Afleveringen
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In this special episode, Claire and co-host Simon provide a comprehensive analysis of the recent UK budget. They discuss the economic climate, political reactions, and the implications for business owners. Despite the challenging economic indicators, Claire and Simon bring clarity to the budget's impact on businesses, highlighting both the positive and negative aspects.
Discover how changes in national minimum wage and employers' national insurance contributions will affect your business. Claire breaks down the details, offering insights into how these changes could impact your costs and decision-making. She also discusses the potential effects of capital gains tax adjustments and the importance of understanding employment allowance increases.
Don't miss the opportunity to get a free tool designed to help you calculate the financial impact of the budget on your business.
Free Budget Calculator - Email [email protected]
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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 yearsâ 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 isnât working and where your opportunities lie. Claireâs mission is to provide insightful management accounts, reports and advice to business owners and support them to make smarter decisions.
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In this episode, we explore the art of discounts and promotions and how a misstep could cost you millions. Imagine losing ÂŁ20 million due to a discounting error! We delve into the infamous Hoover promotion debacle, where a seemingly brilliant marketing strategy went disastrously wrong, costing the company dearly and impacting its brand.
Learn the critical steps to avoid similar pitfalls in your business. Claire shares invaluable tips on understanding the true impact of discounts on your profit margins and why it's essential to know your numbers. Discover how to craft promotions that not only attract customers but also maintain profitability.
We also discuss the importance of having the right terms and conditions in place, such as the right to withdraw, to protect your business from unexpected outcomes. Additionally, Claire emphasises the power of setting clear targets and using the "power of three" to ensure your promotions are aligned with your business goals.
â Rate, Review & Share this episode with fellow business owners, and let's grow together!
â Subscribe to the weekly newsletter to get Expert Advice Straight to Your Inbox: https://www.profitcashgrowth.com/subscribe
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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 yearsâ 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 isnât working and where your opportunities lie. Claireâs mission is to provide insightful management accounts, reports and advice to business owners and support them to make smarter decisions.
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Zijn er afleveringen die ontbreken?
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This week on the podcast, we dive into the topic of pensions. Are they just another tax on the business owner, or is there more you need to be considering? Claire Hancott shares her expert insights and breaks down the complexities of auto-enrollment, eligibility, and the various pension schemes available to employers and employees alike.
Claire explains the ins and outs of pension contributions, the difference between eligible and entitled workers, and the financial responsibilities of employers. We also touch upon the moral dilemma of whether employers should do more to educate their employees about making the most of their pension schemes.
If you feel like your business may have outgrown your current accountant, consider reaching out to Claire and the team at Profit Cash Growth for a free discovery call.
â Rate, Review & Share this episode with fellow business owners, and let's grow together!
â Subscribe to the weekly newsletter to get Expert Advice Straight to Your Inbox: https://www.profitcashgrowth.com/subscribe
VALUABLE RESOURCES
Website
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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 yearsâ 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 isnât working and where your opportunities lie. Claireâs mission is to provide insightful management accounts, reports and advice to business owners and support them to make smarter decisions.
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This week's episode is dedicated to the crucial topic of business exits. Claire shares a real-world example of a business owner contemplating retirement and evaluates three potential exit routes: selling the business, keeping it with a new management team, or shutting it down. Each option is analysed for financial viability and ease of execution, providing listeners with valuable insights into the complexities of planning a successful exit strategy.
Finally, the episode wraps up with this week's Profit Cash Growth Extra, where a fascinating podcast recommendation is shared. Co-host Simon highlights "On Brand with Alf and Rory Sutherland," a podcast that features insightful discussions with top CEOs and marketing experts. This recommendation is sure to enrich your understanding of marketing and business strategy.
If you think you may have outgrown your current accountant get in touch with Claire and the team at Profit Cash Growth to book a free discovery call now.
â Rate, Review & Share this episode with fellow business owners, and let's grow together!
â Subscribe to the weekly newsletter to get Expert Advice Straight to Your Inbox: https://www.profitcashgrowth.com/subscribe
VALUABLE RESOURCES
Website
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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 yearsâ 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 isnât working and where your opportunities lie. Claireâs mission is to provide insightful management accounts, reports and advice to business owners and support them to make smarter decisions.
