Issue 2 2023

12 Acquisition International - Issue 2 2023 Helping Business Owners to Profit First hen asked to conjure up an image of a small business owner, many of us will imagine someone who’s passionate about what they do, but who also works all the time – and often doesn’t have much to show for it. Learning the importance of managing cash flow and finances is something that many businesses do as an afterthought. But putting the cash, and yourself first can be the catalyst to astonishing change. The team at Hetty Verney Accountants subscribes to a method known as ‘Profit First’. The system, invented by American small business author, Mike Michalowicz, is designed to eradicate entrepreneurial poverty. By sharing information, tools, and systems, Profit First helps business owners understand and manage their finances to transform their business from ‘a cash-eating monster to a money-making machine’. Hetty tells us, “We’ve used the Profit First system to run and maintain the business for the last five years, and we’ve helped others to do the same. We work with coaches, consultants, and small business owners. We teach them to understand and recognise the power in their figures. We want their businesses to be a success so that they can live the lives they dream of.” Hetty is a Certified Profit First Professionals, one of only a handful in the UK. She regularly speaks at mastermind events and to companies and groups about the benefits of Profit First. Hetty says, “We’re passionate about teaching our clients about their figures and what they mean. We approach things in a very different way from most accountants. Our core values of professionalism, responsibility, and personable service underpin everything we do. We’re here to understand the heart of each business and help our clients navigate tricky terrain with confidence.” Based on the core principles of Profit First, Hetty has launched her own online course, ‘Cash Management – A Fresh Perspective’. The six-week self-study course teaches business owners how to optimise the management of their finances. As well as the course materials, students get a 90-minute one-to-one consultation with Hetty herself. She explains, “I designed the course to benefit Limited Companies, sole trader business owners and those new to handling finances. It provides a fresh perspective on how to manage cash and understand the role of cash management as a core business activity.” W Dec22560 Since the start of the COVID-19 pandemic, Hetty’s business has seen an enormous increase in its client base. She tells us, “A lot of it was due to businesses not being able to get hold of their accountants. They needed help understanding what assistance they were eligible for. It gave us an opportunity to set up many webinars and Zoom calls for both clients and non-clients.” Going forward, Hetty and the team will continue to spread the word about Profit First by working with other accountants and training companies and coaches to help their own clients. By 2030, Hetty Verney Accountants aims to have helped over 1,500 businesses to switch to Profit First. Contact: Hetty Verney Company: Hetty Verney Accounting Web: Hetty Verney has been an accountant for over 25 years, but she has a higher calling. When Hetty meets with a client for the first time, she tells them “Forget everything you know about accountants; I’m not like them.” Not only does she ensure her clients’ figures add up, but she proactively helps them to achieve business growth. In 2020, her company, Hetty Verney Accounting, branched out into financial mentoring services and it hasn’t looked back. We speak with Hetty, our Leading SME Accounting & Business Advisory of the Year 2022 - UK, to find out more.