// PODCAST TRANSCRIPT

Profit First with Specialist Dan Edwards

Greg Wilkes (00:08):

The construction industry can be a tough business to crack from cash flow problems, struggling to find skilled labour, and not making enough money for your efforts leaves many business owners feeling frustrated and burnt out. But when you get the business strategy right, it’s an industry that can be highly satisfying and financially rewarding. I’m here to give you the resources to be able to create a construction business that gives you more time, more freedom, and more money. This is the Develop Your Construction Business podcast, and I’m your host, Greg Wilkes.

 

Greg Wilkes (00:46):

Welcome to the podcast. This week’s episode is going to be really interesting because today we are completely focused on your numbers. Most importantly, it’s not just about vanity numbers. We are completely focused on profit. Profit is what it’s all about. There’s no point running a one to five million pound construction business if you can’t get the profit you deserve out of it. It’s really sad to see sometimes that so many business owners are taking so much risk in their business and they’re not getting the profit that they deserve. It really frustrates me when I see subcontractors earning more than the business owner themselves. We want to try and solve that for you. Now, a while ago I read two fantastic books that I found on Amazon, “Profit First” written by Mike Michalowicz and “Profit First for Contractors” written by (I think it was) Shawn Van Dyke. Two top books that talked about a principle of what Profit First is now. In this week’s podcast, we’re going to go into real depth about what Profit First is and how it can absolutely transform your business profits and your relationship with money in your business. To do that, we’ve brought on a UK specialist in Profit First Accounting, and that’s Dan Edwards. So Dan, it’s great to have you here. Appreciate your time coming on the podcast.

 

Dan Edwards (02:09):

Morning Greg, great to be here. Thank you for having me on.

 

Greg Wilkes (02:11):

No, it’s a real pleasure, Dan. Dan, first of all, maybe you’d like to introduce yourself and what your company does.

 

Dan Edwards (02:19):

Yes, so I’m Dan from D&K Accounting. We are certified Profit First Professionals. Currently there are only 15 of us in the UK, but it’s growing numbers, its massively increased since lockdown. We are QuickBooks Pro advisors and we do all the other accounting fun stuff that people like to ignore, VATs, tax returns, vat returns all that fun stuff that people like to leave to the end of January to sort out!

 

Greg Wilkes (02:43):

<laugh>. That’s it. We just said that we we’re on January 26th when this is being recorded and I know this is a really hectic time of year for you, so I appreciate you coming on and giving us some time today. It’s interesting what you said there because you said there’s only 15 Profit First Accountants in the UK. I know that has pretty much exploded in the US. It’s a principle that’s that’s well known over there, but the UK is a little bit slower to adopt this. It’s great having you on as a specialist because I know a lot of people will ask their accountants if they do Profit First or if they know what Profit First is and they probably don’t <laugh> they’ll get a bit of a blank.

 

Dan Edwards (03:22):

Yes, we’ve taken on a client this week and we network with her quite often. I talk about the Profit First all the time and she went through her accountant and goes, “I’ve read this book, I really love it. I want to implement it in my business.” She goes ( the accountant) “I haven’t got a clue what you are talking about. Why are you doing all these transfers? You’re creating more work for me.” It’s not like that in reality.

 

Greg Wilkes (03:41):

Great. We’re going to dive into what it is and what it means as we go through this podcast. Maybe we should just start with a straightforward question, that anyone that’s listened to us that hasn’t read those books, they’re going to be asking, what are you talking about? What is Profit First? Can you give us a little bit of a summary how you would describe Profit First?

