Uncover Hidden Profits: A Guide to Cost Control
Podcast Episode Description:
In this episode, we tackle a crucial yet often overlooked factor in building a profitable business—optimising your expenses.
I’m Deb, a Profit First Professional, and today I share how I uncovered £750 a month in unnecessary costs in my own business using a simple but powerful tool: the Highlighter Method.
We walk through this method step-by-step so you can apply it yourself—categorising your expenses into what’s essential, what’s optimisable, and what’s just not serving your business. This isn’t just about cutting costs. It’s about spending with purpose and making intentional decisions that directly support your profit and your goals.
You’ll leave this episode equipped to make smarter choices with your money, boost your margins, and create a business that funds the lifestyle you actually want—not one that drains you.
About the Podcast:
The Financially Healthy Business Podcast continues with a practical, actionable look at expense optimisation—and how it directly impacts your bottom line.
I guide you through a simple framework that helps you look clearly at where your money is going. Most business owners don’t need to earn more—they need to spend better. In this episode, I’ll show you how to tell the difference between spending and investing, and how small tweaks to your outgoings can create big results.
This isn’t about penny-pinching. It’s about financial stewardship—taking control of your business so it supports you, not the other way around.
Every episode of this podcast is designed to help you move from confusion to confidence, with short, focused insights drawn from my book and the Profit First system. With episodes lasting just 15 to 20 minutes, you’ll gain practical tools without the overwhelm.
Your business should support your freedom and fulfilment. Let’s make sure your money is doing exactly that.
Takeaways:
- The podcast emphasizes the necessity for business owners to gain confidence in their cash flow, enabling them to lead the life they desire.
- Deb Halliday, the host, is an established Profit First Professional and has authored a guide on building financially healthy businesses.
- A significant focus of the episode is on cutting unnecessary expenses to increase profit without the need for additional sales, highlighting a practical approach to financial management.
- The Highlighter Method is introduced as an effective tool for analyzing expenses, allowing business owners to categorize their spending and identify areas for significant savings.
- Listeners are encouraged to adopt a routine of reviewing their expenses regularly, which can lead to substantial profit gains and reduced financial stress.
- The overarching message is that intentional spending, rather than emotional purchasing, is crucial for enhancing the profitability of a business.
Links referenced in this episode:
Companies mentioned in this episode:
- Accounts Ladies
- Accounts Office Academy
- how to Build a Financially Healthy Business
Transcript
Foreign Healthy Business Podcast for business owners who want the confidence on cash flow that supports the life they actually want to live.
Speaker A:I'm Deb Halliday, Profit First Professional founder of award winning accountancy practice the Accounts Ladies and the Accounts Office Academy and author of how to Build a Financially Healthy Business.
Speaker A:Learn how to take control of your finances, reduce stress and grow sustainably because your business should support your life, not consume it.
Speaker A:Let's get started.
Speaker A:Welcome back to the Financially Healthy Business Podcast.
Speaker A:I'm Deb Halliday and this is episode three of our mini series based on my book, how to Build a Financially Healthy Business.
Speaker A:Today we're talking about one of the fastest ways to boost your profit without needing a single extra sale.
Speaker A:Cutting Expenses now before you roll your eyes or think, I've already done that.
Speaker A:Stay with me because I've worked this in my business and I'm a bookkeeper and I still found £750amonth hiding in plain sight.
Speaker A:That's £9,000 a year.
Speaker A:Let's dig into how you can strip back your costs, refocus your spending and reclaim profit.
Speaker A:Starting today.
Speaker A: The truth death by: Speaker A:But when I sat down and properly reviewed my subscriptions, tools, memberships and recurring payments, I found £750amonth in waste.
Speaker A:That's £9,000 a year.
Speaker A:Now think about this.
Speaker A:What would you need to sell to generate an extra £9,000 profit?
Speaker A:New clients, ad campaigns, hours of delivery time.
Speaker A:But I found it in a couple of hours just by questioning what I was already spending.
Speaker A:This is the power of reviewing your expenses.
Speaker A:It's not just saving, it's instant profit.
