Estimated Read Time: 8 Minutes

It’s Stephen Edwards from Gro Profit First Accountants, and welcome to this week’s Profit First Accountant Newsletter.

Introducing The Gro Academy

Welcome to The Gro Academy—this is your introduction to Profit First.

Now, this is designed for two types of people.

Firstly, if you’re completely new to Profit First, the aim is that by the end of this, you’ll clearly understand what it is, why it matters, and how it can genuinely improve your business.

Secondly, if you’ve decided to work with us, or you’re about to, then this is your starting point. We’ll be implementing this with you step by step, but what I want to do here is give you some quick wins so you can get started straight away.

Either way, there’s value here.

Because the reality is, most business owners don’t necessarily have a knowledge problem—they have a structure problem.

They might be generating revenue, they might even be growing, but there’s no clear system behind the money. And that’s where things start to fall apart.

That’s exactly what Profit First is designed to fix.

The Story Behind Profit First

Profit First comes from a book by Mike Michalowicz.

He built and sold a successful business for millions and believed he had the formula cracked. But when he reinvested into multiple businesses, everything went wrong.

He lost the money.

There’s a moment he talks about where his daughter gave him her piggy bank because things had got that bad. And that’s when he stepped back and asked:

Where do business owners actually go wrong with money?

What he discovered was simple but powerful:

Turnover is vanity, profit is sanity.

Just because your revenue is growing doesn’t mean your business is healthy.

What Is Profit First?

We’re all taught the same formula:

Sales – Expenses = Profit

On paper, it makes perfect sense.

But in reality, what happens is:

• Expenses come first

• Profit comes last

And when profit comes last, it often doesn’t happen at all.

Profit First flips that:

Sales – Profit = Expenses

Now, at first, this can feel a bit unrealistic or even too simple.

But if you think about it logically—especially if you were starting a business from scratch—it actually makes perfect sense.

If your goal is to earn £40,000 and you expect to generate £100,000 in revenue, then naturally you’d say:

That leaves £60,000 for expenses.

That’s Profit First in action.

The Real Problem (And Why Most Businesses Struggle)

One of the biggest issues is behaviour.

If you’ve got £10,000 sitting in your bank account, it feels like you can spend £10,000.

So what happens?

• Costs expand

• Spending increases

• Profit disappears

This is why so many businesses—despite decent revenue—are still struggling with cash flow.

In fact, the majority of businesses are surviving on some level, and cash flow is usually the core issue.

Profit First addresses this by putting structure and boundaries around your money.

How Profit First Works (The Envelope Concept)

A simple way to understand this is the envelope system.

If you had £500 personally, you might split it into envelopes for:

• Rent

• Food

• Bills

• Spending

• Savings

Each pound has a job.

Profit First works the same way—but using bank accounts or pots instead of envelopes.

When money comes in, you allocate it into different categories so you always know:

• What’s yours

• What’s for tax

• What’s for expenses

The Core Accounts (And What They Mean for You)

At a minimum, you should have:

Income Account

All revenue comes in here. Nothing gets spent directly from this account.

Profit

This is your reward as the business owner.

This is not your wage—this is a separate pot that builds over time and is typically taken as a bonus quarterly.

Owner’s Pay

This is what you live on.

It’s your regular income—the equivalent of a salary.

Tax

Money set aside so you’re never caught off guard by a tax bill.

Operating Expenses

This is what’s left to run the business.

VAT (if applicable)

This should always be separate.

Mixing VAT with your main account is one of the most common causes of cash flow stress.

The key idea here is:

Profit, Owner’s Pay, and Tax are all for you as the owner.

Most people cover the first two.

Very few consistently build a separate profit pot.

How It Works in Practice

Let’s say £1,000 comes into your business.

Instead of seeing £1,000 to spend, you split it.

For example:

• A percentage goes to profit

• A percentage goes to owner’s pay

• A percentage goes to tax

• The remainder goes to expenses

You do this weekly or fortnightly.

And over time, this creates a rhythm.

You stop guessing and start knowing.

What Changes When You Implement This

Once this system is in place, your behaviour changes.

You become:

• More disciplined with spending

• More aware of your numbers

• More intentional with decisions

We’ve seen businesses:

• Become profitable for the first time in years

• Save significant amounts very quickly

• Grow while actually working less

It doesn’t eliminate challenges—but it makes them far easier to manage.

Quick Wins to Get Started Today

If you’re not ready to fully implement everything yet, start here:

1. Go Through Your Expenses

Line by line.

Ask:

• Is this a must-have?

• Is it a nice-to-have?

• Or is it an investment that should generate a return?

Most businesses will find immediate savings here.

2. Start with 1% Profit

Even just 1%.

It’s not about the amount—it’s about building the habit.

3. Separate Your VAT

If you’re VAT registered, this is one of the biggest wins you can make immediately.

4. Use Pots or Separate Accounts

Use a bank that allows multiple pots (Starling, Monzo, etc.).

Keep it simple—but keep it separate.

5. Make Profit Hard to Access

Move your profit into an account that isn’t easy to dip into.

Out of sight really does mean out of mind.

Final Thoughts

Most business owners are working incredibly hard—but not always seeing the rewards.

Some are:

• Earning less than their team

• Constantly worrying about cash flow

• Waking up in the middle of the night thinking about the business

Profit First is about changing that.

It’s about creating a system that helps you:

• Make more money

• Reduce stress

• Build a business that actually supports your life

Because ultimately, that’s what this is all about.

If you’d like help implementing this in your business, feel free to reach out:

stephen@cheltenhamtaxaccountants.co.uk

Until next week—keep putting Profit First.

Stephen Edwards
Profit First Accountant & Business Coach

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, I want to talk about why working harder isn’t the answer and how focusing on the vital few can completely transform your business.

Most business owners think the answer is simple: work harder, work longer, and success will follow.

And to be fair—there is a time and place for that.

In the early days of building a business, I did exactly that. I was working 60-hour weeks, saying yes to every opportunity, doing whatever it took to pay the bills and get things off the ground.

That level of effort can get you moving.

But it won’t get you scaling.

At some point, working harder stops being the solution—and starts becoming the problem.

The Ceiling You Don’t See Coming

I hit this myself when the business was around 30–40% of the size it is today.

Everything went through me. Every client, every decision, every problem.

And that’s when I realised:
I’d built a business that depended entirely on me.

That creates a ceiling.

To grow, I had to:

• Build a team

• Empower people

• Let go of control

Not everyone liked it. Some clients even left.

But it was necessary to create a business that could actually scale—and support the life I wanted.

The Game-Changer: Trivial Many vs Vital Few

Here’s the real shift.

As a business owner, you’ve got endless options:

• Books to read

• Podcasts to listen to

• Ideas to implement

• Projects to start

It’s overwhelming.

But the truth is:

Not everything is equally important.