 

Dan Edwards (04:02):

Yes, so Profit First is a cash implementation system where you take into account profit, VAT, tax, owners wages, expenses, but on a twice monthly basis. So within your bank accounts, you set up little pots of money and when you receive money in, you separate that out into envelopes or spaces depending on; if your starling its spaces, if your monzo its pots, it depends what bank you’re using. It focuses your mind that yes, you will have tax to pay, so you put that aside. But importantly, you put money aside for yourself for profit. 1%/2% to start with and then every three months you take half of that profit pod and spend it on whatever the hell you like. <laugh>. We’ve had people buy holidays, buy drones. Sadly enough, I bought a robotic vacuum cleaner because I hate vacuum cleaning, so I bought one of those! Then the other half goes into a vault account, a sort of savings account for rainy days. If something happens, you have a low month or a slow month, you have that money saved up for yourself, or if you’re looking to grow or invest, you have that pot of money there to do with what you like in your business. If something happens like a pandemic or something, you become your own bank, you don’t need to go borrowing because you’ve got that money growing there for you.

 

Greg Wilkes (05:26):

Yes, great. I guess one of the principles of it is that we’re not spending everything that comes into our business, we’re putting it away and saving it. It’s a special method of being able to do that. It’s actually fantastic to talk about what you can do with surplus funds because many business owners I speak to, there’s no surplus funds in the business, far from it. It’s quite exciting to talk about, whatever it is that you’re going to go and buy, a drone or a robot hoover (by the way, I’ve got one of them. It’s constantly sitting in the corner uncharged and <laugh> doesn’t do what it’s meant to do!) but it’s nice to talk about those things. To think, “Oh actually I’ve got a load of money to spend on that.” It’s a fantastic system.

 

Obviously you’ve seen both sides of the coin in accounting and you have to deal with both sides of the coin because you’re not just profit first accountants, you have to be UK regulated and chartered accountants as well. Why do you think it’s a better way of accounting?

 

Dan Edwards (06:26):

Historically, people as you say, tend to spend all their money in the business. As we grow up, we’re always taught to eat everything on a place, don’t leave anything, it’s waste if you leave it. As business owners, we get the money into our bank account and go, “Oh, I’ve got 10,000 pounds to spend. I’m going to spend everything.” Then the VAT returns roll around or the corporation tax rolls around or the self-assessment rolls around and you go, “I’ve got no money. The accountants say I’ve made all this profit and I’ve got this tax to pay, but I don’t see it in my bank account.” Whereas profit first, you are constantly saving for that. You’re constantly putting money aside for those things. So you’re more mindful of it, which from an accountant’s point of view, stops having those conversations of how you’re going to pay a tax bill, because I know they’ve got this money saved up because I can see it in QuickBooks or XERO. I can see them saving the money up, I know it’s there. When I give them a tax bill, instead of giving them a tax bill, I go, “You’ve got 30 grand saved up, your tax bill’s £18,000, what are you going to spend the rest of the money on?” You’re going on holiday, you’re doing something nice for yourself with it?” because the surplus is for them to do something with.

 

Greg Wilkes (07:31):

What a lovely conversation to have.

 

Dan Edwards (07:34):

It’s much nicer.

 

Greg Wilkes (07:35):

Yes, I’m sure it is. I guess the thing is, especially in construction, is that sometimes you can be dealing with absolutely huge amounts of money. One minute you get a payment in for 20 grand or 30 grand (whatever it’s going to be) big lumps and you can feel rich <laugh> all of a sudden you think, “It’s great that I’ve got all these payments in!” But the next thing is you’ve got a VAT bill and then it’s really painful. I think that’s the life of a general construction business owner. It’s a bit of a rollercoaster. One minute you’re up and thinking you’re loaded and the next minute you’re scrambling around trying to pay a small bill. I’m sure you see that all the time <laugh>.

 

Dan Edwards (08:16):

We do, yes. Especially with the VAT reverse charge. Now contractors are having to pay VAT for the subcontractors. They see the extra money’s in their bank account. They sometimes don’t link the two together, that it’s not their money, it’s the VAT man’s money and one person you don’t really wanna p*** off is the VAT man because he has a lot of power and he will come after you for that money. That’s why in profit first, you put it away, you don’t spend it, you don’t see it, it’s hidden away from you. It’s not in your everyday glance at the bank account.

