Profit First
Sales
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Profit
_________
Expenses
We are the only Hospitality specific Accountancy firm specialising in Profit First for Hospitality in the UK
What Impact will Profit First have on my business?
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Guaranteed profit: Ensuring your business remains financially healthy (so long as you do not deviate from our plan).
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Reduced stress: No more cash flow chaos—your VAT, tax, and expenses are covered.
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Simplified cash management: Manage your finances without guesswork.
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Instant clarity: Know exactly where your money is, any time you log in to your bank account.
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Scalable growth: Build a sustainable, profitable business that rewards you and your team.
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Stronger decision-making: Spend with confidence, knowing what you can afford.
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Quick Deployment: The Profit First system can be implemented in as little as 5 days.
What is Profit First?
Profit First is a unique, yet simple, cash management system. It's formed on the basis that profit should come first, regardless of whether you're a charity, private entity, sole trader, profit for purpose (especially if you're a profit for purpose), or even if you're already in debt!
The Profit First system was built by Mike Michalowicz, and it is currently employed by more than 600,000 businesses across the globe.
Profit First forces you into profitability by ensuring that you allocate a set percentage of your profit (after VAT) before you pay yourself, your taxes, and- most importantly- your operating expenses.
It takes the standard accounting equation of Sales - Expenses = Profit and turns it on its head: Sales - Profit = Expenses. Under traditional accounting, profit is an afterthought, it's what is left at the end of the year. By changing the formula, and putting Profit First, we change the way that your brain thinks about profit.
As business owners, we all check our bank accounts on a daily basis, and then we do some quick guesstimate maths to work out if we've got enough to cover X, Y, and Z, and if there's enough left over to go and buy that thing that we really need. With Profit First, we take out the guess work. We restructure your finances to line up with natural human behaviours- something that traditional accounting just can't do.
Now, I'm not saying that you can replace your Year End process with Profit First, you've still got a legal obligation to file your accounts as set out by the government, but with Profit First you won't have to wait until the end of the year to see whether or not you've made a profit, you'll know day by day how much profit you've currently got, in cash, in your bank- not paper profit, not the accounting profit that doesn't match what your bank says you've got left at the end of the year, actual useable profit.
I've put together a quick Profit First FAQ, along with a Profit First article that explains more about the process and answers some of those niggling questions that you've now got.
What is a Certified Profit First Professional?
According to the CCAB's January 2024 report (Consultative Committee of Accountancy Bodies), in 2022, there were an estimated 357,000 UK members of the 5 main UK Accountancy bodies.
NimbleFins (2024) estimates that there are more than 40,000 registered Accountancy practices in the UK.
That's a whole heap of us that can do the same standard compliance, to get the same standard result. And this is absolutely fine if you're a small sole trader who only needs a self-assessment completing. But if you're a scaling business, then you need more.
There are only around 20-30 Certified Profit First Professionals in the UK.
We've had to go through a rigorous coaching programme, pass an exam, evidence that we've implemented Profit First in our own business, and then evidence that we've helped at least 3 of our clients to implement it in theirs.
Do I need to be a client of yours to work with you on Profit First?
Although we'd love to have you as an Accountancy & Bookkeeping client, you don't need to be one to work with us on Profit First.
We're a specialised accountancy practice that performs the full finance and advisory function for a lot of hospitality businesses, and as such, we're a touch more expensive than a traditional accountant, so our fees can often be a barrier to entry for smaller businesses who can't afford the additional support that we provide.
With Profit First, you can benefit from a lot of the advice that we give to our Management Account and Consultancy clients, without us needing to carry out the standard compliance work.
Profit First Pricing
We try to be as transparent as possible. By now, we should've shown enough value to convince you that you need Profit First in your business.
If not, we've put lots of booking links throughout where you'll be able to book in a 30 minute call where we'll answer any remaining questions.
We wanted to keep our pricing clear and simple, none of that 3 option stuff you see when you go to the cinema (you know, where the pricing between medium and large is so inconceivable that you pay the extra for the large). So, we've got two options when it comes to Profit First; Guide, and Partner.
Guide
You'll find everything you need for your Profit First journey in your online portal, from videos, downloads, instructions, and hints and tips.
It's also full of assignments that you'll need to upload for review before you can move on to the next section. You can have up to 2 users on the portal.
We'll keep you held accountable through virtual meetings, group sessions, and live Q & As.
There are extra bits in here that go beyond the teachings of the Profit First book that will ensure that you get the absolute most out of Profit First.
Partner
As well as everything you get at Guide level, you'll also get access to extra features, dedicated one on one coaching and support from different professionals in other areas of business. You can have 3 users on the portal.
At Partner level, you'll get more of a "Done For You" and "Done With You" level of service than at the Guide level, and a higher level of accountability that is much closer to harassment (without being mean).
Partner level is suited to multi-site or multi-entity businesses that may already have a basic Operations or Finance function in place.
Bigger Businesses
If you're a large entity or group (above £10m), or have a complex structure, please use the booking link below.
We can absolutely help, but we'll need some more info from you first.
Service | Guide | Partner |
|---|---|---|
Access to online course | ✔ | ✔ |
2 set up meetings in the 1st month (90mins each) | ✔ | ✔ |
Monthly meetings (90 mins)* | ✔ | - |
As many meetings as required | - | ✔ |
Quarterly reviews of your Profit First progress | ✔ | ✔ |
How to increase the value of your offering | ✔ | ✔ |
Maximise Your Margins | ✔ | ✔ |
People on Purpose- creating exceptional leaders | - | ✔ |
Marketing & Social Media Skills
| - | ✔ |
Online Course Content: | ||
Profit First
| ✔ | ✔ |
Process Implementation & Delegation
| Self Taught
| Guided |
Sales Data Evaluation
| Self Taught
| Guided
|
Budget setting & Management Accounts
| Self Taught
| Guided
|
Menu Psychology
| - | Guided
|
Additional Resources: | ||
GP & Costing Calculators
| ✔ | ✔ |
Labour Cost Calculators
| ✔ | ✔ |
Management Accounts Templates
| ✔ | ✔ |
Budgeting Templates
| ✔ | ✔ |
And Many More | ✔ | ✔ |
Your Investment (pcm) | £297+ VAT | £997 + VAT |
Optional Extras
Additional portal users: £5pcm + VAT
Management Accounts & Budgeting: if your accountant doesn't already do this for you, we can. The cost depends on the size of your business, just drop us an email or give us a call.
*most of these will be group sessions, but we'll notify you in advance. Many of our clients have said that they benefit from the ideas and accountability of other business owners.
Profit First is a 12 month minimum commitment. It is not an overnight solution, or a get rich quick scheme, and so we need to monitor the results on a quarterly basis.
The initial roll out plan will map out your milestones over a period of 6 quarters. You are more than welcome to end our agreement by giving 30 days notice during month 11. After 12 months, the commitment level drops to a rolling 3 month period.