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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.
â Rate, Review & Share this episode with fellow business owners, and let's grow together!
â Subscribe to the weekly newsletter to get Expert Advice Straight to Your Inbox: https://www.profitcashgrowth.com/subscribe
VALUABLE RESOURCES
Website
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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 yearsâ 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 isnât working and where your opportunities lie. Claireâs mission is to provide insightful management accounts, reports and advice to business owners and support them to make smarter decisions.
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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.
â Rate, Review & Share this episode with fellow business owners, and let's grow together!
â Subscribe to the weekly newsletter to get Expert Advice Straight to Your Inbox: https://www.profitcashgrowth.com/subscribe
VALUABLE RESOURCES
Website
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Facebook
LinkedIn
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 yearsâ 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 isnât working and where your opportunities lie. Claireâs mission is to provide insightful management accounts, reports and advice to business owners and support them to make smarter decisions.
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In this episode, we kick things off with a light-hearted discussion on pub culture and pint prices, reminiscing about the days when two pints cost less than a fiver. This nostalgic trip sets the stage for our main focus: Jeremy Clarksonâs newly opened pub, The Farmer's Dog. We explore the unique challenges and humorous anecdotes from Clarkson's venture, including his amusing yet insightful commentary on British bureaucracy and regulation.
We then dive into a fascinating segment on how Clarkson set his pub prices using AI, touching on the broader implications of content marketing and business profitability. Claire and Simon also dissect the practicalities of running a business with 100% British produce, discussing the financial and operational challenges that come with it.
Transitioning to our deep dive, we introduce a powerful feedback tool called "Stop, Start, Continue." This simple yet effective method helps you analyse and improve your business practices by evaluating what to stop, start, and continue doing. Simon and Claire share personal anecdotes and practical examples, including their experience at a local craft ale and wine bar, to illustrate how this technique can provide balanced, actionable feedback.
â Rate, Review & Share this episode with fellow business owners, and let's grow together!
â Subscribe to the weekly newsletter to get Expert Advice Straight to Your Inbox: https://www.profitcashgrowth.com/subscribe
VALUABLE RESOURCES
Website
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LinkedIn
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 yearsâ 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 isnât working and where your opportunities lie. Claireâs mission is to provide insightful management accounts, reports and advice to business owners and support them to make smarter decisions.
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In this week's episode, we discuss the surprising global movement of millionaires and provide a simple checklist to help you determine if your bookkeeper is effectively managing your books. Discover the top countries attracting the wealthiest individuals and those experiencing significant millionaire exodus. Learn why it's essential to keep your financial records accurate and how to ensure your bookkeeper is doing their job correctly.
We also share a personal story about a delightful breakfast experience in Wales and the importance of always thinking about how to improve business operations, even during holidays. Stay tuned for next week's episode, where we'll introduce a concept for quickly analysing your business.
If you would like a copy of our month-end checklist to help ensure your books are balanced, please email us at [email protected].
â Rate, Review & Share this episode with fellow business owners, and let's grow together!
â Subscribe to the weekly newsletter to get Expert Advice Straight to Your Inbox: https://www.profitcashgrowth.com/subscribe
VALUABLE RESOURCES
Website
YouTube
Facebook
LinkedIn
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 yearsâ 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 isnât working and where your opportunities lie. Claireâs mission is to provide insightful management accounts, reports and advice to business owners and support them to make smarter decisions.
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Welcome to another episode of the Profit Cash Growth Podcast, the ultimate guide for six and seven-figure business owners who aim to build financially successful enterprises. In this episode, hosts Claire Hancott, a finance director, chartered accountant, and entrepreneur, dive deep into the world of director's loans and how you can potentially earn ÂŁ1,000 a year tax-free from your business.
Claire and her co-host begin the episode with a light-hearted discussion about their recent mishap in booking a holiday for the wrong weekend, which led to an unexpected podcast recording session. They also share a humorous anecdote about a disappointing breakfast experience, adding a personal touch to the episode.
The episode takes a serious turn as Claire discusses a shocking news story involving Disney. A tragic incident where a woman died due to a food allergy at a Disney theme park is examined, highlighting the legal and moral complexities of terms and conditions. The hosts discuss how signing up for a Disney Plus subscription unknowingly waived the family's right to sue Disney, sparking a debate on the ethics of lengthy and complicated legal agreements.