You need to distinguish between:

• The Trivial Many – the majority of tasks that feel productive

• The Vital Few – the small number of actions that actually move the needle

This is where the Pareto Principle comes in.

If you’ve got 10 key projects:

• 2 of them will likely drive 80% of your results

And those few activities?
They can be up to 16x more impactful than the rest.

Why Most Business Owners Stay Stuck

The problem isn’t lack of effort.

It’s lack of focus.

Trying to do everything leads to:

• Burnout

• Overwhelm

• Slower progress

Whereas focusing on the vital few leads to:

• Faster results

• Better decisions

• More clarity

How to Identify Your Vital Few

If you’re not sure where to start, here’s a simple structure:

1. Define Your Vision

• What does your 3-year future look like?

• What needs to happen for you to feel successful?

2. Break It Down

• What needs to happen in the next 12 months?

• Then the next 90 days?

3. Focus Weekly

• What are the few key actions this week that actually move you closer to that vision?

That’s how strategic business owners operate.

A Simple Mindset Shift

You don’t need to:

• Read every book

• Listen to every podcast

• Act on every idea

Just like you can’t watch everything on Netflix…

You don’t need to do everything in your business.

You just need to focus on what matters right now.

Final Thought

If you take one thing from this week, let it be this:

Success doesn’t come from doing more. It comes from doing what matters most.

Focus on the vital few—and everything else becomes easier.

If you’d like help identifying your vital few or implementing Profit First in your business, feel free to reach out:

stephen@cheltenhamtaxaccountants.co.uk

Have a great week.

Stephen Edwards

Profit First Accountant & Business Coach

Estimated Read Time: 4 Minutes

Watch the Full Video here

It’s Stephen Edwards from Gro Profit First Accountants, and welcome to this week’s Profit First Accountant Newsletter.

A lot of business owners start their journey because they want more freedom — more time, more flexibility, and more control over their lives.

But what often happens is the opposite.

The business grows, the workload increases, and suddenly the owner becomes the most overworked person in the company. Instead of having freedom, they feel trapped.

So the big question becomes:

How do you build a business that allows you to work less while still earning more?

The answer lies in building the right systems and structure so that the business does not depend on you for every decision.

The Real Goal of Business Ownership

The real goal of business ownership isn’t just revenue growth.

It’s about building a business that supports your life — not one that consumes it.

Many entrepreneurs believe they need to be involved in everything for the business to succeed. But in reality, that creates a bottleneck.

When the owner is the bottleneck:

• Every decision needs their approval

• Progress slows down

• Growth becomes limited

To achieve real freedom, the business must be able to operate effectively without the owner being involved in every detail.

The Four Stages of Building a Business That Runs Without You

A useful way to think about this is as a progression through four stages.

Stage 1: Build the Foundation

Before anything else, the fundamentals must be clear.

This includes having a clear vision, understanding your numbers, defining your values, and creating the right team structure.

Without these foundations, growth becomes chaotic rather than strategic.

Stage 2: Build the Business Systems

Once the foundation is in place, the next step is building systems.

This includes:

• A scorecard to track the key numbers that show if the business is healthy

• A marketing system that consistently generates leads

• Strong financial management, including profitability and pricing

Profit First plays a key role here because it helps you stay in control of your finances and ensure the business is actually profitable.

Stage 3: Remove Yourself as the Bottleneck

One of the biggest shifts happens when the owner stops being involved in everything.

This often involves hiring an operations manager or implementing systems that allow the business to run smoothly day to day.

Instead of focusing on delivery and operations, the owner can start focusing on higher-value activities such as strategy, leadership, or growth.

Stage 4: Business and Life Freedom

This is the ultimate outcome.

When the right systems, team, and financial structure are in place, the business can operate successfully without constant involvement from the owner.

Freedom might look different for everyone.

For some people it means taking extended time off.
For others it means working fewer hours or focusing only on the parts of the business they enjoy.

But the key point is this:

You have the choice.

Profit First Tip of the Week

Do you have a clear financial dashboard?

Your Profit First accounts give you a real-time view of the health of your business, but it’s still important to track key numbers regularly.

A simple weekly scorecard should include:

• Revenue and profit

• Cash in the bank

• Debt levels

• Payroll as a percentage of revenue

• Operating expenses

Without tracking these numbers consistently, it becomes very difficult to make good decisions or correct course early.

Final Thought

Working less and earning more isn’t about doing less work.

It’s about building the right systems, team, and financial structure so the business doesn’t rely entirely on you.

When that happens, your business becomes what it was meant to be:

A vehicle that supports your life — not one that controls it.

If you’d like help implementing Profit First in your business or building systems that give you more freedom, feel free to reach out.

stephen@cheltenhamtaxaccountants.co.uk

Until next week — keep putting Profit First.

Stephen Edwards
Profit First Accountant & Business Coach

Estimated Read Time: 7 Minutes

Watch the full video here.

It’s Stephen Edwards from Gro Profit First Accountants, and welcome to this week’s Profit First Accountant Newsletter.

“I’ve Got a Cashflow Problem…”

This week’s newsletter is based on a real coaching conversation with a business owner.

The business is growing.
Revenue is up.
The team is bigger.
The numbers are larger than ever before.

But cashflow feels tight.

There’s pressure around:

• VAT payments

• PAYE

• Supplier bills

• Wages

• Paying themselves

And the natural conclusion is:

“I’ve got a cashflow problem.”

But here’s what I explained:

Cashflow problems are usually a symptom. Not the root cause.

The Warning Light on the Dashboard

Think of cashflow like the warning light on your car dashboard.

The light isn’t the problem.
It’s telling you something underneath needs attention.

When I reviewed 18 months of this client’s figures on our very first call, the picture became clear very quickly:

Yes, cashflow was tight.

But the real issue?

The margins were too thin.

And when margins are too thin, everything feels fragile.

There’s no breathing space.
No buffer.
No room for mistakes.

You’re one unexpected bill away from stress.

Growth Magnifies Weakness

Here’s something most business owners don’t realise:

Growth doesn’t fix financial weaknesses.
It magnifies them.

If your margins are tight at £500k turnover,
they’ll be painfully tight at £1m turnover.

More revenue means:

• More payroll

• More overhead

• More tax exposure

• More working capital required

If the profitability engine isn’t strong enough, growth simply increases the pressure.

The Real Question: Why Aren’t You Making Enough Profit?

Once we established it wasn’t “just” cashflow, the better question became:

Why is the business not producing enough profit?

And this is where proper analysis matters.

At Gro Profit First Accountants, when we do a Profit Assessment, we’re looking at:

• Gross profit margins

• Net profit margins

• Payroll as a % of revenue

• Overheads as a % of revenue

• Revenue per team member

• Owner’s pay compared to industry norms

Without benchmarking, you’re operating in the dark.

Benchmarking: What Does Good Look Like?

Let me give you a simple analogy.

My son runs the 100 metres in around 11.4 seconds.

Is that good?

It depends who he’s racing.

