit First Club Newsletter! This week, I’m diving into 33 practical ways to save tax—not gimmicks or loopholes, but proven strategies that keep more profit in your pocket while staying compliant. Most business owners I speak to are focused on sales and growth (and rightly so), but they don’t always realise how much of their profit is being lost unnecessarily to tax. The reality is that you could be missing out on £5,000–£10,000 in savings every single year simply because your setup hasn’t been reviewed properly.   Key Insights from This Week’s Video Here are a few highlights: The three layers of tax support every business should have: compliance, tax planning, and proactive strategy. Why salary vs. dividends vs. pensions is one of the simplest but most overlooked ways to optimise your personal tax bill. How family businesses can legally reduce tax by employing spouses and children in the right way. Why timing matters—aligning your business year-end with personal circumstances can sometimes save thousands. Real examples, including a family business that uncovered a £50,000 saving simply by restructuring how profits were withdrawn.   Thought for the Week Knowledge is only potential power. It’s the action you take with that knowledge that creates results. Whether it’s pensions, vehicles, or profit extraction, the businesses that win are the ones that treat tax as part of their strategy—not just a year-end obligation. Next Step If this has sparked ideas and you’d like to see how much tax you could be saving in your own business, I offer a Tax Discovery Call. We’ll run a quick diagnostic review and show you where hidden savings might be sitting. Many clients see between £3,000–£10,000 in savings, and sometimes far more. Click here to book your free Tax Discovery Call Or just reply to this email: stephen@cheltenhamtaxaccountants.co.uk   Until next time,Stephen EdwardsProfit First Accountant & Business CoachGro Profit First Accountants wearegro.co.uk

This Week’s Profit First Club Newsletter Estimated Read Time: 5 mins   Hi everyone, It’s Stephen Edwards from Gro Profit First Accountants, and welcome to this week’s Profit First Club Newsletter. After spending a month in Florida with the family (yes, a full month away from the business!), I’m back feeling refreshed—and I’m walking the walk. The firm didn’t fall apart while I was gone, which just reinforces the mission we’re on: helping business owners build companies that don’t rely on them 24/7. Step 4: Build Your Dream Team Even if you're a solo business owner, thinking about your ideal team structure is critical. If you've already started hiring, you might relate to the frustration: hiring people who don’t quite care like you do, or employees who just want to clock in and out without any ownership. Here's the truth: it's your business—they're never going to care as much as you do. But that doesn't mean you can’t build a great team. The key is getting clear on your core values (covered in Step 3) so you know exactly what kind of people will thrive in your culture. Our firm’s values follow the KAN model: Kaizen (continuous improvement) Above-the-line thinking (no blame, no denial) No Eeyores (we don’t hire drainers—only energisers) Mistakes I’ve Made I’ve hired based on urgency—quick fixes when the business was growing fast. Sometimes it worked, but often it didn’t. They weren’t the right fit because I wasn’t clear on my long-term goals or core values. What I learned: You need to think further ahead. Do the thinking for your business. Tools to Help You Think Like a CEO Here are some tools and concepts I’ve personally used and recommend: Accountability Chart (from the EOS system): Who reports to who? What are they responsible for? People Analyzer (also from EOS): A simple tool to assess fit based on values and performance. Jack Welch Matrix: High performer with poor values? They’re toxic. No matter how good they are, they’ll poison your culture. Books That Changed My Perspective E-Myth by Michael Gerber: “People are unmanageable.” It’s the system that matters. Clockwork by Mike Michalowicz: Great if you liked Profit First—Mike’s writing is accessible and practical. "People are more like cats than dogs—independent, not always loyal. So build a system that manages people. You manage the system." Thinking Time Is Essential Earl Nightingale once said the reason most people aren’t successful is because they don’t think. So here’s your challenge this week: Ask yourself: What does my team structure need to look like to get me where I want to go? No structure = no scalability. Just like a football manager knows the kind of striker or defender they need, you need clarity on the type of team members required for your business vision. Final Thoughts Leading your team starts with clarity. Clarity on your values, your structure, your standards, and your goals. You can’t say it once—you need to repeat it over and over until it sticks.

