Profit Cash Growth – Details, episodes & analysis

In this week's episode, we dive into the five essential business numbers you need to master to drive your business towards increased profits, improved cash flow, and sustained growth.

Join hosts Simon and Claire as they explore the critical metrics every business owner should track. They discuss the importance of turnover, gross profit, overheads, operating profit, and profit after tax, providing insights into how each of these numbers impacts your business's financial health.

Listeners will also enjoy a lively discussion on the challenges of managing overheads, setting realistic profit targets, and the importance of understanding adjusted EBIT for a true valuation of your business. Simon and Claire emphasise the significance of selling more and charging appropriately to drive profitability, rather than just focusing on cost-cutting measures.

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ABOUT THE HOST:

Claire Hancott through Profit Cash Growth helps 6 & 7 figure business owners to increase their profit, improve their cashflow and grow their business using their numbers.

As a finance director & chartered management accountant, Claire has nearly 20 years’ experience in finance and running businesses of her own. This gives her a unique insight into the information and support business owners need to grow a financially successful business.

Claire passionately believes that every business should be run by the numbers because the numbers in your business are telling you a story about what is and isn’t working and where your opportunities lie. Claire’s mission is to provide insightful management accounts, reports and advice to business owners and support them to make smarter decisions. 

In this week's episode, we dive into several exciting topics. First, we discuss our recent transition to an electric car, exploring the financial and environmental benefits. We also delve into the current state of the electric vehicle market, comparing major players like Tesla and BMW...

Next, we provide an in-depth analysis of the best accounting systems for your business. Our finance director and co-host, Claire Hancott, shares her expert insights on popular platforms such as Xero, Sage, QuickBooks, and ClearBooks. Discover which system might be the best fit for your business needs and why.

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ABOUT THE HOST:

Claire Hancott through Profit Cash Growth helps 6 & 7 figure business owners to increase their profit, improve their cashflow and grow their business using their numbers.

As a finance director & chartered management accountant, Claire has nearly 20 years’ experience in finance and running businesses of her own. This gives her a unique insight into the information and support business owners need to grow a financially successful business.

Claire passionately believes that every business should be run by the numbers because the numbers in your business are telling you a story about what is and isn’t working and where your opportunities lie. Claire’s mission is to provide insightful management accounts, reports and advice to business owners and support them to make smarter decisions. 

Business Owners' Happiness: Fact or Fiction? In the news, we delve into a recent article from The Guardian, which claims that 91% of business owners are happy, compared to 82% of employees. We debate the validity of these statistics and discuss the possible reasons behind such high levels of reported happiness among business owners. Is it just a case of "the grass is always greener," or is there more to it?

The Basics of Corporation Tax Confused about corporation tax? You're not alone. We break down the complexities of corporation tax rates in the UK, especially the new marginal rate relief for profits between £50,000 and £250,000. Claire provides a straightforward explanation to help you understand what you owe and whether it's better to pay yourself through dividends or salary.

Managing Your Tax Bill Should you keep money aside to pay your tax bill, or is there a more strategic approach? We discuss the pros and cons of setting money aside versus reinvesting it into your business. Claire also shares her thoughts on the importance of having an accountant to help you navigate these financial waters.

Growth vs. Tax Efficiency We tackle the age-old question: should you focus on reducing your profitability to lower your tax bill, or should you aim for growth and pay the fair rate of tax? Claire argues for a pro-growth mindset, emphasising the importance of making business decisions that are not hindered by tax considerations.

Profit Cash Growth Extra: Health Cash Plans In this week's Profit Cash Growth Extra, we introduce you to the concept of health cash plans. Learn how these plans can complement private health insurance by covering additional costs like dental visits, physio appointments, and even the excess on your private health insurance. A small outlay can make a big difference and serve as a great employee perk.

We hope you find this episode both informative and engaging. If you feel you may have outgrown your current accountant, don't hesitate to reach out to Claire and the Profit Cash Growth team at ProfitCashGrowth.com.

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ABOUT THE HOST:

Claire Hancott through Profit Cash Growth helps 6 & 7 figure business owners to increase their profit, improve their cashflow and grow their business using their numbers.

As a finance director & chartered management accountant, Claire has nearly 20 years’ experience in finance and running businesses of her own. This gives her a unique insight into the information and support business owners need to grow a financially successful business.

Claire passionately believes that every business should be run by the numbers because the numbers in your business are telling you a story about what is and isn’t working and where your opportunities lie. Claire’s mission is to provide insightful management accounts, reports and advice to business owners and support them to make smarter decisions. 