 

Greg Wilkes (08:44):

Yes, so it’s so powerful. Now you touched on this briefly, give us an idea of what the principle is with these envelopes and things like that. What does that really mean?

 

Dan Edwards (08:57):

I don’t know about you, but when I was growing up, when my parents received money into the household, they would have envelopes where they would put money in for holidays, money in for Christmas, money in for whatever it was, mortgage, rent. The money was allocated to something. Whereas business owners tend to have a big pot of money that’s there. Whereas Profit First you have those little envelopes of money. I’ve got; VAT, tax, advertising, because I know I’ve got to spend that money at some point. Any annual costs I’ve got, I’ve got a pot set aside for that. I save monthly from annual costs; software, computer equipment. I know I’m going to replace my computer in a year’s time, so I’m saving up for that now rather than spending a grand in a year’s time. I’ve got that money put aside. The profit first method is, you think this through, you look at when you first start up and do your assessment, you look at your expenses for a year and you pick up those annual expenses, where you’re spending money, you trim off waste things that you don’t need, but you’re mindful of everything you spend within your business within that year and then you save for it regularly. One of the important things is having a separate bank somewhere else. I use Starling for my main bank account and Monzo for hidden bank account. Every month I move money from starting to Monzo and I don’t look at Monzo for my everyday banking, that’s out the way. I log into that twice a month and do the transactions I need to there, but otherwise it’s just put away out the way.

 

Greg Wilkes (10:28):

Out of sight, out of mind <laugh>

 

Dan Edwards (10:30):

Yes! Interestingly, one of our self-assessment clients, she actually has her vault money and she puts it into premium bonds. This is not investment advice or anything like that, but she puts it into premium bonds because she may win some money off the back of that with the premium bonds. The money is again, out of sight, out of mind. She can cash it in as and when she likes it. That’s a method that she uses for it. It might not work so well for construction industry, but maybe subcontractors could do something similar.

 

Greg Wilkes (10:58):

Yes, that’s really interesting. I guess this has been made a lot easier now with some of the (I don’t know what you call it) disruptor banks like Starling and ones that have come into the market. I’ve now got an account with Starling, but I used to just be HSBC or Lloyds (I still am with them) It’s a lot more difficult to open multiple accounts with those traditional banks. But Starling and Monzo, just briefly tell us what they allow for easily.

 

Dan Edwards (11:28):

Within Starling, Monzo, Mettle is similar, you create sub-accounts. You still have your main bank accounts, but you have these silos of money that you can now make payments from if you wish to, but they don’t appear. For example if you log into your bank account on Starling, you just see the headline figure. You don’t see these amounts that are hidden away from you. Psychologically you don’t know they’re there, but you know they’re there.

 

Greg Wilkes (11:56):

Yes….

 

Dan Edwards (11:58):

And they’re free. Starling Bank doesn’t charge you for a bank account. Monzo doesn’t charge you, Mettle doesn’t charge for them. But HSBC, after the initial period of nine – ten months, you then start being charged for the bank account, 10 pound a month, whatever it is. If you’ve got 6 or 7 of those on the go, that’s 60, 70, 80 pounds before you’ve even started earning money. It can become expensive. Then the challenger banks made life a lot easier and Starling are just launching a second current account for businesses within the app. I think that’s coming sometime shortly. It’ll make the income account and the OpEx account a lot easier to manage. Currently you have to combine the two in a way, so it’ll make that a lot easier.

 

Greg Wilkes (12:45):

Yes, that’s fantastic. I know that with Starling, I haven’t hit a limit yet, but I’ve got multiple spaces in/or envelopes(whatever you want to call it) in my Starling, and they’re not charging me for any of those and it seems like I can just keep creating them. It’s a really interesting method of doing things. We understand the principles. If anyone hasn’t quite got yet, what we are saying is, you’ll get a load of money into your account and your are going distribute that into envelopes.

