Profit Cash Growth

Accelerate Your Business with Effective Credit Control Techniques

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. 

Choosing the Right Credit Cards for Your Business

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. 

Unpacking the Right to Disconnect: Balancing Work Hours and Business Productivity

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. 
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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 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. 
 

The Ultimate Business Owner's Guide to Pension Planning

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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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 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. 

Sticky Customer Strategies and James Dyson's Land Empire

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
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 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. 

Preparing Your Business for a General Election

This week on the Profit Cash Growth Podcast, we're diving into the unexpected announcement of a general election and what it means for your business. Join us as we explore how to navigate the economic uncertainties and prepare for potential changes that could impact your business operations.
Hosted by finance director, chartered accountant, and entrepreneur Claire Hancott, this episode provides valuable insights and actionable strategies to help six and seven-figure business owners increase their profits, improve cash flow, and grow their business amidst political changes.
and get practical advice on cash flow management, cost management, and staying informed during this politically charged period.
Tune in for a deep dive into preparing your business for a general election and get practical advice on cash flow management, cost management, and staying informed during this politically charged period.
Finally in Profit Cash Growth Extra discover a tool called Wellybox to streamline your financial processes. Don't miss this crucial episode to ensure your business stays resilient and ready for whatever comes next.
⭐ Rate, Review & Share this episode with fellow business owners, and let's grow together!
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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 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. 
 

How To Get FREE Cash From HMRC

In this exciting episode of the Profit Cash Growth Podcast, the empathetic accountant, Claire Hancott, and her savvy co-host share sharp insights about business scams and exclusive ways to maximize your cash flow through HMRC. Crafted for visionary six and seven-figure entrepreneurs focused on business acceleration, this podcast provides comprehensive guides to safeguard against fraudulent business payments and siphoning benefits from HMRC.
Highlighted are anecdotes about change of bank detail scams and advice on effective protective measures like stricter validation processes. The conversation also addresses the rising issue of 'shoulder surfing' and the need to boost phone security in business operations.
Dispelling HMRC’s image as a persistent money-drainer, Claire introduces three effortless methods that could let you claim business cashflow courtesy of the UK’s tax authority. These practices, requiring minimal setup, can bolster your business's financial viability, setting it up for sustained success.
Learn about the possibility of an added week's cash flow, the benefits of an annual payroll for directors, and the advantages of VAT cash accounting schemes. These revenue-enhancing tips are especially beneficial for high turnover sectors like the hospitality industry.
Tune in today, and arm yourself with invaluable tips to improve your business's financial health.
⭐ Rate, Review & Share this episode with fellow business owners, and let's grow together!
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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 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. 

Why Year End Accounts Should NEVER Be Used To Make Decisions

In this episode of the Profit Cash Growth Podcast, we plunge into the significance of financial management beyond the conventional annual accounts. A detailed exploration of the Chinese fast-fashion company, Shein's possible introduction to the London Stock Exchange sets the backdrop for our news discussion. We delve into concerning issues that arise when year-end accounts are solely relied on for business decisions. Discover why such a practice can be problematic, primarily due to the time lag and lack of detailed information.
Financial expert and chartered accountant, Claire Hancott, lends her valuable insights to the conversation, highlighting the need for tailored management accounts that accurately mirror your business's unique circumstances. We also provide useful tips to aid you in managing your finances more efficiently and encourage business growth.
This podcast emphasises the dangers of leaning on limited and possibly outdated data from annual accounts. We illuminate how UK accounting principles, when used cunningly, can present a deceptive picture of a company's financial standing. The conversation delves into further financial elements such as seasonality, business strategy, and more.
⭐ Rate, Review & Share this episode with fellow business owners, and let's grow together!
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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 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. 

Bench Press to Boardroom: Lessons in Business from the Gym

Welcome to the Profit Cash Growth podcast where, in this engaging episode, we delve into the intriguing parallels between fitness training and building a successful business. In this surprising exchange, we underscore the importance of maintaining consistency in both the gym and business settings, drawing upon the concept of progressive overload evident in fitness. The narrative delves deep into the value of having strategic business approaches set in place, akin to thought-out gym workouts. Furthermore, we broach on the often overlooked necessity of addressing weak points, drawing parallels between 'business injuries' and our personal inclinations to avoid strenuous gym routines.
Imprinting the crucial importance of technique, we expand on how perfecting your business strategy or gym workout can yield maximum benefits. Our conversation brings in examples from sports and fitness, venturing into our personal experiences with weightlifting regimens, archery lessons, and even heart rate tracking using MyZone. We extend this comparison into the business realm, illustrating the significant role of technique and skill in achieving unprecedented growth.
An additional focal point we address is tracking. Much like how MyZone eliminates guesswork during workouts by providing real-time data on effort levels, tracking business metrics provides insight into performance. Finally, we emphasise how success, whether in the gym or business, is not about isolated efforts but a learning journey. Constantly testing, learning, adjusting, and upskilling play a pivotal role in flourishing businesses.
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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 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. 

Is It Worth It or Not? Assessing Essential Business Resources

In this episode, we tackle the question on every entrepreneur's mind: "Is it worth it?" We delve into the advantages and potential pitfalls of using crucial business resources like bookkeepers and marketing agencies.
Our discussion kicks off with a relatable rant about potholes, segueing into our support for a local small garage business. We then shed light on Morrisons' innovative approach to driving revenue through advertising on trolleys and digital screens. We examine the worth of bookkeepers and marketing agencies in business growth, and the pros and cons of such investments. The diversity of opinions we offer on these subjects ensure this episode is a fascinating listen for anyone seeking business growth.
We also engage in a riveting discussion on the importance of investing in outsourcing, focusing on marketing agencies and personal assistants. Our host Simon shares his beliefs on how such investments, despite their low entry barrier, can yield high returns. The episode underscores the potential to buy time for high-value tasks by outsourcing more routine ventures.
We delve deeper into the essentials every business owner must consider, including virtual assistants, company cars and finance brokers. The metric of success here is whether these investments pay off in the end. Additionally, we discuss the role finance brokers play in fostering business growth, emphasizing their contributions to seamless loan and credit transactions.
As a bonus, we recommend an inspiring Netflix series, The Playlist, chronicling the journey of Spotify. This episode is a treasure trove of debates, insights and invaluable advice for all aspiring and accomplished entrepreneurs.
⭐ Rate, Review & Share this episode with fellow business owners, and let's grow together!
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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 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.