Speaker A:The Highlighter Method Expenses Simplified here's the method I use and teach in the book.
Speaker A:It's called the Highlighter method.
Speaker A:It's simple, effective and a little bit addictive.
Speaker A:Step 1 Print out your last three months of business bank statements.
Speaker A:Step 2 Grab three highlighters or use digital tags.
Speaker A:Step 3 Go line by line and mark everything as one of the green essential these are non negotiables.
Speaker A:Software wages insurance costs that keep your business running.
Speaker A:Yellow optimizable things you still need but could reduce.
Speaker A:Maybe you're on the premium plan but only use basic features.
Speaker A:Pink non essential that course you didn't finish that tool you haven't logged into for months.
Speaker A:The ooh that looks good Purchases this is where your hidden profit lives.
Speaker A:And if you're anything like me.
Speaker A:This exercise will shock you in the best way.
Speaker A:The Shiny Object Trap let's talk about Shiny Object Syndrome, that temptation to buy the latest app, course, membership or tool.
Speaker A:Because it looks like the solution is driven by emotion.
Speaker A:Fear of missing out, fear of falling behind, or even fear of not being ready without the perfect system.
Speaker A:But most of the time, these purchases don't move the needle.
Speaker A:They clutter your digital space and drain your bank account.
Speaker A:Every pound you spend should have a purpose.
Speaker A:Before you buy, ask Will this directly contribute to growth or efficiency?
Speaker A:Will it save me time or money?
Speaker A:Can I get the same outcome more affordably or with what I already have?
Speaker A:Intentional spending leads to instant improvement in your profit margin.
Speaker A:Reframe Spending versus Investing Here's a powerful mindset.
Speaker A:Shift Spending is money that leaves without returning.
Speaker A:Investing is money that creates more money.
Speaker A:So ask yourself, is this expense generating leads, sales, time, savings or support?
Speaker A:Or is it just emotional reassurance, boredom relief, or comparison driven panic?
Speaker A:For example, an experienced bookkeeper equals investment.
Speaker A:A duplicate social media scheduler you barely use equals expense.
Speaker A:Reframing how you see every pound makes you far more intentional and far more profitable.
Speaker A:You don't need more money, you need better decisions with the money you already have.
Speaker A:My results and your challenge When I strip back my expenses by £750amonth, I didn't lose anything valuable.
Speaker A:In fact, I gained breathing room, profit, peace of mind and I now make this review a regular habit.
Speaker A:Quarterly, if not monthly.
Speaker A:So here's your challenge this week.
Speaker A:Print or pull up your last three months of bank statements.
Speaker A:Use the highlighter method.
Speaker A:Cancel, downgrade or question anything that doesn't serve your business goals.
Speaker A:Total up the savings and see how that shifts your energy.
Speaker A:For more info, visit www.howtobuildafinanciallyhealthybusiness.co.uk that's it for today's episode.
Speaker A:A leaner business is a more profitable business, and small cuts lead to big impact.
Speaker A:Next time, we're talking about owner's pay and why paying yourself isn't just allowed, it's essential.
Speaker A:You'll learn how to calculate what you really need, build it into your pricing and stop being the last one paid.
Speaker A:If you haven't already, grab your copy of how to Build a Financially Healthy Business or join our five day profit first challenge all@ww.howtobuildafinanciallyhealthybusiness.co.uk and if you found this helpful, would you do me a favour?
Speaker A:Follow the podcast, share it with a fellow business owner or leave a review.
Speaker A:It really helps spread the message.
Speaker A:Thanks for tuning in.
Speaker A:I'm Deb Halliday and I'll see you next time.
Speaker A:Thanks for tuning in to the Financially Healthy Business Podcast.
Speaker A:If today's episode helped you take a step closer to building a business that supports your life, share it with a fellow business owner, follow the show, or leave a review.
Speaker A:It all helps to get the message to the people that need it.
Speaker A:Head to howtobuildafinanciallyhealthybusiness co.uk and explore the tools, resources and online programs.
Speaker A:You didn't start your business just to survive, you started it to thrive.