Moving on to the main topic, Claire delves into the intricacies of director's loans, specifically focusing on how business owners can charge interest on these loans to gain tax-free benefits. She explains the concept of a director's loan in credit, where the business owes money to the director, and how interest on these loans can be tax-free up to ÂŁ1,000 annually.
The episode covers the following key points:
The importance of charging interest on director's loans.How to set a fair interest rate, using HMRC's base rate plus 2% as a benchmark.The benefits of paying interest annually to simplify tax reporting.Comparing the tax implications of taking money out as interest, salary, or dividends.How recent changes in corporation tax rates affect these calculations.The episode concludes with a review of the movie "Tetris," available on Apple TV+. The hosts discuss the fascinating and dramatic story behind the creation and distribution of the Tetris game, including its origins in Russia and the intense legal battles over its rights. The film offers a mix of business intrigue, historical context, and personal drama, making it a must-watch for anyone interested in the intersection of technology and politics.
Don't miss this insightful episode filled with practical advice, shocking news, and entertaining reviews. If you're looking to optimise your business finances and stay informed, this episode is for you.
â Rate, Review & Share this episode with fellow business owners, and let's grow together!
â Subscribe to the weekly newsletter to get Expert Advice Straight to Your Inbox: https://www.profitcashgrowth.com/subscribe
VALUABLE RESOURCES
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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 yearsâ 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 isnât working and where your opportunities lie. Claireâs mission is to provide insightful management accounts, reports and advice to business owners and support them to make smarter decisions.
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This Week we kick things off with a personal anecdote about a recent treacherous road trip, setting the stage for a deeper discussion on the state of infrastructure. Claire and her co-host reflect on how deteriorating road conditions have become a growing concern, impacting even short trips.
The conversation then shifts to a shocking news story: British Airways has stopped flying to Beijing, one of the world's largest economies. The reason? Sanctions on Russia mean European airlines can no longer fly over Russian airspace, resulting in longer, more expensive flights. Claire explores the business implications of this, revealing how these sanctions are inadvertently benefiting Chinese airlines, which continue to fly over Russia. This has led British Airways to partner with China Airways to service the route, effectively shifting British business profits to China.
In this week's deep dive Claire introduces the concept of Michael Porter's "barrier to entry," a framework that can help small businesses become more profitable and saleable. She explains how businesses can create competitive advantages, such as capital outlay, cost savings, regulatory protection, and market access.
The episode wraps up with a recommendation for the "Acquired" podcast, which delves into the stories of major companies like Nintendo, Sony, and Starbucks. Clare and her co-host share their favourite episodes and discuss the valuable business insights they've gained from listening.
Don't miss this episode filled with practical advice, intriguing news stories, and valuable recommendations to help you grow and protect your business.
â Rate, Review & Share this episode with fellow business owners, and let's grow together!
â Subscribe to the weekly newsletter to get Expert Advice Straight to Your Inbox: https://www.profitcashgrowth.com/subscribe
VALUABLE RESOURCES
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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 yearsâ 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 isnât working and where your opportunities lie. Claireâs mission is to provide insightful management accounts, reports and advice to business owners and support them to make smarter decisions.
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This episode dives into this week's intriguing news story: the surging demand for prime office spaces. Big businesses are now looking up to six years in advance to secure premium office locations. Claire and Simon dissect the reasons behind this trend, including energy efficiency regulations and the competitive labour market, which is driving companies to invest in high-quality office environments to attract and retain talent.
The main segment of the episode challenges conventional wisdom about the average order value (AOV). Claire argues that while AOV is a crucial metric for many businesses, it may not be as relevant for service-based businesses or those with fewer, higher-value transactions. She discusses the limitations of AOV and offers alternative KPIs that might be more beneficial for different business models. Key points include the relevance of monthly recurring revenue, customer lifetime value, and other metrics that better align with the specific needs of various types of businesses.
Finally, the episode wraps up with a "Profit Cash Growth Extra" segment where Claire shares a small but impactful tech tip: connecting your bank to your Apple Wallet to display real-time balances on your credit and debit cards. This feature can be particularly useful for business owners who want to keep a close eye on their finances without switching between multiple banking apps.