If he’s compared against runners doing 14 seconds, he looks exceptional.

If he’s competing nationally, the benchmark changes.

In business, it’s exactly the same.

If your peers are running 20% net margins and you’re running at 5%, that’s not a cashflow issue.

That’s a profitability issue.

And until you understand what’s realistically achievable in your industry, you’ll normalise underperformance.

The 5 Most Common Causes of Profitability Problems

In my experience, profitability issues normally come from one (or more) of these areas:

1. Pricing Is Too Low

This is the big one.

A 10% discount doesn’t reduce profit by 10%.
It can reduce profit by 30–50%, depending on your margin.

Many business owners underprice because they:

• Fear losing work

• Compete on price

• Haven’t reviewed pricing in years

But inflation, wages, and supplier costs move — your pricing must too.

2. Discounting Has Become Habitual

Occasional strategic discounting is fine.

Permanent discounting destroys margin.

If your team discounts without understanding margin impact, you’re quietly eroding profitability.

3. Payroll Structure Is Too Heavy

Payroll is usually the largest cost in most service businesses.

Ask yourself:

• Is every team member operating at the right level?

• Are senior people doing junior work?

• Do you have clear productivity targets?

• Is revenue per employee healthy?

A bloated or misaligned structure creates constant financial pressure.

4. Inefficient Processes

The business owner I mentioned is bringing in a lean consultant.

Why?

Because inefficient workflow costs money.

Toyota built its reputation on Kaizen — continuous improvement.

Small inefficiencies repeated daily become large financial drains over 12 months.

5. Lack of Financial Visibility

Most business owners look at their bank balance and make emotional decisions.

But your bank balance does not equal profit.

Without:

• Clear allocation systems

• Regular KPI tracking

• Margin analysis

• A structured Profit First system

You are reacting instead of leading.

Where Profit First Comes In

Profit First works because it uses behaviour, not willpower.

Parkinson’s Law says:

The more of something we have, the more we consume.

If you see £80,000 in your bank account, you feel comfortable.

If you see £12,000 available for expenses because profit, tax and owner’s pay have already been allocated — you become more resourceful.

Profit First forces discipline automatically.

It creates artificial scarcity in the right way.

It strengthens the engine before the car breaks down.

Timing Problems vs Profit Problems

Now, to be fair, sometimes cashflow genuinely is about timing.

For example:

• Large corporate clients paying in 60–90 days

• Project-based businesses with uneven billing cycles

• Seasonal businesses

But if you are:

• Getting paid regularly

• Not operating on long credit terms

• Not highly seasonal

Then persistent cashflow stress usually points back to profit.

Practical Steps You Can Take This Week

If any of this resonates, here are 5 things to do immediately:

1. Calculate your true net profit margin for the last 12 months.
2. Review your pricing — when was the last increase?
3. Check payroll as a percentage of revenue.
4. Identify any “automatic” discounts being given.
6. Separate profit from your main account if you haven’t already.

Even small margin improvements create massive breathing space over time.

Final Thought

If your car keeps breaking down, you don’t just reset the warning light.

You lift the bonnet.

Cashflow pressure is stressful. I get that.

But if you fix the profit engine, the cashflow warning light often disappears on its own.

If you’d like help reviewing your numbers properly, you can reach me directly:

 stephen@cheltenhamtaxaccountants.co.uk

Let’s make sure your business is not just growing — but profitable, stable, and giving you the freedom you actually want.

Have a great week.

Stephen Edwards
Profit First Accountant and Business Coach
Gro Profit First Accountants

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, I want to bring it back to real-world Profit First stories — straight from the fire.

I’ve recently been working with a business that had grown to nearly £1 million in revenue. They built a team of over a dozen people. On the surface, everything looked like success.

For the first few years, it was happy days.

But then came the squeeze.

This is classic over-trading. Revenue grows, the team expands, overheads increase, and the pressure to constantly win new business becomes intense. Margins get tighter. Cash gets tighter. Decision-making becomes reactive rather than strategic.

The numbers ran away from them.

And this is the key point:

Growth without financial control is not sustainable growth.

I always talk about building a profitable and sustainable business — not just a growing one.

Why Prevention Is Better Than Cure

One of the biggest misconceptions about Profit First is that it’s something you implement when you’re struggling.

It isn’t.

In fact, the best time to implement Profit First is when things are going well.

Why?

Because that’s when you can build the habits and systems before pressure hits.

Think about it like health. The NHS largely deals with problems once they exist. But prevention — good habits, discipline, structure — is what keeps you out of trouble in the first place.

If your business is in a good place right now, don’t take it for granted.

That’s the time to:

• Understand your margins properly

• Track trends monthly (not just yearly)

• Build cash reserves

• Put clear controls and KPIs in place

• Have regular financial conversations that challenge assumptions

Because for many businesses, two bad months can be enough to cause serious damage.

The Power of Cash Reserves

One of the biggest benefits of Profit First isn’t just paying yourself more.

It’s building certainty.

When you have:

• Money set aside for tax

• Money set aside for VAT

• Money set aside for overheads

• A profit pot

• A small “rainy day” reserve

You operate differently.

You think strategically.

You don’t hire from panic.
You don’t cut staff from fear.
You don’t make decisions from scarcity.

Without reserves, every decision feels stressful.

With reserves, you make calm, deliberate choices.

That’s the difference between reacting and leading.

When It Goes Wrong…

In this particular case, because the structure wasn’t in place early enough:

• Team members had to be let go

• Culture was affected

• Debt had to be taken on

• Large tax bills created personal financial pressure

We’ve also recently spoken to someone who received a very large surprise tax bill because there had been no proactive tax planning from their previous accountant. They now have to finance that personally and make lifestyle changes to deal with it.

That’s not a position any business owner wants to be in.

But it’s avoidable.

The Role of Honest Conversations

One of the most powerful elements of implementing Profit First properly isn’t just the bank accounts.

It’s the accountability.

When we work with clients one-to-one, we typically meet quarterly. Larger businesses may meet monthly for CFO-style support.

Those regular conversations force you to step back and ask:

• Is the trend healthy?

• Are margins tightening?

• Is payroll creeping too high?

• Are we becoming too reliant on new clients?

If a business trends in the wrong direction for too many months, something must change.

But you can only spot that early if you’re reviewing consistently.

How to Get Started

If you’re brand new to Profit First, start small.

Set aside 1% of revenue into a separate profit account.

Build the habit.

But if you want to implement it properly — with the correct percentages for your industry and stage of business — it’s important to get the structure right from the beginning.

Starting with unrealistic percentages can cause unnecessary pressure and make the system feel unsustainable.

Profit First should be:

• Realistic

• Challenging

• Sustainable

• Aligned to your business model

Final Thought

If your revenue is growing, don’t assume everything is fine.

That’s often the most dangerous stage.

The goal isn’t just growth.

The goal is a profitable, sustainable business that works for you — not one that traps you in stress, debt, and constant firefighting.

