555. Why most UK Businesses get Profit First Wrong

In this episode of Financial and Lifestyle Freedom for UK Business Owners, Annette Ferguson dives deep into the Profit First cash management system and reveals the five biggest mistakes UK businesses make when trying to implement it. If you've ever struggled to get Profit First working for your business, or if you're considering implementing it, this episode is packed with essential advice.

Key Takeaways:

• Profit First is Not One-Size-Fits-All: Learn why you can't just take the percentages from the book and apply them to your UK business.

• VAT is a Critical Factor: Discover why ignoring VAT is a major pitfall and how to handle it correctly within your Profit First system.

• Professional Guidance is Key: Understand why going it alone with Profit First often leads to failure and how professional support can ensure your success.

In This Episode, You'll Learn:

• The 5 Biggest Profit First Mistakes: Annette breaks down the common errors that cause UK businesses to fail with Profit First, from incorrect bank account setups to treating it as a one-time system.

• How to Adapt Profit First for the UK: Get practical advice on adjusting the system for the UK's unique tax and banking systems.

• The Importance of Regular Reviews: Learn why Profit First is not a "set and forget" system and how to actively manage it for long-term success.

Resources Mentioned:

• Book a Fitting Call with Annette & Co: https://www.annetteandco.co.uk/fitting/

• Free Profit First Core Chapters: https://www.annetteandco.co.uk/pfbook/