Paul Maskill - business coach, multiple business owner, entrepreneur and host of the Business Owners Freedom Formula Podcast.
Paul works with business owners who are looking to make simple culture changes within their businesses which lead to increased turnover and more freedom.
We discussed a lot, most notably the 5 Mistakes Business Owners Make when it comes to Culture:
Discover Real-Life Business Insights
Curious about how fellow entrepreneurs are navigating the ups and downs of running a business? One of the best ways to learn is through the authentic experiences of other owners. Dive into a variety of testimonials, client case studies, and personal stories that shed light on both successes and the occasional face-palm moments.
Getting Smart with Financial PlanningPaul and I didn’t just stick to culture and team, money talk inevitably snuck in (as it does). Small business owners wear enough hats to fill a walk-in closet, so keeping an eye on the numbers isn’t just a “nice-to-have.” It’s essential if you want your business to thrive instead of stall.
So what works when it comes to financial planning for growth? Here’s how Paul breaks it down:
Treat Cash Flow Like Oxygen
You wouldn’t leave for Everest with half a tank, right? Paul recommends managing your cash flow weekly, know what's coming in and going out, and plan for any hills and valleys ahead. Tools like QuickBooks or Xero can help here, but whatever you use, watch those numbers like you’d watch your fantasy football scores.
Budgets, Not Just for Big Corporations
Creating a realistic budget isn’t about being stingy, it’s about giving your decisions a solid foundation. Factor in not just expenses, but also those unpredictable “oh look, the coffee machine exploded again” surprises. Reviewing your budget monthly (not letting it gather digital dust) puts you ahead of the herd.
Strategic Investments vs. Panic Spending
Growth often tempts you to throw money at the first shiny thing, Paul suggests the opposite. Every investment, whether it’s hiring, training, or new tech, should align with your long-term vision. Ask, “Will this move the needle a year from now, or is it just a quick fix?”
Lean on Advice, But Trust Your Gut
Whether it’s picking up tips from Dave Ramsey or studying Warren Buffett’s moves, learning from others helps. But at the end of the day, your business, your context.
Three quick financial wins Paul swears by:
Financial planning doesn’t have to be scary or spreadsheet-obsessed. Approach it as a tool for your freedom, the same freedom that inspired you to build a business in the first place.
Financial Forecasting: Giving Your Small Business a Crystal BallA lot of small business owners treat financial forecasting like Brussels sprouts, something you know you should do but keep pushing to the back of the plate. But, just like those sprouts, forecasting is actually good for you (I promise, much less mushy though).
At its core, financial forecasting is about peering around corners. It lets you map out where your business is headed, sidestep potholes, and, crucially, plan with genuine confidence instead of crossed fingers.
How Do You Get Started?
Why Bother With Forecasting?
Remember, even giants like Starbucks and Pret weren’t built without some heavy-duty financial napkin-scribbling. You don’t need a crystal ball, just a willingness to look ahead and tweak as you learn.
And, pro tip: apps like Float, Futrli, or even good ol’ Excel will make you look way more organized than you feel.
Here’s how you can connect and grow:
Connecting with others’ journeys isn’t just inspiring; it’s actionable. Armed with these stories, you’ll be better equipped to tackle your own business adventures.
Pricing Strategies to Maximise ProfitabilityAfter tackling culture, another area where business owners often leave money on the table is in their approach to pricing. Choosing the right pricing strategy can make all the difference in your bottom line, so let’s break down a few that genuinely move the needle:
Value-Based Pricing
Instead of guessing what the market might pay, value-based pricing starts with your customer. Figure out how much value your product or service brings to them (think: time saved, headaches avoided, money made), and price accordingly. Take a leaf from Apple’s book, they don’t just sell a phone; they sell an ecosystem and an experience, which is why they command higher prices.
Premium Pricing
This is all about perception. By positioning your offering as high-end, think of the difference between flying standard and splashing out on business class, you attract a different kind of customer. Premium pricing can boost your profit margins and your brand prestige, provided your product consistently delivers on that promise.
Bundle Pricing
Everyone loves a good deal. Packaging complementary products or services can entice customers to spend more than they might have on just one item. For example, fast food combos or curated software suites tend to increase the average ticket size, without a lot of extra effort on your end.