If you’d like help implementing Profit First properly, feel free to reach out.

stephen@cheltenhamtaxaccountants.co.uk

Until next week, keep putting Profit First.

Stephen Edwards
Profit First Accountant and Business Coach
Gro Profit First Accountants

Estimated Read Time: 5 Minutes

Hi Everyone,

It’s Stephen Edwards from Gro Profit First Accountants, and welcome to this week’s Profit Accountant Newsletter.

This week, I want to share two things with you.

First, a very practical Profit First action you can implement immediately.
Second, a powerful mindset shift inspired by Steve Jobs that could transform how you spend your time as a business owner.

Let’s start with the practical.

If you’re not yet fully implementing Profit First, or you’re just getting started, there is one thing you absolutely must do before anything else:

Separate your VAT.

It sounds simple. It is simple.

But it is also where I see more businesses go wrong than anywhere else.

VAT is not your money.

If you’re waiting for your quarterly VAT bill and it feels like a surprise…
If you’re scrambling when your accountant tells you what’s due…
If you haven’t been setting it aside weekly, fortnightly, or at the very least monthly…

Then you’re not running a mature finance function.

And I say that with respect — not criticism.

This is where businesses get caught out. This is where cash flow collapses. This is where unnecessary stress creeps in.

So here’s your starting point:

• Every week (ideally), or at least monthly

• Calculate the VAT element of your income

• Move it into a separate account immediately

That money belongs to the government. Not you.

Once you’ve done that, here’s your next small step:

Let’s say you invoiced £12,000 and £2,000 of that is VAT.
You’re left with £10,000.

Start with just 1% profit on what remains.

That’s £100.

Set it aside.

That’s how habits begin.

When we work properly with clients, we go much deeper. We analyse two years of financial data. We calculate proper allocation percentages for:

• Profit

• Owner’s Pay

• Tax (personal and corporate)

• VAT

• Operating Expenses

• Cost of Goods Sold (if relevant)

But if you want to start today — start with VAT and 1% profit.

Small actions build powerful momentum.

The Steve Jobs Insight That Changes Everything

Now let’s move to something more strategic.

I recently revisited a story shared by Kevin O’Leary about Steve Jobs.

Steve Jobs was known for being driven, ambitious, and extremely focused. Not necessarily warm and fuzzy — but intensely clear about results.

And he categorised work into just two types:

Signal or Noise.

Signal = Activities that move you towards your goals.
Noise = Everything else.

That’s it.

He aimed to spend 80% of his time on signal.

Now think about your week.

How much of it is signal?
How much of it is noise?

Most business owners fall into two camps:

1. Head down, constantly busy on the tools.

2. Trying to “work on the business” but overwhelmed by options, distractions, and information overload.

We live in a world of constant distraction.
Notifications. Social media. Podcasts. Opinions. Advice.

Too much choice destroys focus.

So here’s your clarity tool for 2026:

Ask yourself every day:

What is the signal today?

What is the one activity that moves me materially closer to my goal?

Is it:

• Reviewing your numbers?

• Hiring the right person?

• Fixing your pricing?

• Having key sales conversations?

• Improving your marketing system?

Or is it rearranging your inbox?

Your job is not to find a better productivity app.

Your job is to eliminate noise.

Say no more often.
Protect your focus.
Design your week intentionally.

If you can consistently spend more time on signal activities, your growth will accelerate — without needing to work longer hours.

This Week’s Action Steps

1. If you are VAT registered and not separating VAT weekly or monthly — fix that immediately.

2. Start with 1% profit on remaining income. Build the habit.

3. Identify your top three signal activities for this quarter.

4. Eliminate one major source of noise this week.

Simple. Practical. Powerful.

If you want help implementing Profit First properly — with accountability, structure, and a clear roadmap — just reply to this email or contact me directly:

stephen@cheltenhamtaxaccountants.co.uk

Let’s make 2026 the year you focus on signal, build real profit, and stop running your business on stress.

Have a great week.

Stephen Edwards
Profit First Accountant and Business Coach
Gro Profit First Accountants

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 that rarely gets discussed properly in business — time away, boundaries, and rewarding yourself without guilt.

I’ve just come back from a short break, and it really brought something into sharp focus for me. I speak to a lot of business owners, across all industries, and one pattern comes up again and again:

They are exhausted.
They feel trapped.
And they haven’t taken proper time out for years.

So let me ask you something upfront:

When was the last time you genuinely stepped away from your business and switched off?

Not a weekend where you checked emails.
Not a “holiday” where you were still thinking about work.
But real time away.

Why Business Owners Struggle to Take Time Off

Most business owners tell me the same things:

• “I’ll take time off when things calm down.”

• “The business needs me.”

• “I can’t afford to step away.”

• “If I stop, everything stops.”

And on the surface, those reasons feel logical. But dig a little deeper and what’s really happening is this:

The business is running you — not the other way around.

That’s not a failure. It’s incredibly common. But it is a warning sign.

Because if your business can’t survive without you for a few days, then it certainly can’t support the lifestyle you started it for in the first place.

It Doesn’t Start With a Big Holiday

Let’s get one thing straight.

This is not about luxury holidays or weeks off at a time. That comes later.

It starts with small pockets of protected time.

For me, Mondays are sacred. I’ve talked about this before, but it’s worth repeating.

Monday is not a delivery day.
It’s not a firefighting day.
It’s a thinking, planning, and strategy day.

That space allows me to:

• Zoom out

• Make better decisions

• Plan properly for the week ahead

• Work on the business, not just in it

During the week, I also deliberately create space by doing things like:

• Going to the gym

• Using the sauna

• Going for long walks

This isn’t time wasting. This is where your subconscious works through challenges, opportunities, and ideas in the background. Some of the best decisions you’ll ever make won’t happen at your desk.

So ask yourself:

Where are you creating space in your week — if at all?

The First Big Milestone: Free Up Your Weekends

If you’re currently working six or seven days a week, this is the first real milestone:

Free up your weekends completely.

A weekend that’s “a bit of work and a bit of rest” is not rest.

Checking emails.
Doing admin.
“Just doing a bit of learning.”
Listening to work podcasts all weekend.

It all keeps your brain switched on.

If this is you, give yourself permission to:

• Move learning into the week

• Create boundaries around your free time

• Stop pretending that half-working weekends count as rest

Yes, I know this is hard. Especially if you’re a learner with a growth mindset. I’m exactly the same.

But the problem is — learning has no natural limit. It will consume all your available time unless you create boundaries.

What This Has to Do With Profit First

This is where Profit First really comes into its own.

Profit First is not just about numbers.
It’s not just about bank accounts and percentages.

It’s a permission system.

It gives you:

• Visibility

• Control

• And most importantly, confidence

Confidence that the business can afford to reward you.

When I took my recent break, it was paid for entirely from our Profit Distribution pot. Completely guilt-free. That money had already been set aside.