This Week’s Profit First Club Newsletter Estimated Read Time: 5 mins   Hi everyone, It’s Stephen Edwards from Gro Profit First Accountants, and welcome to this week’s Profit First Club Newsletter. Whether you're reading this via our Beehive newsletter, listening to the podcast, or watching on YouTube—I'm grateful you're here. As always, our mission remains simple: help entrepreneurs build a business that gives you more profit, more cash, and more freedom. And one of the key levers to do that? Core values. This week, we're diving into Step 3 of the Entrepreneur Freedom System—Values—from my book How to Build a Business That Runs Without You. You can grab a copy on Amazon, or if you’d like one for free, just drop me an email. Quick Recap: The 10-Step Entrepreneur Freedom System We’re now in Week 3 of our series: Vision – Crafting your personal and business vision Numbers Plan – Creating a high-level financial roadmap Values – This week’s focus Team Structure Scorecard Marketing Finance & Profitability Operations Manager Transform Your Role Freedom Why Core Values Matter in a Profit-First Business Many think values are “fluffy” or reserved for big corporates. Not true. If you want to build a sustainable, scalable, and profitable business, your values act as your compass. They guide hiring, decision-making, team culture, and even how you serve clients. Values are directly linked to team alignment, profitability, and long-term sustainability. From P.A.K.K.T.T. to K.A.N.: Our Evolution In the book, I initially shared our acronym P.A.K.K.T.T., which stood for: Person First – We always see the human behind the business. Above the Line Thinking (OARBED) – Ownership, Accountability, Responsibility. No Blame, Excuses, or Denial. Kaizen – Continuous 1% improvement. Keep it Simple – No unnecessary complexity. Team Player – Collaboration over ego. Tough Love – Say what needs to be said. Over time, we refined these into something simpler and easier to embody: ✨ New Core Values: K.A.N. Kaizen – Always improving Above the Line Thinking – No excuses, just action No Eeyores – Energy matters. No moaners, no drainers (Yes, Eeyore as in Winnie the Pooh! We want Tiggers, not doom-and-gloom.) ️ How You Can Define Your Core Values Here’s a simple way to start: Post-it Note Workshop – Gather your team and brainstorm what matters most. Keep or Cut – Narrow your values to just a few that truly represent your business. Use an Acronym – Helps the team remember and live them. Check for Alignment – Do your current team and clients reflect these values? Want help running a values workshop? Clients get access through Grow Academy, or reach out and I can guide you.

This Week’s Profit First Club Newsletter Estimated Read Time: 5 mins   Hi everyone, It’s Stephen Edwards from Gro Profit First Accountants, and welcome to this week’s Profit First Club Newsletter. I’m currently on holiday in Florida—taking a well-earned break and living what I teach in my book, How to Build a Business That Runs Without You. This episode was pre-recorded, but I’m really excited to share it with you. If you’ve been following the Entrepreneur Freedom System from my book, we kicked things off last week with Step 1: Creating Your Vision—where you define what you want your life and business to look like. This week, we’re moving to Step 2: Creating Your Numbers Plan. Step 2: Build Your Numbers Plan So, you’ve crafted a compelling vision of your ideal life—the income, the freedom, the flexibility, the type of work you want to do. Brilliant. But now comes the big question: Can your business model actually deliver that lifestyle? That’s what your numbers plan is for. It’s your financial reality check—and roadmap rolled into one. Too many business owners skip this step, and as a result, they: Work harder without earning more Underpay themselves Overspend in areas that don’t move the needle Feel out of control when it comes to finances A numbers plan fixes all of that. What Exactly Is a Numbers Plan? Your numbers plan connects your desired lifestyle to your business structure and income model. It includes: Your ideal personal income (let’s say £100k/year) Your business revenue target needed to support that Your direct costs and overheads Your owner’s pay, profit, and tax allocations Clear understanding of your pricing and capacity It’s not just about spreadsheets—it’s about intention. Profit First principles guide you to put your money in the right places, starting with YOU. Why Business Owners Struggle Without One Too many entrepreneurs avoid the numbers. They guess. They hope. They run things based on emotion or habits. And that’s dangerous. Without a numbers plan, it’s easy to: Think you’re doing well because revenue is up—but cash flow is down Forget to pay yourself consistently Overspend on team or marketing without knowing if there’s a return Miss tax deadlines or get caught short at year-end This isn’t just poor financial management—it’s risking your vision. Your dream life can’t be built on vague guesses. It needs solid numbers. Your Action Step: Reverse-Engineer Your Ideal Life Block out 30 minutes this week and ask yourself: What’s the income you need to support your ideal life? What business revenue is required to make that possible? What are your real overheads and delivery costs? How many clients, sales, or projects do you need monthly to hit that? What does that mean for your pricing? Then allocate everything using the Profit First system: Profit Owner’s Pay Tax

