Profit First Can Be Life-Changing (And It’s Not Just About the Numbers)

The recent BAS deadline has me reflecting on my own journey with Profit First  and how different things feel now compared to when I first started my business.

Years ago, this time of year would have sent me into an absolute panic.

Did I need a payment plan?  If I was already on one, how was I going to afford it?  Was I going to have to shuffle money around again just to make it work?

It was sleepless nights, constant bank balance checks, and the exhausting mental load of trying to keep all the plates spinning.

Sound familiar?

The BAS-Time Struggle Is Real

If you’re a rural or regional business owner, you know exactly how this feels. Managing cash flow can be a constant uphill battle:

• One good month, followed by three slow ones.
  
  
• A surprise bill just when you thought you were finally getting ahead.
  
  
• The stress of covering BAS, paying yourself, and keeping the business running.
  
  

It’s not you and you’re not bad with money.

The real problem is this: we’ve been taught to run our businesses using traditional accounting principles Sales – Expenses = Profit. That's how we see it in our accounting system and reports, but it doesn’t work with the way we naturally manage money.

No one ever taught us a system that works with our habits and tendencies. Something simple and practical that makes sense in the real world of running a small business.

Why Profit First Feels Different

Profit First isn’t just another money management system or budgeting tool. It’s a complete shift in how you think about your money.

Instead of scraping by with “whatever’s left over” at the end of the month, Profit First flips the formula:

Sales – Profit = Expenses

You decide your profit, tax, and what you want to pay yourself first and you run the business on what’s left.

That means:

• You pay yourself first
  
  
• You set aside profit first
  
  
• You plan for tax and expenses 

It sounds simple and it is. But this one shift changes everything.

Suddenly, BAS time isn’t stressful. Your bills are covered. Your wages are planned. And you finally know exactly what’s yours to spend and what’s not.

And no, this isn’t about cutting back to the bone or living off spreadsheets. Profit First is about creating clarity, structure, and consistency even when your income is anything but predictable.

How to Get Started With Profit First

If you’ve been lying awake at night stressing about your finances, here are three simple actions you can take today:

1. Open a separate bank account

Start small. Open one new account and label it  “BAS”.
Every time income comes in, transfer a small percentage into that account. I always recommend that 10% of your income is set aside here, but if this feels too hard, even 1% is better than zero.

2. Stop guessing and start allocating

Decide on rough percentages for profit, tax, and your pay. Start moving money into those buckets first and run the business on what’s left.

3. Give your money a rhythm

Set a regular “money day” once a week or fortnight. Allocate your income, review your balances, and get into the habit of checking your accounts intentionally not reactively. If it helps, name that day “Money Monday” “Financial Freedom Friday”.

Small, consistent steps are where the real transformation happens.

Does any of this resonate with you?  Does it sound familiar? If you’d like a practical next step, my free Money & Mindset Checklist will help you:

• Get clear on where your money’s going
  
  
• Spot the habits holding you back
  
  
• Start shifting how you think about profit and pay
  
  

👉 Download your free Money & Mindset Checklist here