This is exactly how it’s meant to work.

Think about shareholders in a large company:

• Their salary is their salary

• Dividends are a bonus on top

Profit First allows you to treat yourself the same way.

Start Small: The 1% Action

If all of this feels overwhelming, here’s the simplest possible place to start.

Set aside 1% of your real revenue.

Real revenue means:

• Revenue after direct costs (like stock, materials, or cost of goods sold)

• Not overheads

• Not wages

Put that 1% into a separate account.
Ideally one you don’t log into regularly.

Then forget about it.

Check it again in three months.

If you can run your business on 100% of your revenue, you can run it on 99%.

And those small weekly amounts add up far quicker than you expect.

That money is there to be enjoyed.
Not hoarded.
Not reinvested.
Not justified.

Enjoyed.

If You’re Already Using Profit First

Let me challenge you.

When was the last time you reviewed your percentages?

Comfort leads to stagnation.
Progress creates momentum.

Businesses don’t usually fail because of one big mistake — they drift because nothing changes.

Ask yourself:

• Could my profit percentage be higher?

• What would doubling it over the next few years look like?

• What needs to change to make that possible?

This is exactly why we create custom Profit Plans for our clients.

We don’t benchmark you against “average”.
We benchmark you against best-in-class businesses in your industry.

Then we create a realistic, achievable roadmap — not overnight transformation, but consistent progress.

The Bigger Picture

Your business should not trap you.
It should not exhaust you.
And it should not rely on sacrifice forever.

Your business should:

• Fund your life

• Reward your effort

• Give you choices

• Give you time

Profit First is the mechanism that makes that possible.

So here’s your final question for this week:

If you truly gave yourself permission, what would you use your profit distributions for?

Write it down.
Talk about it with your partner.
Get excited about it.

That’s how real change starts.

If you’d like help putting this into practice, just reach out.

All the best,
Stephen Edwards
Profit First Accountant and Business Coach
Gro Profit First Accountants
 stephen@cheltenhamtaxaccountants.co.uk

Estimated Read Time: 8 Minutes

Hi Everyone,

It’s Stephen Edwards from Gro Profit First Accountants, and welcome to this week’s Profit First Accountant Newsletter.

As we head into Week 3 of 2026, there’s still plenty of time to step back and build a business plan that gives you clarity, direction, and a way to measure real progress.

Too often, planning gets neglected because people think it needs to be perfect or take too long. But a rough plan is better than no plan. That’s why this week we’re diving into a simple but powerful framework: the 8-Question Business Plan.

This approach works whether you’re a solo founder or running a growing team. You can do it in half a day, and it might be the most impactful thing you do this quarter.

Watch the full video here

The 8-Question Business Plan for 2026

Set aside 2–4 hours, block distractions, and get version one done. Planning is about clarity, not perfection.

1. What Are Your Core Values?

These are the non-negotiable beliefs that guide how your business operates—how you hire, how you serve customers, and how you make decisions.

Think About:

• What behaviours are rewarded in your team?

• What traits annoyed you in past hires or clients?

• What would someone need to “get” to succeed in your business?

Example: Our core values at Gro are “KAN”: Continuous Improvement, Above-the-Line Thinking, and No Eeyores. It sets the tone for how we show up and who we choose to work with.

Your core values create alignment, culture, and clarity. Start with 3 strong ones and refine over time.

2. What’s Your Core Focus?

This is your purpose, your niche, and your reason for existing. It defines who you help and how you help them best.

Think About:

• What product or service do you do best?

• Who are your ideal customers?

• What’s the bigger mission behind the business?

Avoid trying to be everything to everyone. Focus wins. Whether you're the best dog groomer for nervous rescue pets or the go-to marketing coach for yoga instructors—clarity here is powerful.

3. What’s Your 10-Year Target?

This is your “north star.” It helps you reverse-engineer where you need to be in 3 years, 1 year, and even this quarter.

Think About:

• What would you be proud to have built?

• How much revenue/profit would make a real difference?

• What would your ideal role look like?

Don’t stress about getting it perfect. If 10 years feels too far, aim for 5. Write something ambitious but exciting—and revisit it annually.

4. What’s Your Marketing Strategy?

A lack of clear marketing is why many businesses struggle. You need a plan that builds trust, attracts leads, and sets you apart.

Your marketing strategy has three key parts:

a. Your 3 Uniques – What makes you different?

Think About:

• Your customer experience

• Your process

• Your background or expertise

b. Proven Process – How do clients work with you?

Outline your service journey in 3–7 steps. Make it visual if possible. This builds confidence and clarity.

c. Guarantee – Can you offer a promise that removes risk?

Example: “If you don’t save at least £1,000 in tax, you don’t pay.” Guarantees build trust and help you stand out.

5. What’s Your 3-Year Picture?

This is where you start connecting the vision to reality. What does the business look like in 2029?

Think About:

• Revenue and profit numbers

• Team size and roles

• Number of clients, locations, or product lines

• What are you doing day-to-day?

This gives you a clearer picture to share with your team or investors. It’s also your benchmark for growth.

6. What’s Your 1-Year Plan?

Zoom into 2026. What must happen for this to be a successful year?

Think About:

• Key goals: New product launch? Team hire? New location?

• Revenue and profit targets

• Strategic projects

Limit yourself to 1–7 priorities. Focus on impact. If it doesn’t move you closer to your 3-year picture, it doesn’t make the cut.

7. What Are Your Rocks (90-Day Goals)?

This is where strategy meets execution. Your “rocks” are the big things you commit to finishing in the next 90 days.

Think About:

• What 2–5 outcomes would move you closer to your 1-year goals?

• What must happen before March ends?

Schedule a 90-day planning session every quarter. Use a “rocks first” mindset—prioritise the big stuff before getting buried in day-to-day tasks.

8. What Are the Key Issues Holding You Back?

No plan is complete without acknowledging the roadblocks. These are the hidden weights slowing you down.

Think About:

• Are you lacking time, cash, team, or leads?

• What’s draining your energy?

• What are you avoiding?

Use the 80/20 rule. A few issues often cause most of the frustration. Identify the top 2–3—and commit to solving them this quarter.

Final Step: Don’t Just Plan—Commit to Accountability

Here’s the truth: most plans end up buried in a drawer or desktop folder. The key is follow-through.

That’s why we meet many of our clients quarterly to review their goals, track financial progress, and reset their rocks.

In 2026, we’re launching new Accountability Coaching programs that are affordable and flexible—even if you’re early-stage. More info coming soon!

If you want a copy of our 2-page template, just drop me an email:
stephen@cheltenhamtaxaccountants.co.uk

Make this the year you plan like a pro and execute like a leader. Your future self will thank you.

All the best,
Stephen Edwards
Profit First Accountant and Business Coach
Gro Profit First Accountants

P.S. If you complete your 8-question plan, I’d love to see it. Email it to me or book a 15-minute review call—let’s keep you on track!