This Week’s Profit First Club Newsletter Estimated Read Time: 5 mins   Hi everyone, I’m Steven Edwards, founder of Gro Profit First Accountants. As I write this, I’m enjoying some time away in Florida, practicing what I preach—building a business that allows freedom, flexibility, and profit. This is exactly what I want to share with you today: the power of creating a clear vision for both your life and your business. Let’s Talk Vision: Step 1 of Entrepreneurial Freedom One of the most impactful things I did years ago was map out what I wanted my life to look like—and then built a business around that. That’s why Step 1 of my Entrepreneur Freedom System (from my book How to Build a Business That Runs Without You) starts with creating a vision. Yes, I know “vision” is a word that’s thrown around a lot. But here’s the question I want to ask you: What do you want? Not what you think you should want. Not what others have. What does your dream business and life really look like? Create Your Ideal Week Take 20 minutes. Seriously. Turn off distractions. Write down: What time you start and finish work What your work environment looks like How many holidays you take How many days per week you work What type of work you actually do in the business This is your personal vision, and it’s going to look completely different from anyone else’s. That’s the point. If you get this down on paper, studies show you’re 10x more likely to make it happen. Not woo-woo—just fact. Then… Map the Business to Fit the Vision If your current business model can’t give you that life, then something needs to change. Ask yourself: Do I need a team member to take things off my plate? Should I niche down or ditch certain clients? Do I need to rebuild some systems or processes? You may even realise that you’ve unintentionally built a business that traps you. But don’t worry—this is where change begins. We help our clients build business plans that bring clarity to: Revenue and profit targets Ideal customer profiles Your values and non-negotiables Team structure and roles The work YOU want to do Whether it’s one-to-one or through our soon-to-launch Gro Academy, we’ve got tools to help you get this done. Final Thought: This week’s big idea: If your business is going to fund your dream life, you have to start with the vision. Don’t skip this step. Your business should work for you, not the other way around. Next week, I’ll cover Step 2 of the Entrepreneur Freedom System: Your Numbers Plan—how to create a financial model that can fund the lifestyle you want. As always, if you want help putting this into action or creating your own business roadmap, just reach out. My team is here to support you. Until next week—keep putting Profit First! Stephen EdwardsProfit First Accountant & Business CoachGro Profit First Accountants

This Week’s Profit First Club Newsletter Estimated Read Time: 4 mins   Hi everyone, It’s Stephen Edwards from Gro Profit First Accountants—your Profit First Certified Accountants helping ambitious business owners across the UK build sustainable profits and the freedom they started their business for. In this week’s Profit First Podcast, I shared a concept that’s been a real breakthrough for me this year—the two types of easy—and how understanding this can help you push through the hard, complex middle stage most business owners get stuck in.   The Two Types of Easy When you first start your business, it often feels easy. Not because you’re a genius, but because you “don’t know what you don’t know.” You’re naive, full of energy, and unaware of the hidden challenges ahead. Then reality sets in. You learn more, take on more, and suddenly you’re juggling a million priorities—marketing, sales, operations, finance—while still delivering your core service. This stage isn’t easy at all. In fact, it’s overwhelming. Most business owners get stuck here—open-minded, eager to grow, but buried in complexity and unsure where to focus. But there’s another type of easy—the kind that comes after complexity. Once you’ve battled through, simplified, and built systems, business feels lighter again. You know what matters and what doesn’t. Less is more, and progress accelerates. The Four Big Machines Every business has just four major functions: Finance (where Profit First lives) Sales & Marketing Operations HR You can’t fix all four at once—pick one, master it, then move to the next. We help clients start with Finance, ensuring bookkeeping is accurate, VAT and payroll are streamlined, and Profit First is embedded. Once your numbers are clear, decision-making gets a whole lot easier. Profit First Quick Wins for This Week If you’ve read Profit First but haven’t yet started, here are two actions that can change your business overnight: Separate your VAT – Create a dedicated VAT account and transfer VAT as soon as you receive it. If you can’t manage this, Profit First is telling you something’s broken—possibly pricing, profitability, or cash flow timing. Start a Profit Account – Move just 1% of your revenue (top-line, before expenses) into a separate account. This tiny habit rewires how you think about profit and builds momentum without hurting cash flow. Do these two things together and you’ll prove to yourself you can run the business with money set aside—and then you can scale up from there. Final Thought: Business is only overwhelming if you try to grow without simplifying. Choose one area, master it, and remember—on the other side of complexity is a much better kind of “easy.”   Until next week, Stephen EdwardsProfit First Accountant & Business CoachGro Profit First Accountants

