In this podcast episode, host Rob Lawrence interviews Alan Nicholls, from the UK Government’s Money and Pensions Service and BGCN.
You'll hear a discussion on how to develop essential financial habits for business owners, with an emphasis on the importance of budgeting, separating personal and business finances, and building financial resilience.
Alan highlights practical tools (see below) for budgeting and tax support, and shares advice on managing cash flow, saving regularly, and preparing for tax obligations.
Our conversation encourages normalising discussions about money, seeking support, and using available resources to gain confidence and control over both personal and business finances.
In this episode, you'll learn:
Introduction and Guest Background (00:02:00) Alan introduces himself, his roles at the Money and Pensions Service and BCN, and his experience supporting SMEs.
The Importance of Thinking About Money from Day One (00:03:59) Discussion on why financial awareness is crucial from the start of a business, and the overlap with personal finances.
Developing Good Financial Habits (00:06:49) Advice on building regular habits for reviewing income and expenditure, and the importance of monthly check-ins.
Tools for Managing Finances (00:08:02) Introduction to the Money Helper website and its budgeting tools, especially for those who dislike spreadsheets.
Facing Financial Messiness and Avoidance (00:10:27) Normalising the messiness of finances, the dangers of avoidance, and the risks of turning to harmful solutions.
Understanding and Controlling Your Finances (00:13:00) Emphasis on feeling in control, exploring financial education, and using available support resources.
Separating Personal and Business Finances (00:14:36) Why separating accounts brings clarity, especially as businesses grow and tax requirements increase.
Practicalities of Separate Accounts for Sole Traders (00:17:05) Clarifying myths about bank accounts, and practical steps for sole traders to separate business finances.
Problems with Mixing Personal and Business Finances (00:19:25) Examples of complications and tax issues that arise from not keeping finances separate.
Cash Flow and Its Importance for Growth (00:21:53) Explanation of cash flow, its role in business growth, and the need for planning and resilience.
Budgeting and Building Financial Resilience (00:25:14) Mindset and strategies for budgeting, creating a savings pot, and planning for unexpected events.
Planning for Success and Future Growth (00:29:28) How to use surplus funds, set savings goals, and reinvest in business or personal financial resilience.
Self-Assessment and Tax Basics (00:32:31) When to start thinking about tax returns, thresholds, and the benefits of good record-keeping.
Avoiding Surprises and Building Financial Habits (00:34:35) Tips for staying on top of receipts, expenses, and making financial management a daily habit.
Guidance on Savings and Tax Percentages (00:38:27) Focus on developing a savings habit over fixed percentages, and the importance of understanding your own finances.
Accountability and Seeking Support (00:40:43) Encouragement to seek accountability, use available coaching, and not to go it alone.
Final Thoughts and Key Takeaways (00:41:19) Alan’s advice: normalise money conversations, use Money Helper, and learn from others’ experiences.
Where to Find Further Support (00:45:01) Alan shares where listeners can connect with him and find more resources.
About Alan:
Alan Nicholls FRSA is the Regional Partnerships Manager for the East of England at the Money and Pensions Service, a government-backed organization dedicated to improving financial wellbeing. With over 14 years at Lloyds Banking Group, he led initiatives on financial inclusion, education, and support for those in financial difficulty. An executive coach and Fellow of the Royal Society of Arts, Alan now champions resilience and confidence in personal finance.
Alan is also a certified business coach at the Business Growth Coaches Network, where he supports small business leaders and individuals with executive, team, and personal development. His cross-sector experience spans finance, retail, third sector, and holistic health.
With deep insight from both MoneyHelper and his coaching practice, Alan brings a unique blend of clarity, empathy, and practical experience. His work connects everyday financial empowerment with small business growth, making him the ideal guide for this 30‑minute episode aimed at new self-employed listeners.
Resources mentioned in this episode:
• Budget Planner tool: https://www.moneyhelper.org.uk/en/everyday-money/budgeting/budget-planner
• Self-employment tax and NI guide: https://www.moneyhelper.org.uk/en/work/self-employment/tax-and-national-insurance-when-youre-self-employed
• Planning for retirement when self-employed: https://www.moneyhelper.org.uk/en/pensions-and-retirement/pension-basics/self-employed-pensions
• How to budget on an irregular income: https://www.moneyhelper.org.uk/en/everyday-money/budgeting/how-to-budget-for-an-irregular-income
To learn more, head on over to:
www.startbuildgrow.co.uk