 

Greg Wilkes (13:16):

One thing that profit first talks about is allocation percentages. This is where, doesn’t get complicated, but this is where if anyone’s listening to the podcast or watching this on YouTube, you got to pay a little bit of attention <laugh> to some of this stuff. I imagine, if I was taking the average of my listeners, they would be running a million pounds construction company a year. Let’s just go for that. What would typical allocation percentages be for a business like that? How would they split out the money that comes into their business?

 

Dan Edwards (13:53):

Okay, so for construction businesses, you obviously have subcontractors which take up a lot of your costs. If we say, that’s about 800 grand per se, for a limited for a company turning over a million pounds. Then they’re left with £200,000, that’s the figure that we would use percentages on. Typically, the corporation tax rate is 19% at the moment, but is going to raise up to about 25% depending on how much your profit is. If we say typically 15% of that would be a reasonable number to say per month. From that £200,000, you put away 15% of that for taxes. ‘Profit Mike’ suggests you always start low 1, 2, 3% as you build up to it. We like to get around the 5, 6, 7, 8% to start with. It’s a bit more. You can actually do something with that, you can buy a cup of coffee for £4 but 5% is lot nicer. But 10,000 pounds, 10% of that, then 5% of that for profit. Owners pay; he likes to get towards £50k or £60k, but to start with £40k seems a reasonable amount and £200k, that’s 80 grand a year. Your sort of level with a normal subcontractor on that, and you can build up as you go along. Again, expenses around the same, about 40% of that £200k. It’s not including a subcontractor cost, it’s just office and other costs that you’ve got. Then every quarter you move those percentages on a bit, so the profit percent goes up, the owner’s pay goes up, whereas the expenses will come down. Which is all about cutting the waste away and running more leanly as a business as you move on with the profit first system.

 

Greg Wilkes (15:37):

Yes, that makes sense. To clarify, for anyone that’s listening, if you’ve got a little bit confused with that: when we’re saying if you’re a million pound company and £800k going to subcontractors, we’re talking about labour and materials in that in £800k aren’t we? That’s your cost of sale if you like, and then we’re left with 20% as your operating expenses to split out. What’s really important is that, there are assessments and there are setups that can be done with a Profit First coach. So if you don’t know what your allocation percentages are and you haven’t read the book, you can talk to someone like Dan or or s thing online that Dan will tell you about later that that can give you a little bit of a clue on where you should be putting this money. If anyone’s listening to that, and they’ve got a little confused, because sometimes it’s quite hard on the podcast to keep up with that when you’re driving and <laugh> work out what’s going on.

 

(16:28):

What’s interesting is, when a lot of people first think about doing Profit First and they go into the system, they realise that actually, is there that much money in the business for me to take the the 20% for myself / 80,000 pound for myself? Is that a reality? Sometimes they can look at their costs over the last year and think, “Oh, that’s actually pretty tough”. They’ve got to start thinking about maybe cutting back somewhere. Why is cutting waste an important principle of of Profit first?

 

Dan Edwards (17:06):

IT’s the initial thing you do when you after you’ve done the assessment. You look at all your expenses for the year and you label them P, R or U. P is profit driving, so you can’t get rid of that, although I argue there’s nothing that’s a P expense. Everything can be cut or changed. R is replaceable. Things like mobile phone bills, telephone, internet bills, accountants bills, all those can be renegotiated or renewed with somebody else, subscriptions and things. The U expenses; we all have these expenses, we pay out, we sign up for things and then we don’t use it. Like January now, lots of people will sign up for the gym this month, next month they won’t use it, the month after, they won’t use it. We like to collect things, we hoard expenses and we find it really difficult to let go of them. If we did let go of them, that’s tens if not thousands of pounds worth of money that could be spent elsewhere or on yourself, which is why that’s the first major thing we do after the assessment. We look at the expenses. That’s where the quick wins can be made. That’s where we can go, “Well we saved you three, four grand here in one month”. That’s money that you can be redeploying somewhere else in your business, even paying yourself. Or if you needed that new member of staff but not quite managed to afford it yet, then you can start planning for that. We’re running a personal and business coaching thing this month in January, where we’re looking at that for both personal and business because when you work for yourself, they’re so intertwined. The amount of Netflix subscriptions and Disney subscriptions that everyone has, they don’t use. But because they are deemed to be small amounts, people don’t care as much, but those small amounts add up.