This week, we kick things off with a nostalgic trip back to the 90s, discussing the recent comeback of pop group S Club 7 and their performance at Glastonbury. While opinions differ on their performance, we delve into a fascinating story about one of the band members, Lee, and how his wise investment in real estate during his pop career continues to pay dividends today.

Shifting gears, we tackle a shocking news story about a 65-year-old business owner from Market Harborough who lost his entire pension to scammers. We detail how a self-invested pension scheme worth over a million pounds was intercepted and cashed out by fraudsters, highlighting the vulnerabilities and pitfalls of financial transactions via traditional methods like cheques.

In our deep dive segment, Claire outlines four key indicators of a profitable business model, providing invaluable insights for both new business owners and those looking to scale:

• Ensuring you have enough profit to employ a manager or admin support for every four to five members of staff.
• Focusing on repeatability in your products or services to minimise risk and maximise efficiency.
• Covering your break-even point with recurring revenue or repeat customers to de-risk your business.
• Paying yourself a market rate salary plus shareholder dividends to ensure the sustainability and attractiveness of your business to potential buyers.

We conclude this episode with our Profit Cash Growth Extra, emphasising the importance of leveraging website data and analytics tools. Claire and her co-host discuss how platforms like Twipler and Microsoft Clarity can provide insights into user behavior on your website, helping you optimize for higher conversion rates and better customer engagement.

Tune in for a mix of nostalgia, crucial financial insights, and practical advice on building and maintaining a profitable business model. As always, don't forget to rate, review, and subscribe to the Profit Cash Growth Podcast to help others find this valuable resource.

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ABOUT THE HOST:

Claire Hancott through Profit Cash Growth helps 6 & 7 figure business owners to increase their profit, improve their cashflow and grow their business using their numbers.

As a finance director & chartered management accountant, Claire has nearly 20 years’ experience in finance and running businesses of her own. This gives her a unique insight into the information and support business owners need to grow a financially successful business.

Claire passionately believes that every business should be run by the numbers because the numbers in your business are telling you a story about what is and isn’t working and where your opportunities lie. Claire’s mission is to provide insightful management accounts, reports and advice to business owners and support them to make smarter decisions. 

Welcome to another insightful episode of the Profit Cash Growth Podcast, the go-to resource for six and seven-figure business owners striving to grow financially successful businesses.

The episode kicks off with a surprising twist: a discussion about McDonald's iconic Big Mac. Simon reveals recent discreet improvements made to the Big Mac and Quarter Pounder, focusing on how these subtle changes enhance customer satisfaction without causing uproar. Claire and Simon explore the significance of continuous, small-scale improvements in business and how such incremental changes can lead to substantial gains over time.

Next, the podcast transitions to a crucial financial topic: the difference between cash and equity in your business. Claire explains the concept of equity, how it accumulates through retained profits, and why it is essential for business owners to track. The discussion includes a real-life example of a business owner who had significant equity but limited cash flow, highlighting the importance of understanding and managing these financial metrics effectively.

The episode wraps up with the Profit Cash Growth Extra segment, where Claire shares her experience with the Sky VIP app. She discusses the perks of being a Sky VIP member, including winning free concert tickets and accessing exclusive rewards. Simon and Claire also touch on the benefits of utilising reward programs like McDonald's Rewards to maximize value from everyday purchases.

Join us this week for a blend of financial wisdom and practical tips, ensuring you're equipped with the knowledge to enhance your business operations and personal rewards.

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ABOUT THE HOST:

Claire Hancott through Profit Cash Growth helps 6 & 7 figure business owners to increase their profit, improve their cashflow and grow their business using their numbers.

As a finance director & chartered management accountant, Claire has nearly 20 years’ experience in finance and running businesses of her own. This gives her a unique insight into the information and support business owners need to grow a financially successful business.

Claire passionately believes that every business should be run by the numbers because the numbers in your business are telling you a story about what is and isn’t working and where your opportunities lie. Claire’s mission is to provide insightful management accounts, reports and advice to business owners and support them to make smarter decisions. 

Welcome to this week's episode of the Profit Cash Growth podcast, the go-to resource for six and seven-figure business owners aiming to grow a financially successful business.

This week, Claire and Simon dive into a pressing issue facing small businesses: the skills gap. They discuss an article which highlights that UK small businesses are struggling in three main areas: digital marketing, financial management, and strategic planning. Claire offers her insights on why this gap exists and the challenges small business owners face in juggling multiple roles.

The hosts also emphasise the importance of leveraging external expertise and investing in training and development, even on a budget. They discuss practical ways to bridge the skills gap, including using online resources like Udemy, and the necessity of thinking strategically about your business's future.