This Week’s Profit First Club Newsletter Estimated Read Time: 4 mins   Hi everyone, Stephen here! We’re just past halfway through 2025, and I want to revisit something I shared at the start of the year: how to make 2025 your best year ever. This isn’t theory—it’s lived experience. We’re currently having our best year ever at We Are Gro Accountants, and I believe you can do the same. This newsletter is a timely reminder: you don’t need a massive revenue spike to transform your business. In fact, most business owners chasing “just a little more” revenue often end up spending more, not earning more. Stop Chasing Revenue, Start Building a Better Model Too many business owners think: “If I just bring in an extra £5k/month, then I can breathe.” But what usually happens? Expenses rise to match. This is why Profit First is so powerful. It's not about doing more—it's about keeping more. Instead of hoping for a record-breaking month, build a model where even your average month is profitable. That starts with one simple shift: Reverse Engineer Your Ideal Income Let’s say you want to pay yourself £4,000 a month. Write it down.Now ask: What needs to happen for my business to still work on the remaining £6,000 (if your turnover is £10k/month)? What would that look like? This is how real, sustainable profit is built—not from hope, but from intention. Make it work on paper first. Then bring it to life. ️ Taking a Month Off? Yes, It’s Possible In 11 days, I’m heading to Florida for a full month—not just a quick break. Why? Because we’ve built the business to work without me. I don’t share this to show off—I want to inspire you. Even if you're a one-person business, you can design something that allows you to step away. It starts with the same question: What do you want your life to look like, and how can your business support that? What Happens When You Stop Playing Small? I recently shared with a prospect some powerful Profit First transformations: A multi-million-pound business that made its first profit in 7 years—within 3 months of implementing Profit First A business owner who shaved off £200k in expenses and paid off £100k in debt Another who tripled their profit over two years and got off the tools completely All of them began with the same step: stop chasing revenue, and start chasing a better model. What’s Coming Next? When I return, I’ll be sharing more about my VIP Coaching Programme. This will go beyond accounting and help you break through your ceiling—personally and professionally. If you're ready to think bigger and want to work with me 1:1, stay tuned. Until then, I hope you take time off before summer ends, enjoy life, and continue to build your business with intention. Speak soon, Stephen EdwardsProfit First Accountant & Business CoachWe Are Gro Accountants   P.S. Want to read the original “Make 2025 Your Most Profitable Year EVER” and How an Average Business Can Transform Your Life podcast + newsletter? Click below access it on Beehive. Make 2025 Your Most Profitable Year EVER

This Week’s Profit First Club Newsletter Estimated Read Time: 3 mins Hey Profit First Champions, It’s Stephen Edwards from We Are Gro Accountants, and welcome back to another edition of the Profit First podcast and newsletter. Whether you’re tuning in via Spotify, YouTube, or reading along on Beehive, I’m glad you’re here. As always, our mission is to help you not just survive in business—but thrive. Profit First isn’t just a system. It’s a philosophy that ensures your business supports you, not the other way around. We want you to earn what you deserve, build a sustainable team, and make empowered financial decisions with clarity. This week, I want to share a deeply personal insight, something so fundamental it's even featured in my book How to Build a Business That Runs Without You. It’s what I call Busy Fool Mistake No. 7: The Cash Problem. Around 80% of business owners are in survival mode. Because of that, they often say yes to every client or job—even the ones that don’t serve their business. Why? Because of cash flow stress. They’re just trying to pay the bills, but it leads to the wrong decisions.   The Danger of Discounting Work Let me break this down with an example: Ideal project price: £6,000 Team delivery cost (40%): £2,400 Overheads: £1,200 Net Profit: £2,400 (40%) Now imagine you discount it to £4,000 to get the job. Cost to deliver: Still £2,400 Overheads: Still £1,200 Net Profit: Only £400 You’ve just slashed your profit by over 80%. In fact, you'd need 6 discounted jobs to match the profit of one full-price project. That's business suicide—and many don't even realise it's happening because they don’t know their numbers. Attracting the Right Clients To break this survival cycle, you must know: Who your ideal customer is (also called ICP—Ideal Customer Profile) What type of jobs are your most profitable How your best clients think, act, and communicate Model your strategy around these ideal clients and say no to jobs that don’t serve you. Introducing Grow Academy We're thrilled to announce the launch of Grow Academy, exclusively for our clients. Inside, you’ll find over £200,000 worth of training and insights gathered over the last decade—including all things Profit First, job margin tools, and real-life strategies to build a sustainable business. This is not just about knowledge—it’s about getting things done. If you're already a client, you’ll gain access soon. If you’re not, reach out and let’s talk. Final Thoughts Remember: not every customer or job is created equal. Your business is here to serve you, not the other way around. Be intentional about the work you take on, and keep your eye on profitability, not just revenue. If you’d like a free copy of my book, or want to learn more about Grow Academy, just reply to this email or reach out.   Until next week—keep putting Profit First!   Stephen EdwardsProfit First Accountant | Business CoachWe Are Gro Accountants