 

Greg Wilkes (19:05):

Yes, that’s what I was going to say. That’s why these companies, they’re billion dollar companies for a reason, aren’t they? They know that people let that slide. It’s really important to stop sometimes. I think it should be done pretty regularly, every quarter or every six months, just have a look and think, “Well, where am I at with my expenses?” It can soon runaway with you. I see this all the time with businesses that, they might get to a million and then all of a sudden they’re scaling rapidly and you just see their overheads rocket because they’re like, “Right, let’s, let’s get this and get that!” It can get a little bit out of control. <laugh> You think you’re earning a fortune and then you’ve scaled and you haven’t earned any more money for the year. That’s frustrating. I can certainly see why cutting the waste is so important.

(19:52):

What about those that might be listening to this that are actually in debt? Let’s imagine, some are listening to this now and they’re thinking that every time the money comes into the business, “All right, my 70% or 80% gets paid to labour and subcontractors and materials. By the time I work everything out, I’ve got no money. It’s all getting paid off on bounce back loans” or whatever else debt people have got themselves into. How does the system work with that? How does it address that?

 

Dan Edwards (20:25):

We use a debt snowball system, where you still put 1,2,3% set aside for profit, but when you take your half (the profit) you use some of that, but not all of it. You use 95% of that profit figure to pay down the smallest debt first. Get it cleared out the way. We recommend you list all your debts, smallest to largest, doesn’t matter what the interest rates are on this particularly. You list them all smallest to largest, and you pay the smallest one off first with that 95% for your profit part. Then whatever you’re paying on that debt, next time round, once it’s cleared off, you then add that to the next one and then the next one etc. Then eventually you would have snowballed enough of those payments that you make a large dent in the big ones, but it’s still important that that 5% left from your profit share is still spent on you. It’s still spent on doing something for you because it helps with motivation. You see the system working and you start to think, “Well if this is what I’m enjoying with my 5%, what’s it going to be like when I get the whole amount to myself?” It mentally stimulates people to think positively about it. “I can do this because that’s being paid off”. They can see a process to follow. People have graphs and charts for this e.g. “I’m going to pay that off for three months, that’s paid off in nine months.” You can see that the look on their face, the relief that they can see that if they followed the system, everything will work out nicely. It’s getting into that habit of 1%. If you can run your business on a 100%, you can run your business on 99% of whatever you earn. You can run your business on 98%. You just don’t spend that stationary, do something else. You cut back a bit, so you know you can do it.

 

Greg Wilkes (22:26):

Yes…

 

Dan Edwards (22:26):

Then say every quarter you take half that money, 95% of it, smallest debt first and then repeat, rinse and repeat.

 

Greg Wilkes (22:36):

Yes, that’s interesting. I can see the psychological appeal to that because I guess some debts would take years potentially to pay off depending on how much debt you’re in. If you are constantly paying off debt and you’re not getting any reward for it, that’s pretty disheartening isn’t it? I know a big principle of Profit First is, the profit goes away first as the book says and you get some benefit from that. Otherwise what’s the point of being in business if you can’t enjoy something. That sounds great and a great way of of getting in control of your debt and maybe a little bit different for people listening to this who might think, “Oh, well the obvious thing is pay the highest interest rate off first.” Again, this is more of a psychological tip. If you’re talking to someone else, they might go, “That’s not the way to do it.” But from a psychological point of view, if it gets your debt paid off, then that is the best way, isn’t it, if it works. That’s great.