In this week's Deep Dive segment, Claire shares her expertise on credit control processes and how these can be transformed into a sales tool. She explains the importance of assessing customer risk, setting clear terms and conditions, and proactively managing credit control to ensure timely payments. Claire provides actionable tips on raising invoices promptly, using automated statements, and maintaining regular communication with customers to resolve issues before they escalate.

The episode wraps up with the Profit Cash Growth Extra segment, where Simon recommends the podcast "Good Bad Billionaire" by the BBC. This podcast offers concise biographies of billionaires, providing insights into their journeys and the traits that contributed to their success.

Don't miss out on this episode filled with valuable advice and practical tips to help you navigate the skills gap and improve your business's financial health. Follow the Profit Cash Growth podcast for more insights and be sure to leave a review or send in your questions to be answered in future episodes.

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ABOUT THE HOST:

Claire Hancott through Profit Cash Growth helps 6 & 7 figure business owners to increase their profit, improve their cashflow and grow their business using their numbers.

As a finance director & chartered management accountant, Claire has nearly 20 years’ experience in finance and running businesses of her own. This gives her a unique insight into the information and support business owners need to grow a financially successful business.

Claire passionately believes that every business should be run by the numbers because the numbers in your business are telling you a story about what is and isn’t working and where your opportunities lie. Claire’s mission is to provide insightful management accounts, reports and advice to business owners and support them to make smarter decisions. 

Welcome to another insightful episode of the Profit Cash Growth Podcast, the go-to resource for six and seven-figure business owners aiming to grow a financially successful business.

This week, Simon and Claire kick off the episode with a lighthearted discussion about the recent EU regulation that mandates bottle caps to be attached to the bottles, a rule aimed at improving recycling processes. They also touch on the typical British complaints about the weather, adding a touch of humor to the conversation.

The news story this episode is the alarming increase in the tax gap, which is the difference between the amount of tax that should be collected and what is actually collected. Claire breaks down the complexities of the tax gap, explaining how it encompasses everything from self-assessment to VAT returns, and how innocent mistakes, tax avoidance, and tax evasion contribute to this gap. Shockingly, 60% of the tax gap is attributed to small businesses, making it a critical issue for entrepreneurs to understand and address.

In the Deep Dive segment, Claire and Simon explore the pros and cons of using personal versus business credit cards for business expenses. Claire shares her expert advice on various aspects, including credit limits, interest rates, and the impact on personal credit scores. She also emphasises the importance of maximizing rewards and points, explaining how business owners can benefit from using personal credit cards while ensuring they comply with tax regulations.

Additionally, Claire offers practical tips for managing team expenses, suggesting the use of prepaid cards for employees to control costs and streamline spending. She also touches on the importance of having a qualified accountant and the potential risks of scrimping on professional financial advice.

The episode wraps up with this week's Profit Cash Growth Extra, where Claire highlights Small Business Saturday, an initiative introduced by Amex to support small businesses. She explains how business owners can register for free, gain free marketing, and potentially benefit from Amex's promotional offers, encouraging listeners to sign up early and take advantage of this opportunity.

Don't miss this episode packed with valuable information and practical advice to help you navigate the tax gap and make informed decisions about credit cards for your business. Tune in now and take the first step towards growing a financially successful business!

https://smallbusinesssaturdayuk.com/

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ABOUT THE HOST:

Claire Hancott through Profit Cash Growth helps 6 & 7 figure business owners to increase their profit, improve their cashflow and grow their business using their numbers.

As a finance director & chartered management accountant, Claire has nearly 20 years’ experience in finance and running businesses of her own. This gives her a unique insight into the information and support business owners need to grow a financially successful business.

Claire passionately believes that every business should be run by the numbers because the numbers in your business are telling you a story about what is and isn’t working and where your opportunities lie. Claire’s mission is to provide insightful management accounts, reports and advice to business owners and support them to make smarter decisions. 

As Dolly Parton once said, working nine to five, what a way to make a living, but would it work for your small business?

In this week's episode, Claire and Simon dive into the intriguing topic of the "right to disconnect" and its potential impact on businesses. The discussion kicks off with a humorous exchange about Simon's new glasses and the peculiarities of hitting 40, before transitioning into a critical examination of Labour's proposal to limit work-related communications outside of standard business hours.

The hosts debate whether such legislation would be beneficial or detrimental to businesses, particularly small enterprises. They provide insights from various countries that have implemented similar laws and weigh the pros and cons from both employer and employee perspectives. Claire shares her personal experiences of working in a French company and why she believes such policies might not be as effective as they seem.

Listeners will also gain valuable tips on how to track productivity in their businesses and the importance of regularly questioning and optimising business processes. The episode offers practical advice on how to implement flexible working policies and measure their impact on profitability.