â Rate, Review & Share this episode with fellow business owners, and let's grow together!
â Subscribe to the weekly newsletter to get Expert Advice Straight to Your Inbox: https://www.profitcashgrowth.com/subscribe
VALUABLE RESOURCES
Website
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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 yearsâ 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 isnât working and where your opportunities lie. Claireâs mission is to provide insightful management accounts, reports and advice to business owners and support them to make smarter decisions.
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This week, we dive deep into the hidden costs of commercial land acquisition. Claire discusses a real-life scenario involving one of her clients who is considering buying a plot of commercial land. The episode explores the various financial and logistical challenges they face, including the costs of utilities, planning permissions, and the complexities of groundworks. Claire offers invaluable insights into the true costs and considerations of buying commercial property, especially for businesses that may lack the internal capacity to manage such a large project.
In a fascinating discussion, Claire and her co-host reveal the potential pitfalls and hidden expenses of commercial land, emphasising the importance of strategic planning and the potential for distraction. They also touch on the broader economic context, such as the recent Bank of England interest rate cut and its implications for business owners.
The episode wraps up with an intriguing Profit Cash Growth Extra segment focused on the surprising benefits of regular massages, especially for those who engage in weight training.
If you're a business owner considering commercial property investment or simply looking for ways to enhance your personal and business well-being, this episode is packed with actionable insights and expert advice. Don't forget to check out the Profit Cash Growth website or YouTube channel to schedule a discovery call with Claire for personalised guidance on growing your business.
â Rate, Review & Share this episode with fellow business owners, and let's grow together!
â Subscribe to the weekly newsletter to get Expert Advice Straight to Your Inbox: https://www.profitcashgrowth.com/subscribe
VALUABLE RESOURCES
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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 yearsâ 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 isnât working and where your opportunities lie. Claireâs mission is to provide insightful management accounts, reports and advice to business owners and support them to make smarter decisions.
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Welcome to another exciting episode where Claire and Simon dive into the fascinating world of driverless cars and the transformative impact they could have on our daily lives. This episode is particularly engaging as Simon shares his long-standing enthusiasm for autonomous vehicles and how they could revolutionise road travel by 2026.
The discussion kicks off with Simon's vision of a utopian future where cars are not owned by individuals but are instead part of a vast, efficient network of driverless taxis. Imagine summoning a clean, electrically powered vehicle within seconds from an app, transforming wasted driving hours into productive or relaxing time. Claire adds depth to the conversation by sharing insights from her experience working on a project with a global electrical wholesaler, discussing the potential for town centre car parks to become charging hubs for these autonomous vehicles.
In the deep dive segment, Claire introduces the Kittel principle, a lesser-known but critical issue concerning supply chain VAT fraud. Claire explains how businesses can unknowingly become liable for VAT fraud committed by their suppliers and offers practical tips for protecting your business. From basic supplier checks to implementing robust onboarding processes, this segment provides invaluable advice for business owners.
Finally, Simon shares a book recommendation, "Taxtopia" by The Rebel Accountant, a fascinating read about the intricacies of tax avoidance and the broader tax system. This book offers an entertaining yet insightful look at how the tax laws often favor the wealthy, and it motivates readers to understand the tax landscape better.
Don't miss this episode filled with forward-thinking discussions, practical business advice, and a touch of humour. Tune in to learn about the future of driverless cars and how to safeguard your business against VAT fraud.
â Rate, Review & Share this episode with fellow business owners, and let's grow together!
â Subscribe to the weekly newsletter to get Expert Advice Straight to Your Inbox: https://www.profitcashgrowth.com/subscribe
VALUABLE RESOURCES
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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 yearsâ 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 isnât working and where your opportunities lie. Claireâs mission is to provide insightful management accounts, reports and advice to business owners and support them to make smarter decisions.
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In this episode, Claire and Simon delve into the significant CrowdStrike IT outage that impacted major systems worldwide, including the NHS and airports. They discuss the irony of a specialised anti-virus company causing such a disruption and the broader implications of relying heavily on a few key tech players. This conversation extends into reflections on global economic shifts, drawing parallels with historical corporate changes and the potential future of tech dependency.
