Turn Profit Into a Habit: Why You Need the Profit First System with Shannon Simmons

In this episode of The Next Step Podcast, host Alison Leigh Simmons sits down with Shannon Simmons, a certified Profit First professional, to discuss a game-changing approach to managing business finances.
Shannon shares her own journey with money mindset and dives into the practical steps of implementing the Profit First system. This interview offers a fresh perspective on paying yourself first as a business owner and setting up your business for long-term profitability.
You won’t want to miss Alison’s reaction when she realizes the subtle yet powerful shift that Profit First can create!
Topics We Cover:
🎙️ Mindset Shift on Profit: Shannon emphasizes the importance of paying yourself first and treating profit as a bonus, not just “leftover money.” Shifting your mindset around this can immediately change how you view your business finances.
🎙️ Separate Bank Accounts for Clarity: The Profit First system uses multiple bank accounts to allocate funds for specific purposes, ensuring that every dollar is accounted for. This structure can reduce stress and increase financial clarity.
🎙️ Owner’s Pay vs. Profit: There’s a difference between the money you take as salary (Owner’s Pay) and your profit distribution. Profit is a reward for business success, while Owner’s Pay covers your personal living expenses.
🎙️ Addressing Money Mindset Issues: Shannon opens up about how negative money conversations from her childhood impacted her mindset. This personal story highlights how early money experiences can shape our financial habits.
🎙️ Small Steps First: Start by opening just one new account and allocate a small percentage of every deposit-1%-to begin building the habit of setting aside profit.
🎙️ Dealing with Debt: For business owners with debt, Shannon advises splitting profit distributions to include debt payments, savings, and a small personal reward, so you balance debt reduction with maintaining a safety net.
🎙️ Accountability and Support: Having a certified Profit First professional can provide the support needed to stay on track, troubleshoot challenges, and help navigate unexpected financial setbacks.
This episode is packed with actionable advice to help business owners create a strategic, sustainable plan for their finances using the Profit First system. Implementing even one small step can transform how you view and manage your business funds. Tune in to learn how taking control of your money today can help you build a thriving, profitable business for the future.
Ready to start paying yourself first? Listen to the full episode now and take your first steps toward a more profitable business strategy!
Connect With Shannon:
fitforprofit.com/
/ shannonsimmonsffp
/ fit4profit
/ fit4profit
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Hello, my friend, and welcome to the Next Step Podcast. I am your host Alison Leigh Simmons. I am an Italian Enneagram 8 from Jersey which means I talk loud, fast, and always with my hands. It also means that I can get pretty passionate, especially when it comes to setting and achieving goals for myself and my clients.
You did the hard work to start your business. You took the risk that so many others aren’t willing to take. Now you are looking to take the next step and go from overwhelmed and anxious to confident and resilient, making decisions that will help you turn your business vision into your reality.
This podcast is about how to take your big goals and break them down into bite-size, actionable steps. It’s about practical advice you can actually implement to get your systems, clients, and team organized so you can move the needle and grow your business instead of just spinning your wheels, and staying stuck on the edge of success.
I’m here to help you leave behind the mantra “take messy action and fail fast” and instead learn how to start taking strategic action to fail less. Don’t worry, I’m not bossy about it, just aggressively helpful.
Are you ready to commit to taking the next step?
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Need help taking back control over your business? Book a Call → alisonleigh.hb...