In the Profit Cash Growth Extra segment, Claire discusses how business owners can save money on eye tests and glasses for themselves and their employees. She provides a detailed explanation of the tax implications and how to maximise savings.

Don't miss this engaging and informative episode that balances light-hearted banter with serious business insights. Tune in to learn how you can navigate the complexities of modern work policies and keep your business thriving.

If you enjoyed this episode, make sure to follow the podcast and recommend it to other business owners. 

⭐ Rate, Review & Share this episode with fellow business owners, and let's grow together!

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ABOUT THE HOST:

Claire Hancott through Profit Cash Growth helps 6 & 7 figure business owners to increase their profit, improve their cashflow and grow their business using their numbers.

As a finance director & chartered management accountant, Claire has nearly 20 years’ experience in finance and running businesses of her own. This gives her a unique insight into the information and support business owners need to grow a financially successful business.

Claire passionately believes that every business should be run by the numbers because the numbers in your business are telling you a story about what is and isn’t working and where your opportunities lie. Claire’s mission is to provide insightful management accounts, reports and advice to business owners and support them to make smarter decisions. 

Welcome to the Profit Cash Growth Podcast, the go-to podcast for six and seven-figure business owners eager to grow a financially successful business. Hosted by a Finance Director & Chartered Accountant, Claire Hancott, this episode dives into the crucial topic of pension planning for business owners.

In this episode, Claire and her co-host explore the startling statistic that only 20% of business owners are preparing for their pensions, compared to 80% of employees on PAYE. The hosts discuss the potential future implications of this "ticking time bomb" and emphasise the importance of starting pension planning early.

The conversation covers the benefits of making employer pension contributions, including the tax advantages such as bypassing national insurance and saving on corporation tax. The hosts also discuss the differences in pension planning for business owners versus employees, and the importance of getting professional financial advice.

Additionally, the episode touches on the complexities of choosing the right pension scheme, the advantages of self-investment, and the potential benefits of spreading risk by diversifying pension investments. Claire also provides insights into using property as a form of pension investment, discussing the tax benefits and strategic advantages of buying commercial property through a limited company.

For business owners who have already withdrawn profits from their business, the hosts explain how to still benefit from tax relief by investing personal funds into a pension. The episode also outlines the current annual pension contribution allowance and the benefits of making lump sum payments to optimise tax savings.

To wrap up, Claire and her co-host delve into practical advice for business owners, emphasizing the importance of having a well-thought-out pension plan and the potential pitfalls of relying solely on selling a business for retirement funds.

Tune in to this episode for a comprehensive guide on how to effectively plan for your pension as a business owner, ensuring a financially secure future.

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ABOUT THE HOST:

Claire Hancott through Profit Cash Growth helps 6 & 7 figure business owners to increase their profit, improve their cashflow and grow their business using their numbers.

As a finance director & chartered management accountant, Claire has nearly 20 years’ experience in finance and running businesses of her own. This gives her a unique insight into the information and support business owners need to grow a financially successful business.

Claire passionately believes that every business should be run by the numbers because the numbers in your business are telling you a story about what is and isn’t working and where your opportunities lie. Claire’s mission is to provide insightful management accounts, reports and advice to business owners and support them to make smarter decisions. 

Welcome to the Profit Cash Growth Podcast, your go-to resource for six and seven-figure business owners looking to grow financially successful businesses. This week, we dive into some intriguing facts: Did you know James Dyson owns more UK land than the King? Discover how this fascinating tidbit ties into the latest rich list and what it means for business strategy.

Join host Claire Hancott, a finance director, chartered accountant, and entrepreneur, and her co-host Simon as they explore actionable guidance and frameworks designed to help you increase your profits, improve cash flow, and grow your business. From early renewal discounts to bundling value-add services, learn innovative ways to make your customers more sticky with these high retention strategies and without using honey or glue!

Also, don't miss this week's Profit Cash Growth Extra, where Simon shares his experience with Udemy, a self-learning platform offering a plethora of courses to enhance your business skills. Tune in for insightful discussions, practical tips, and much more!

VALUABLE RESOURCES

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TickTok

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ABOUT THE HOST:

Claire Hancott through Profit Cash Growth helps 6 & 7 figure business owners to increase their profit, improve their cashflow and grow their business using their numbers.

As a finance director & chartered management accountant, Claire has nearly 20 years’ experience in finance and running businesses of her own. This gives her a unique insight into the information and support business owners need to grow a financially successful business.

Claire passionately believes that every business should be run by the numbers because the numbers in your business are telling you a story about what is and isn’t working and where your opportunities lie. Claire’s mission is to provide insightful management accounts, reports and advice to business owners and support them to make smarter decisions.