Estimated Read Time: 3 Minutes

Hi Everyone,

It’s Stephen Edwards from Gro Profit First Accountants, and welcome to this week’s Profit First Accountant Newsletter.

As 2025 wraps up, I want to share something that’s resonated deeply with me this year and will shape my approach for 2026. Every year, I choose a theme—a guiding principle that keeps me grounded and focused through all the ups and downs. And honestly, I find it much more effective than setting short-term goals or dopamine-charged New Year’s resolutions that fade by February.

We still set 10-year visions, 3-year and 1-year targets, and 90-day goals—but the reality for many business owners is that those goals get buried under endless to-do lists. That’s why a strong theme can provide clarity and energy that lasts.

This Week’s Key Topic: Why “Boring Is Brilliant” in Business

You might have heard my 2025 theme was “Less is More.” It was about simplifying, cutting through the noise, and focusing on the few things that make the biggest impact (hello, 80/20 rule!).

Now, for 2026, my new theme is this:

“Make Your Business Boring.”

Yes, you read that right.

I know it sounds uninspiring, but let me explain: a boring business is a brilliant business.

Here’s the truth: if your business feels too “exciting,” it often means too much change, too many ideas, and not enough consistency. And that kills progress.

As entrepreneurs, we love learning, creating, experimenting—new apps, new tools, new services (I’m a fan of AI tools like ChatGPT, Gemini, Perplexity, Replit, Manus, Sintra). But constantly chasing shiny objects just feeds our dopamine, while distracting us from building solid foundations.

I’m someone who comes up with 10 new ideas a week. But I’ve learned that great businesses aren’t built on chaos. They’re built on:

• Consistency

• Predictability

• Systems

• Structure

Look at McDonald’s: they’ve mastered consistency. Two-thirds of their menu rarely changes. They innovate, yes—but only in small, systemised ways. That’s what creates scalability.

The Ceiling of Complexity

If you’ve grown from £250K to £500K in revenue and now feel stuck, you might be hitting what I call a Ceiling of Complexity. It’s where your systems break down and everything feels harder.

To break through it, you need to:

• Systemise

• Simplify

• Structure your team

• Focus on predictability

Predictable businesses avoid surprises, manage cash flow better, and deliver better service.

Real-Life Analogy: Table Tennis in Florida

This summer in Florida, my son and I got obsessed with table tennis. We’re both competitive, so I started learning flashy shots on YouTube. But I kept losing. Why? I lost consistency.

When I went back to basics—solid backhand returns, safe play, staying in the game—I started winning. Then I added a few flourishes when needed. That’s how you win in business too. The “boring” backhand wins 80% of the time.

Innovation vs. Execution

Don’t get me wrong—I love innovation. AI is going to transform everything. You must think about how the future will affect your business model, your team, and your customers.

But most of your time should be focused on what’s working now. That’s where the profits and predictability lie.

Questions to Ask in 2026

Every time a new idea excites you, ask yourself:

• Does this make my business more boring (aka systemised, predictable)?

• Or is it just adding noise and excitement?

• Am I doubling down on what’s already working?

What’s Coming in January

As we head into Christmas, I want to wish you all a fantastic break and thank you for being part of this amazing community.

In January, I’ll be running our Business Planning Workshop—a great way to start 2026 with clarity. I’ll be sharing full details soon.

Until then, I hope you get some rest, reconnect with family, and come back ready to build your best (and most boring) year yet!

Warm regards,

Stephen Edwards
Profit First Accountant & Business Coach
stephen@cheltenhamtaxaccountants.co.uk

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.

Are You Aiming Too Low? Time to Double Your Target

This week, I want to talk about a powerful mindset shift—doubling your income target and the real value behind it.

At a recent mastermind with about a dozen business owners, one woman shared her income goal. While I won't reveal the exact figure, the room's consensus was clear—it was too low. What stood out was that she wasn’t just sharing her target; she was almost asking for permission to want more.

Comparison is the Thief of Joy

Too often, we compare ourselves to others, and it drains our energy. Comparison leads to scarcity thinking and makes us feel like we’re behind—even when we’ve made massive progress. Instead, reflect on how far you’ve come. Look back 12 months or even three years. You’ll likely surprise yourself.

Set a Real Income Target—And Make It Personal

If you don’t have an income target yet, you need one. Don’t just pull a figure out of thin air—cost it out. What do you need for your lifestyle, family, holidays, and future? Once you’ve got that number, ask yourself: Is this limiting me?

A few years ago, I did exactly this and realised I was capping my own potential. So, I doubled my income target—not because I “needed” more, but because I realised it would require me to grow and create more value.

Money = Value Creation

Money isn’t just about personal gain. It’s a reflection of how much value you’re providing to others. So when you limit your income goals, you may also be limiting the impact you’re capable of making.

Growth Is Fun. Growth Is Freedom.

What helped me emotionally connect to a higher target was giving. The more I earn, the more I can do—for my family, for causes I care about, and for building a buffer that provides peace of mind. The universe is always expanding—and our goals should do the same.

Your Mind Will Tune In to the Target You Set

Here’s the kicker: your brain is always looking for solutions. Set a low target, and it’ll find low-return paths. Set a bigger goal, and your thinking shifts. You read more, network differently, invest in better strategies. That’s the power of frequency tuning.

Takeaway of the Week

Don’t undervalue your worth. Set a goal that excites and challenges you—and maybe even scares you a little. Then go out and make it real.

If you’ve got questions or want to chat more about how Profit First can help align your goals with your cash flow, drop me a message any time at stephen@cheltenhamtaxaccountants.co.uk.

Until next week—keep putting Profit First!

Warm regards,

Stephen Edwards
Profit First Accountant and Business Coach
Gro Profit First Accountants

Estimated Read Time: 5 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 hosted our first Profit First Live Drop‑In Session—a more relaxed Q&A format to give business owners direct support. We had a great turnout with two attendees, Tom and Gary, who shared valuable insights into their Profit First journeys. Whether you’re just getting started or fine‑tuning your financial systems, there’s something here for you.

To get the maximum value from this week’s topic, I highly recommend watching the full video recording or listening to the podcast version of our live session. You'll hear firsthand insights and questions from business owners like you.

Tweaks, TAPs & Takeaways Inside Our First Live Session

Watch the full video here

Key Topics Covered This Week:

1. Starting Profit First in a New Business

2. Tweaking Target Allocation Percentages (TAPs)

3. Handling Seasonality and Cash Flow Gaps

4. Building Buffers and Emergency Pots

5. Advanced Strategies for Long‑Term Profit Planning

Tom’s Journey: Starting Fresh with Profit First

Tom, who runs a heating and plumbing business, shared his experience starting Profit First from day one of launching his limited company. He’s using a system that transfers income into a Metal account with pots for tax, OpEx, and profit—based on the book’s recommendations.