(23:31):

You’ve obviously worked with a number of businesses Dan, you’ve worked with some that are just doing traditional accounting and you’re working with businesses that are doing purely Profit First. Have you got any examples or stories of how (not naming any names) but how businesses have changed, once they’ve started implementing Profit First?

 

Dan Edwards (23:51):

Yes, so we work with a photographer. We met through networking. He came to us because he received his tax bill just before Christmas. It was 3/4/5,000 pounds (I can’t remember think it was off the top of my head) just before Christmas. That’s not the news you want before Christmas. To make it worse, he hadn’t saved any money, bless him. He spent the whole Christmas and new year worrying about how to pay it off. Then he came towards me, I’d been talking about Profit First for months before he moved to us, and he came and he was like, “I want to do this”. We set him up with the profit for system. He started saving regularly and this year we sent him his tax bill in May/ June time and he had the money straight away. Paid it off, and had enough leftover to go on holiday. So he was chuffed bits with that. Chuffed to bits, absolutely. He loves to see the money grow in his business, so he’s reluctant to take out his profit. You need to take something out to enjoy yourself, but he said “Well, it gives me more joy to see the money growing”. Because he was in that situation where he didn’t have his tax money, it gives him more joy to see it there and like whatever floats your boat. I prefer to buy Robot vacuum cleaners, but if you want to leave it there, that’s perfectly up to you. That’s perfectly fine. But all our clients that we work with, we’ve had people reduce their debts down, book holidays because they have the extra money there. You can see the stress they have when we first start working with them. They’re (I say hating what they’re doing) but they can’t see a way forward out of it. You get to the end of the first quarter and you send a message saying, “So what are you going to spend your money on?” We have one person doing it and she’s fairly small as a business, so her profit was say 200, 300 pound that she took out, but she went to the hairdressers and she’s not a vain person. It was something massive for her to be able to spend that money on herself rather than worrying about it. Construction, we have someone working in the construction industry and they’ve previously had issues with debts and they’re now debt free pretty much this year having been 60/80 grand in debt.

 

Greg Wilkes (26:18):

Wow.

 

Dan Edwards (26:19):

They’ve worked really hard over the last three years to get that money down and now they’re seeing the benefit because that money they were spending, that can go to them now. Part of that can be their money, for wages or profit or whatever they deem fit, or grow the business, it’s incredible. You can see the stress lift off them as the months go by. You get some nice emails from people thanking you for implementing it. I’ve been doing it myself since started the business six years ago and it just makes life so much easier.

 

Greg Wilkes (26:50):

Yeah. A hundred percent.

 

Dan Edwards (26:51):

I look forward to paying my tax bill because I know I’m going to get a bonus off the back of it and so it works.

 

Greg Wilkes (26:57):

Yes. What a mindset shift that is and I think that’s really fantastic. The reason I wanted to get you on today, Dan, is because I can see the power in Profit First. It’s something we teach in Mastermind with with our guys and we’re seeing people implementing in there. It just makes a huge, huge difference. It might sound complex just listening to it on the podcast, but it’s very straightforward and a simple way of accounting once you get into the swing of it. You need a Profit First Accountant to maybe help you set things up and analyse things and help you through it. It can get a little bit complex with CIS and VAT, reverse VAT and all the other things that go on. That’s why an accountant might be great and at the end of the day, you’ve got to pay for an accountant anyway, so why not use an accountant that can actually do both methods of accounting for you. I guess it’s almost like a cash flow method and a traditional transaction method. I’m all for it and I think it’s fantastic.

Greg Wilkes (27:59):

If any of my listeners are listening to this for the first time, they’ve never heard of this process, what I would just say to anyone that’s listening is try and read the book if you can about why Mike Michalowicz set up Profit First, the reasons behind it. It’s really motivating, because it will help you realise that you are not the only one in this boat. If you are going through business at the moment and you’re struggling and you can’t see the benefits of all the work you’re putting in, then read the book because Mike understands that. Also, if you’ve got time read ‘Profit First for Contractors’ I think that’s pretty useful. Even after reading both of those books, there are tweaks that need to be made because they are US books. There are slightly different things here in the UK that you’ll need to tweak. You do need to talk to someone about it. Have a chat with your own account and if your own accountant doesn’t do Profit First, then you want to be speaking to someone like Dan just to understand it. That’d be the advice I’d give.