This Week’s Profit First Club Newsletter Estimated Read Time: 3 mins Hey Profit First Champions, It’s Stephen Edwards from We Are Gro Accountants, and welcome back to another edition of the Profit First podcast and newsletter. Whether you’re tuning in via Spotify, YouTube, or reading along on Beehive, I’m glad you’re here. As always, our mission is to help you not just survive in business—but thrive. Profit First isn’t just a system. It’s a philosophy that ensures your business supports you, not the other way around. We want you to earn what you deserve, build a sustainable team, and make empowered financial decisions with clarity. This week’s episode is inspired by real client experiences and a deceptively simple question: Does your business work on paper before you try to make it work in real life? We dive into how chasing “exceptional months” can skew decision-making—causing businesses to over-invest, over-hire, or rely on unsustainable income patterns. The antidote? Clarity through a simple paper exercise. Workshop-style Insight:Take a pen and paper (or a distraction-free digital notepad like Remarkable), and write out what a "decent but achievable" month looks like—say, £10,000 in revenue. Then break it down: Team Costs: e.g., £4,000 (40%) Gross Profit: £6,000 (60%) Overheads: £2,000 (20%) Targeted Profit (Owner’s Pay): £4,000 (40%) From there, compare your actuals. Are your team costs creeping up to 50%? Are overheads edging toward 30%? If so, your margin is being squeezed, and your profits are suffering. But identifying this gap is the first step to correcting it. This simple planning exercise leads to more strategic decisions and sets the stage for a more profitable future—on paper and in practice. Profit First Tip of the Week: Do a Paper Profit Plan Before you reach for complex software or dashboards, grab that pen. Start with: What does a normal month look like for your business? What’s your income goal? How much do you need to earn personally? What are your current team costs and overheads? Then compare your real numbers against this ideal. This clarity is what allows Profit First principles to work their magic. Need Help? If you’re unsure where to start or what your benchmarks should be, we’re here to help—client or not. You can also visit our website at wearegro.co.uk and explore our “How We Work” page for more guidance. You’ll find tools like the Instant Profit Assessment to give you a quick pulse check on your finances. Final Thoughts You don’t need fancy tools to build a profitable business—just clarity and consistency. Start with a simple piece of paper. Understand your true numbers. Then use Profit First to move from reactive to proactive finance. Until next week—keep putting Profit First!   Stephen EdwardsProfit First Accountant & Business CoachWe Are Gro Accountants   P.S. If you found this helpful, feel free to share with a fellow business owner who could benefit. Let’s grow profitably—together.