What stood out was how Tom’s proactive approach (and listening to the Profit First audiobook) helped him start strong with cash allocation. His biggest concern? Making sure he’s saving enough for tax when January rolls around. We advised him to consider shifting from monthly to biweekly allocations for better clarity and control.

Gary’s Experience: Four Years In and Still Learning

Gary, who runs a promotional merchandise business, has been implementing Profit First for four years. He’s tweaked his system over time, recently moving toward our recommended model that subtracts VAT and cost of goods sold (COGS) before making allocations.

One of his key challenges is seasonality and cash flow timing, especially when he’s invoicing clients on 60‑day terms but paying suppliers upfront. Gary’s solution: build buffers in every account and track net worth weekly—including pensions, crypto, and emergency funds.

He also emphasized the value of separating salaries from general OpEx for greater control—a more advanced tweak we sometimes recommend when it fits the business.

Key Insights

Profit First isn't about rigid rules—it’s about creating a system that brings financial clarity, control, and consistency to your business.

1. Start With the Basics

Open income and expense accounts. Use app like Monzo with “pots” to split funds for Tax, Profit, and Owner’s Pay. Simplicity sustains the habit.

2. Build Buffers

Whether it’s the OpEx, Owner’s Pay, or Profit pot, build reserves to handle lean months. Seasonality is no longer a stressor if you've got a fallback.

3. Track Consistently

Weekly or biweekly reviews help you catch problems early. Use a simple scorecard (Revenue, Profit, Cash, Debt, Payroll %, OpEx) to stay on course.

4. Tweak Percentages with Purpose

Review your TAPs quarterly. Your real revenue (after VAT and direct costs) should guide your allocations. Benchmark against your history and industry—but don’t copy blindly.

5. Think Beyond the Norm

Differentiate your business to increase pricing power. Don’t just follow industry averages—design your own Profit First system based on your unique needs.

Upcoming: Business Planning Workshop in December

We’ll soon be running a workshop on business planning and financial forecasting, especially for those in their first trading year. Keep an eye out for the invite—we’ll help you model expected income and fine‑tune your TAPs with realistic projections.

To go deeper and hear the full context, join us on YouTube or your podcast app of choice—search Gro Profit First Live.

If you’d like help setting up your Profit First system or reviewing your current TAPs, just drop me a line at stephen@cheltenhamtaxaccountants.co.uk.

Until next week—keep putting Profit First!

Stephen Edwards
Profit First Accountant
Gro Profit First Accountants

Estimated Read Time: 3 minutes

Hi everyone,

It’s Stephen Edwards from Gro Profit First Accountants, and welcome to this week’s Profit First Accountant Newsletter!

Key Topics Covered:

• The GROW Model: A Blueprint for Smarter Finances

• The Three Pillars: Foundations, Profit, and Wealth

• How to Get a Guaranteed £2–5k in Tax Savings

Building a Business That Works for You

Most business owners are putting in the hours, taking on the risk, but not seeing the financial return they deserve. Around 80% of business owners are in this trap—and we want to break that cycle.

That’s why this week’s focus is on what I call the GROW Model—a practical three-step process to building a better finance function and a business that truly pays you back.

1. Finance Foundations

You can’t scale chaos—you have to scale clarity.

Start by getting your financial basics in order. That means using an online bookkeeping system like Xero, QuickBooks, or FreeAgent. We prefer Xero, but the key is: it must be online, up to date, and giving you monthly clarity.

No more chasing receipts or waiting months for your accountant to tell you how you did last year. You need real-time visibility, weekly or fortnightly bookkeeping, and a relationship with your accountant that goes beyond just filing a tax return.

If you’re still stuck in reactive mode, now’s the time to fix that.

2. Profit Improvement

Once your books are in shape, it’s time to turn your business into a profit machine.

This is where the Profit First system shines—by giving you a proactive view of your margins, taxes, and cash flow.

We help clients with monthly finance reviews, almost like having a part-time finance director without the £80k+ salary. Even if you only do a once-a-year forward-looking review, it can be transformational. Set your goals for 2026 now, not when it’s too late.

3. Wealth Maximisation

You’ve built a better engine—now it’s time to take home more of the reward.

We call this the Tax MOT—a deep-dive tax diagnostic based on 33 ways to save tax. We do this with clients annually, and the results speak for themselves: we typically find £2,000–£5,000 in savings, and we guarantee you’ll save something.

This is where you make your business a true wealth-building machine, not just for the business—but for your family’s future too.

Want to Know If You’re Missing Out?

If you’re interested in our Tax Diagnostic service—whether you’re already a client or not—just reply to this email. We’ll help you uncover opportunities and get you on the path to higher profitability.

Here’s to building a business that works for you.

Until next time,

Stephen Edwards
Profit First Accountant & Business Coach
 stephen@cheltenhamtaxaccountants.co.uk
Gro Profit First Accountants

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 fall off the bandwagon. The key is getting back on.

Why It Matters (And Why It's Really Life First)

So why does all of this matter?

Because this isn’t about money sitting in a bank account. This is about your life.

Profit First is actually life first. It’s about using profit to build the life you want.

To help you do that, we’ve created a tool inside the Grow Academy to help you design your ideal life. We walk you through calculating what your life really costs—mortgage, pension, bills, holidays, helping your children, and more.

Most people never do this. But when you put real numbers to your ideal life, you gain clarity. And that clarity gives your Profit First journey a powerful sense of purpose.

Because at the end of the day, your business is just a vehicle. Profit First helps you make it one that works for you.

Final Thought

Step 1 is about deciding: Is this a must?
The desire is already there—that’s why you’re here.
Now it’s time to make the decision, follow the design, and stay disciplined.

Because life is short. Every week counts. And Profit First is how we make those weeks matter more.

Until next time,

Stephen Edwards
Profit First Accountant & Business Coach
 stephen@cheltenhamtaxaccountants.co.uk
Gro Profit First Accountants

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:

1. Get more customers

2. Increase average transaction value

3. 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 sales
10 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 Prompt
We’ve created a ChatGPT prompt that acts like a virtual business consultant, walking you through:

• Getting more customers

• Increasing average spend

• Increasing buying frequency

Here’s a link with a quick walkthrough on how to use the prompt:

https://docs.google.com/document/d/1u83FTojaCYj3S9YGEF8e82CdK-QkXUjiGGKby7NV7CA/edit?usp=sharing

Join Our 2026 Workshop
We’re launching live online workshops in 2026, including:

• Business Planning

• Doubling Your Profit Using the 3 Levers

Clients attend free. Non-clients can join with a small investment.

Apply for Our VIP Beta Group
Want 1:1 support to build a bespoke plan to double your profit? I'm working with just three business owners to test a new high-impact programme. If you're serious and want in, get in touch right away—limited spots.

Small Increases = Big Results

Here’s the magic:

• Increase each lever by just 10%, and the compounded effect is a 33% revenue boost.

• Apply smart strategies, and you could see a 50–100% increase in profit over 12–18 months.