The deep dive segment addresses a pressing issue for many businesses: dealing with customers who refuse to pay. Simon shares a personal story about a client who maliciously refused to settle a substantial bill. Claire provides a comprehensive guide on the steps to take when faced with non-payment, from understanding the reasons behind the refusal to the legal processes involved. They discuss the differences between handling B2B and B2C debts, the role of debt collection agencies, and the importance of clear communication and negotiation skills.
The episode wraps up with a fascinating "Profit Cash Growth Extra" segment, introducing a unique tool: the timed padlock. Simon and Claire discuss how this gadget can help manage screen time, improve team meeting focus, and even control kids' access to sweets. They emphasise its potential to create a fun and engaging environment while promoting productivity and focus in both personal and business settings.
Join Claire and Simon for an episode filled with practical advice, intriguing discussions, and a touch of European culinary delight.
â Rate, Review & Share this episode with fellow business owners, and let's grow together!
â Subscribe to the weekly newsletter to get Expert Advice Straight to Your Inbox: https://www.profitcashgrowth.com/subscribe
VALUABLE RESOURCES
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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 yearsâ 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 isnât working and where your opportunities lie. Claireâs mission is to provide insightful management accounts, reports and advice to business owners and support them to make smarter decisions.
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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 TaxConfused 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 ÂŁ50,000 and ÂŁ250,000. 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 BillShould 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 EfficiencyWe 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 PlansIn 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.
â Rate, Review & Share this episode with fellow business owners, and let's grow together!
â Subscribe to the weekly newsletter to get Expert Advice Straight to Your Inbox: https://www.profitcashgrowth.com/subscribe
VALUABLE RESOURCES
Website
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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 yearsâ 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 isnât working and where your opportunities lie. Claireâs mission is to provide insightful management accounts, reports and advice to business owners and support them to make smarter decisions.
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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.
â Rate, Review & Share this episode with fellow business owners, and let's grow together!
â Subscribe to the weekly newsletter to get Expert Advice Straight to Your Inbox: https://www.profitcashgrowth.com/subscribe
VALUABLE RESOURCES
Website
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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 yearsâ 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 isnât working and where your opportunities lie. Claireâs mission is to provide insightful management accounts, reports and advice to business owners and support them to make smarter decisions.
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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.
â Rate, Review & Share this episode with fellow business owners, and let's grow together!
â Subscribe to the weekly newsletter to get Expert Advice Straight to Your Inbox: https://www.profitcashgrowth.com/subscribe
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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 yearsâ 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 isnât working and where your opportunities lie. Claireâs mission is to provide insightful management accounts, reports and advice to business owners and support them to make smarter decisions.
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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.
â Rate, Review & Share this episode with fellow business owners, and let's grow together!
â Subscribe to the weekly newsletter to get Expert Advice Straight to Your Inbox: https://www.profitcashgrowth.com/subscribe
VALUABLE RESOURCES
Website
YouTube
Facebook
Instagram
TickTok
LinkedIn
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 yearsâ 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 isnât working and where your opportunities lie. Claireâs mission is to provide insightful management accounts, reports and advice to business owners and support them to make smarter decisions.
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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/
â Rate, Review & Share this episode with fellow business owners, and let's grow together!
â Subscribe to the weekly newsletter to get Expert Advice Straight to Your Inbox: https://www.profitcashgrowth.com/subscribe
VALUABLE RESOURCES
Website
YouTube
Facebook
Instagram
TickTok
LinkedIn
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 yearsâ 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 isnât working and where your opportunities lie. Claireâs mission is to provide insightful management accounts, reports and advice to business owners and support them to make smarter decisions.
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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.
â Rate, Review & Share this episode with fellow business owners, and let's grow together!
â Subscribe to the weekly newsletter to get Expert Advice Straight to Your Inbox: https://www.profitcashgrowth.com/subscribe
VALUABLE RESOURCES
Website
YouTube
Facebook
Instagram
TickTok
LinkedIn
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 yearsâ 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 isnât working and where your opportunities lie. Claireâs mission is to provide insightful management accounts, reports and advice to business owners and support them to make smarter decisions.
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