This Week’s Profit First Club Newsletter Estimated Read Time: 5 mins Hey Profit First Champions It’s Stephen Edwards here from We Are Gro Accountants. This week on the Profit First Podcast, we're tackling a subject every business owner struggles with at some point: overwhelm—especially when it comes to deciding what to work on next. Whether you’re constantly firefighting or finally have a bit of breathing space, this episode is designed to help you cut through the noise and focus on what truly matters.   Key Topics Covered 1. Two Types of Overwhelm In the Weeds: You’re the go-to person for everything, even if you have a team. If you’re constantly firefighting, something needs to shift. Too Much Space: You’ve managed to step back from the day-to-day, but now you’re unsure how to use your time effectively. The lack of clear direction creates its own version of overwhelm. 2. Why Traditional To-Do Lists Don’t Work Traditional to-do lists just keep growing. They create the illusion of productivity while leaving you more stressed. We recommend using a priority list instead—one that’s focused on impact, not just tasks. This shift in approach helps you stay clear and results-driven.   3. The 80/20 Rule in Action Use the Pareto Principle: 20% of your efforts drive 80% of your results.   Your goal is to identify the few high-leverage activities that make the biggest difference. Focus your energy there.   4. A Simple Tool to Prioritize Like a Pro Grab a sheet of paper and list 5–6 things you’ve been meaning to do. Then, rank each task: Ease of Implementation: How easy is this to execute? (Score 1–10) Impact on the Business: How much value will this add? (Score 1–10) Multiply the scores for each task. The highest scoring task is your top priority—it’s the one with the best mix of simplicity and payoff. 5. Tip of the Week: Start with One Domino Pick just one task with a high ease-and-impact score. Completing it will create momentum—and likely make other tasks easier to complete. Think of it as a domino effect: knock down one big piece, and others will fall in place more easily. If you're still in the “everything depends on me” phase, my book How to Build a Business That Runs Without You dives deeper into the Entrepreneur Freedom System—a 10-step roadmap to reclaim your time and scale your business sustainably. Action Step: Identify Your One Thing Take 10 minutes this week to: Score 5–6 tasks using the 10x10 matrix. Pick one priority. Commit to knocking it out before the week ends.   Until next week—stay focused and keep putting Profit First!   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. Warm regards,Stephen EdwardsFounder & Profit First CoachWe Are Gro Accountants

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.

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.

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? <...

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:

This Week’s Topic: “Profit First Doesn’t Work?” Why You Might Be Wrong – And How to Make It Work for You Estimated Reading Time: 6–7 minutes In this week’s episode of the Profit First Club Podcast, Steven Edwards, Director at Grow Profit First Accountants, unpacks one of the most common objections heard about the system: “Profit First doesn’t work.” But is that really true? Or are there deeper issues at play? This week’s newsletter dives deep into the reasons Profit First may seem ineffective, how to reframe your approach, and a powerful 4-step success framework you can apply to make it work for your business—and your life. Why Some People Say “Profit First Doesn’t Work” Let’s address the elephant in the room: Profit First isn’t magic. It’s not a silver bullet that will instantly fix a broken business model or eliminate financial mismanagement overnight. The Real Issue? It’s Not the System—It’s the Implementation Just like having a gym membership doesn’t automatically get you fit, simply reading the Profit First book won’t transform your finances. You need structure, consistency, and accountability. That’s where most people fall short. Steven compares Profit First to working with a personal trainer: The system is the workout. The trainer is your advisor or accountant. But you still have to show up and do the work. The 4D Success Formula: Why Profit First Fails—and How to Fix It Steven introduces a personal framework that can be applied to Profit First—or any goal: 1. Desire You must want a better business—more profit, less stress, more control. But want isn’t enough. 2. Determination Desire becomes powerful only when it’s a must, not a maybe. You need to be emotionally committed to making it work. 3. Design Do you have a proven framework? Profit First is that framework—but it needs to be applied properly. That includes setting up your accounts, knowing your percentages, and monitoring performance. 4. Discipline Even with a perfect plan, nothing happens without consistency. The businesses that fail to make Profit First work often struggle with this step the most. Insight: You can have desire, determination, and design—but without discipline, you’ll still fail. When Profit First Can’t Save You Profit First isn’t for every business—especially those with flawed financial foundations. Steven shares the example of an Amazon seller with £1M revenue, but just £80K gross profit—before overheads. The result? Less than minimum wage after expenses. In this case, no system will save you until the underlying business model is changed. Takeaway: Profit First doesn’t fix unprofitable models. It works best in businesses with a solid foundation but poor financial habits. Are You Addressing All Four Functions in Your Business? Many entrepreneurs expect Profit First to fix everything—but financial systems are just one part of the business. You also need to evaluate: Finance – Profit First, cash flow, KPIs Marketing – Customer acquisition, lead gen, visibility Operations – Delivery, systems, quality control HR – Recruitment, culture, team performance If these are broken, even the best financial system will struggle to gain traction. <...