Greg Wilkes (29:06):

Dan, can you tell us a little bit more about your company and and services you offer? There might be people listening to thinking “Sounds fantastic, but where do I start? What’s the next step for me before I commit to this?” What would you recommend to them?

 

Dan Edwards (29:24):

I’d highly recommend reading the book. Mike’s done so many YouTube videos and lectures about Profit First during his time. Jump on one of those and have a look. We offer a free discovery call, so there’s links on our website and LinkedIn pages where they can book a free half hour chat with us, and we’ll go for an instant assessment with them, if they have their numbers available, so they can have a sort of snapshot view of what’s going on in the business from a profit first sense. That’s free of charge.

 

Greg Wilkes (29:52):

Tell us what your website is Dan, we’ll put it in the links….

 

Dan Edwards (29:55):

It’s www.profitfirst.uk or www.dkaccounting.uk as well.

 

Greg Wilkes (30:03):

Yes, easy ones to remember there, so that’s great. They can come onto your website and….sorry, just say that again. What do they get on the website?

 

Dan Edwards (30:11):

On the website they can book a discovery chat with me and then during that chat we’ll get to know their business a little bit better, what they do, what they hope to achieve. If they want to, we can run an instant assessment for them, which is the starting point for the book, so they can see what areas they’re overspending or under investing in. Then if they want to, we can offer full assessment for them and implementation as well as the traditional accounting things. The VAT returns, tax returns, accounts, payroll everything except for audit. We don’t touch audit.

 

Greg Wilkes (30:45):

Yes, fair enough.

 

Dan Edwards (30:46):

Our preferred software is QuickBooks, although we do use others, others are available

 

Greg Wilkes (30:53):

<laugh>. Good stuff. Yes, that’s fantastic. Thanks for that, Dan. So anyone listening to this, if you think this could be beneficial to your business certainly speak to Dan. If you’ve already got an accountant that you’re happy with and you think you can implement this yourself, then that’s great. Get your envelopes set up, work out your allocation percentages and be disciplined in splitting that out. In the book, it talks about doing it twice a month. If you can do that, you will really see a massive difference. How amazing would it be to get to the end of the year, to have your taxes paid, know that all your accounts are full so that you can pay everyone you need to, you don’t have to worry about paying suppliers, and then there’s a bucket of money left for you to spend on yourself and for a rainy day. What an amazing achievement that would be. And you deserve that for working hard, the risk and the efforts that you put in. Everyone deserves to have that in business. I really thank you Dan for coming on the podcast today and and enabling that for people and jumping on board with this because I think it’s so powerful and we are changing people’s lives when we implement this stuff and help them do it. We’re changing personal lives and family lives and I think that’s the joy, isn’t it? Seeing that. Great to have you on board. Thanks everyone for listening and we look forward to seeing you on the next podcast. If anyone’s got any stories where they’ve implemented this and they’ve had some success with it, I’d love to hear about it and I’m sure Dan would as well. Drop me an email or put a message on our Facebook page / social media. We’d love to hear how Profits First work for you and that just inspires other people to consider it in their business. So take care everyone. Thank you very much, Dan.

 

Dan Edwards (32:32):

Thank you very much Greg.

 

Greg Wilkes (32:33):

Can I just ask a quick favour? If you are getting some value out of our podcast, I’d really ppreciate it if you could just quickly go online, make sure you subscribe and leave us a review on the platform that you’re listening on. That really helps our rankings and just helps other construction business owners find out about the show so they can improve their businesses too. So let me just say ‘thanks” in advance.

Greg Wilkes (32:59):

If you’d like to work with me to fast track your construction business growth, then reach out on www.developcoaching.co.uk