This isn’t fluff. It’s maths—and it works. ✨

So take action. Use the prompt, join the workshop, or reach out for the VIP group. Your future profits depend on what you do next.

Until next time,

Stephen Edwards
Profit First Accountant & Business Coach
stephen@cheltenhamtaxaccountants.co.uk
Gro Profit First Accountants

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

Mike Michalowicz learned the hard way. After selling his company for millions, he lost most of it investing in other businesses. He realised success wasn’t just about growth—it was about how money was managed. His biggest insight? Parkinson’s Law

The more you have, the more you consume.

With Profit First, we leverage that behavioural principle to our advantage: by pre-allocating money into separate “pots” or accounts, you limit waste and maximise creativity and efficiency. And it works—we’ve seen clients:

• Triple their profits

• Make their first ever business profit

• Finally pay their VAT and tax on time

• Gain confidence and reduce financial stress

The 9 Steps to Profit First Success

Here’s a breakdown of the 9 steps we guide clients through:

1. Make the Decision Are you truly ready to change the way your business handles money? This is about mindset. You have to be honest about what’s working, what’s not, and whether you're ready to do the work to improve it. For some, it’s about small tweaks. For others, big shifts.

2. Get Clean, Reliable Numbers You can’t improve what you can’t see. Before we implement anything, we make sure your financial data is up to date, clear, and accurate. If bookkeeping is behind or messy, that’s step one.

3. Complete Your Profit Assessment This is where things get emotional. You’ll see the gap between where your business is and where it could be. Many clients discover thousands of pounds in lost or misused profit potential.

4. Create Your Profit Plan (aka Rollout Plan) This is your roadmap. We break the journey into 3- and 6-month goals, based on what you discovered in the assessment. It’s not guesswork—it’s grounded in benchmarks and what’s possible.

5. Set Up Your Bank Accounts This part can feel a bit technical. We’ll help you separate your business income, operating expenses, owner's pay, tax, and profit. Fintech banks like Monzo make this easier with “pots.”

6. Build Your Allocation System You need a way to regularly move money into the right accounts. We show you how to set up a simple spreadsheet or automated workflow that makes this part easy to follow.

7. Start Allocating Weekly This is where theory meets discipline. Once a week, you allocate your revenue across your accounts. Most people get stuck here, so we help you build a habit that sticks.

8. Stay Accountable Change only works if you stick with it. That’s why we offer group coaching calls, 1:1 support, and community so you never feel like you’re doing it alone. Even if it's just your partner holding you accountable—you need someone.

9. Watch for Smoke Alarms This is the advanced level. Once the system is in place, we help you look out for financial patterns or decisions that may cause trouble down the line. Spotting these early can save you thousands.

Final Thoughts

Profit First isn’t just a system—it’s a mindset shift. It’s about prioritising yourself, your family, and your long-term goals as a business owner. We’ve worked with dozens of businesses from all sectors and sizes, and the results speak for themselves.

Whether you want just a simple VAT savings account or a full-blown overhaul of your finances, Profit First can meet you where you’re at.

Ready to take control? Let’s go.

Until next time,

Stephen Edwards
Profit First Accountant & Business Coach
stephen@cheltenhamtaxaccountants.co.uk
Gro Profit First Accountants

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 Edwards
Profit First Accountant & Business Coach
stephen@cheltenhamtaxaccountants.co.uk
Gro Profit First Accountants

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 Edwards
Profit First Accountant & Business Coach
Gro Profit First Accountants

wearegro.co.uk

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 Edwards
Profit First Accountant & Business Coach
Gro Profit First Accountants

wearegro.co.uk

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.

Got someone who’s talented but draining? Speak to a HR expert and use the tools above to make the right call. Don’t let toxic attitudes stall your growth.

As always, if you’ve got questions, feel free to reach out. We help entrepreneurs scale profitably and sustainably—and we’d love to help you, too.

Until next time—keep putting Profit First!

Stephen Edwards
Profit First Accountant & Business Coach
Gro Profit First Accountants
stephen@cheltenhamtaxaccountants.co.uk

wearegro.co.uk

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:

1. Vision – Crafting your personal and business vision

2. Numbers Plan – Creating a high-level financial roadmap

3. Values – This week’s focus

4. Team Structure

5. Scorecard

6. Marketing

7. Finance & Profitability

8. Operations Manager

9. Transform Your Role

10. 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:

1. Post-it Note Workshop – Gather your team and brainstorm what matters most.

2. Keep or Cut – Narrow your values to just a few that truly represent your business.

3. Use an Acronym – Helps the team remember and live them.

4. 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.

Why This Matters for Profit First

You might wonder—what do values have to do with cash flow and profit?

Everything.

You can’t build a business that runs without you without a strong team. And you can’t build a strong team without shared values.

When everyone’s aligned, you spend less time managing people and more time scaling. It impacts hiring, culture, service quality, and ultimately—your bottom line.

Action Step This Week

Define (or revisit) your core values.

Ask:

• What behaviours do I admire in my best team members?

• What are non-negotiables for people working in my business?

• What do my best clients love about working with us?

Write them down. Test them. Live them.

Free Resource

Want the full 10-Step Entrepreneur Freedom System?

Email me at stephen@cheltenhamtaxaccountants.co.uk with “Free Book” and your address, and I’ll send you a copy.

Until next week—keep building a business that gives you more life, not just more work.

To your success,

Stephen Edwards
Profit First Accountant & Business Coach
Gro Profit First Accountants

wearegro.co.uk

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:

1. What’s the income you need to support your ideal life?

2. What business revenue is required to make that possible?

3. What are your real overheads and delivery costs?

4. How many clients, sales, or projects do you need monthly to hit that?

5. What does that mean for your pricing?

Then allocate everything using the Profit First system:

• Profit

• Owner’s Pay

• Tax

• Operating Expenses

This is how you build a business that serves your life—not consumes it.

Want Help With This?

We help our 1:1 clients create clear, easy-to-follow financial models using our DIY Numbers Plan Template, and this will also be part of the Grow Academy launching soon.

If you’d like access to the template or guidance for your own plan, just reach out.

Coming Next: Step 3 – Values That Guide Every Decision

Next week, we’ll cover how to define your business values, so you attract the right clients, hire the right people, and lead with purpose.

Until then—keep putting Profit First, and take the time to make your numbers work for you.

Warm regards,
Stephen Edwards
Profit First Accountant & Business Coach
Gro Profit First Accountants

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 Edwards
Profit First Accountant & Business Coach
Gro Profit First Accountants

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:

1. Finance (where Profit First lives)

2. Sales & Marketing

3. Operations

4. 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:

1. 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.
2. 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 Edwards
Profit First Accountant & Business Coach
Gro Profit First Accountants

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 Edwards
Profit First Accountant & Business Coach
We 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

• How an Average Business Can Transform Your Life

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 Edwards
Profit First Accountant | Business Coach
We Are Gro Accountants