Welcome to This Week’s Profit First Accountant Newsletter! 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 ...

This Week’s Profit First Accountant Newsletter! Estimated Read Time: 4 Minutes Hi Everyone, It’s Stephen Edwards from Gro Profit First Accountants, and welcome to this week’s Profit First Accountant Newsletter. 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 EdwardsProfit First Accountant and Business CoachGro Profit First Accountants

This Week’s Profit First Accountant Newsletter Estimated Read Time: 5 minutes Hi everyone, It’s Stephen Edwards from Gro Profit First Accountants, and welcome to this week’s Profit First 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: Starting Profit First in a New Business Tweaking Target Allocation Percentages (TAPs) Handling Seasonality and Cash Flow Gaps Building Buffers and Emergency Pots 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 apps like Starling or Metal 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 cop...

This Week’s Profit First Accountant Newsletter 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 EdwardsProfit First Accountant & Business Coach stephen@cheltenhamtaxaccountants.co.ukGro Profit First Accountants

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

This Week’s Profit First Club Newsletter Estimated Read Time: 4 mins Hey Profit First Champions, It’s Stephen Edwards from We Are Gro Accountants, and welcome to this week’s edition of the Profit First Club Newsletter. Whether you’re joining us from the podcast, YouTube, or our Beehive newsletter, we’re glad to have you here. This week, we’re diving into a critical concept: Having a Numbers Plan. It’s a topic I’ve been talking to a lot of clients about recently—and it’s foundational whether or not you’re using Profit First (though we obviously think you should be ). The Numbers Plan: Why It Matters When many of us started our businesses, the “numbers plan” was as simple as: Can I pay the mortgage this month? Over time, the business grows, revenues increase—but profitability often gets pinched. That’s where Profit First shines, giving us structure and intention. But the real magic comes from zooming out and asking: Do I have a clear, intentional numbers plan guiding my decisions? If you’re just winging it—taking on any job, hiring without a plan, pricing based on guesswork—you’re likely stuck in amateur mode. We all start there. But the pros? They know their numbers. They forecast. They budget. They pay taxes on time. They track progress. That’s what transforms a business into a tool for life freedom. A Real-World Analogy Think of your business like a house. Ours is a 1930s home that’s had a few extensions over the years—lovely character, but you’d never design it this way from scratch. The same is true for most businesses. If you were starting fresh, would you run things the same way? That’s why building a numbers plan is about intention. Want to take home £50,000 a year? Great. Now work backwards: What revenue do you need? What are your costs? Taxes? Marketing spend? Map it all out. Simple Example: Let’s say you run a £100k construction business: Cost of sales = 30% → £30k Gross profit = £70k Need £60k pre-tax income to net £50k That leaves only £10k for overheads That’s tight! Without a numbers plan, you won’t spot this problem until it’s too late. Why Profit First Is the Perfect Tool Profit First gives you benchmarks to aim for—and it works whether you’re at £80k or £800k revenue. We help clients work toward their life number—what they need to live the life they want. Combine that with industry benchmarks, strategic tweaks, and a commitment to small, consistent improvements, and you’ll be amazed at the transformation. The numbers don’t lie. But they do need a plan. Action Step: Start Your Numbers Plan Here’s how to get started: Define your life number (e.g. £50k take-home) Map your revenue and cost targets backward Build a simple budget or forecast model Review and refine it monthly If you’re unsure where to start, that’s what we’re here for. Let’s Talk Want to see what it looks like to build a numbers plan with our team? Drop us a message or visit our site: wearegro.co.uk Until next time, keep putting Profit First.