Penetration and Skimming
Penetration pricing means starting low to attract attention, then raising prices once you have a loyal base. Skimming is the opposite, launching high, grabbing early adopters (think new gadgets), and reducing your price later to reach the masses.
If you’re unsure where to start, test and track. Profitable pricing is rarely set-it-and-forget-it; it should evolve as your offers, audience, and positioning do.
Advanced Financial Metrics for Small Business SuccessSo, what numbers should you actually keep an eye on if you want your business to thrive, not just survive? Beyond the typical profit and loss statement, there are a few advanced financial metrics that can give you deeper insights and help you make smarter decisions.
Here are some worth tracking:
Most importantly, regularly reviewing these metrics lets you spot trends, course-correct early, and ultimately build a business that works for you, not the other way around.
The Profit Plan: Setting Your Business Up for Sustainable SuccessWhat exactly is a Profit Plan for business owners, and why does it matter? Let’s break it down, minus the usual jargon and with a healthy dose of real-world practicality.
At its core, a Profit Plan is your business’s blueprint for making sure that, after all the dust has settled, there are actual profits left in the bank, without sacrificing your sanity or customer experience along the way. Think of it as combining elements of Michael E. Gerber’s systems thinking with a “money-first” focus.
Here's how it typically shapes up:
In short, a Profit Plan is about being proactive rather than reactive. It’s how you move from hope-based bookkeeping to true financial freedom, freeing up your time and energy to lead, innovate, and maybe even take that much-needed vacation.
The Four Core Principles of Putting Your Business Profit FirstWhen it comes to building a sustainable business that actually generates freedom, not just revenue, Paul champions the idea of putting your profit first (big tip of the hat to Mike Michalowicz here). It’s a straightforward but radical shift in mindset and operations. Here’s how it breaks down in practice:
Prioritize Profit, Not Just Revenue
Instead of focusing on sales and hoping there’s something left at the end, set aside your desired profit before allocating money to expenses. This makes profit a non-negotiable rather than an afterthought.
Allocate Funds Using Separate Accounts
Use dedicated bank accounts to divvy up your income into profit, owner’s pay, taxes, and operating expenses. This creates accountability and helps resist the temptation to overspend.
Operate Within Realistic Limits
Regularly review what's actually available in your operating expenses account. This keeps you vigilant and inventive, forcing you to streamline costs rather than mindlessly scaling up expenses with every new sale.
Build Consistent Habits
Make financial reviews and allocations a routine part of your business rhythm. Whether it's a weekly or monthly practice, this habit ensures you’re always steering the ship, not just reacting to financial fires.
These principles aren’t just about bookkeeping, they’re about creating a culture where sustainability and freedom are baked into the business from day one.
What to Expect from a Profit First Coaching Program
Jumping into a Profit First coaching program is a bit like giving your business GPS navigation for its finances, except with fewer wrong turns and more celebration stops.
Here’s what you’re in for:
In short, a Profit First coaching program helps transform those “Where did all the money go?” moments into “Look at what we just achieved!” milestones, without needing a finance degree or a magic wand.
Understanding the Profit First Method
If you’ve ever found yourself wondering where all the money goes at the end of each month, the Profit First method might just be the missing piece of your financial puzzle. Developed by Mike Michalowicz, this system flips traditional accounting on its head: rather than treating profit as an afterthought, you prioritize it right from the start.
Here’s how it works in practice:
It might sound deceptively simple, but thousands of business owners have found that putting profit at the forefront leads to better decisions, less financial stress, and, yes, even actual profit. If you’d like actionable guidance, the “Profit First” book and community resources are worth exploring.
Paul is an avid fan and implementer of the eMyth by Michael E. Gerber:
https://www.amazon.com/Myth-Revisited-Small-Businesses-About/dp/0887307280
And Paul's top tip for budding entrepreneurs is to "Avoid following the status quo, and do things regardless of what other people are telling you to do; the positives normally vastly outweigh the negatives".
Check out Business Owners Freedom Formula Podcast:
https://podcasts.apple.com/gb/podcast/business-owners-freedom-formula-actionable-advice-for/id1225076443
And finally if you want to get a hold of Paul here's his website: https://paulmaskill.com/mastermind
And email address: paul@paulmaskill.com
A Bit about Fearless Business:Join our amazing community of Coaches, Consultants and Freelancers on Facebook:
>> https://facebook.com/groups/ChargeMore
And check out the Fearless Business website:
>> https://fearless.biz