Episode 2: The P&L as a Mirror (Even If You Don’t Have One) Part of the Foundations First mini series

In this episode, we’re handing the mic to your practice’s P&L—the profit & loss statement—and exploring what it really has to say. Is it calmly guiding you with clarity? Or quietly warning you from a drawer you haven’t opened in months?

James dives into:

• What a P&L really is—and why it’s essential for every GP practice • How to read beyond the numbers and hear the stories they’re telling • Common blind spots (like locum drift and drawings creep) • Real-life anecdotes from practices who learned the hard way • How to create a “P&L Lite” with zero jargon and no fancy software • Reflection prompts to help partners ask better questions • Practical ways to embed financial culture into everyday leadership

Whether your accounts are live in Xero, Excel or on the back of a whiteboard, this episode will help you listen more closely to the financial mirror you already have—and shape a more proactive rhythm in your partnership.

💡 Especially relevant for practice managers, GP partners, and leadership teams looking to go beyond “feelings” and lead with confidence.

#GPleadership #PracticeFinance #PandLClarity #freemeupInPractice

In this opening episode of the Foundations First mini-series, James Johnstone invites GP partners and Practice Managers to step away from spreadsheets for a moment and tune in to the emotional heartbeat of their practice finances. Instead of asking “Are we profitable?” or “What does the budget say?”, we explore a deeper question:

· What does stability actually feel like—day to day, decision to decision—in a general practice setting?

Drawing on real-world stories from two very different partnerships, James contrasts:

· A large urban practice with healthy turnover but low-grade panic in every corridor

· A rural practice working to tight margins yet operating with calm, collective confidence

Throughout this conversation you’ll discover:

· Common “fog signals” that quietly erode clarity—missed budget reviews, habitual drawings, hushed car-park chats

· Markers of genuine financial calm—proactive meeting rhythms, shared language, transparent proposals and simple break-room dashboards

· Five vivid pictures showing how small, consistent habits prevent surprise invoices from turning into panic crises

· Why culture—not just cash—forms the bedrock of stability, and how your team’s psychological safety around money can make or break your plans

James weaves in seven reflective prompts designed to spark real dialogue in your next partners’ meeting or leadership huddle so by the end of this episode, you’ll see that financial stability isn’t just a balance-sheet outcome—it’s the tone in the room whenever money comes up. You’ll have concrete ideas for shifting from reactive “firefighting” to proactive planning, and for building a foundation of trust and shared ownership that can withstand the unexpected.

If you’ve ever felt that undercurrent of dread when an invoice arrives—only to discover your practice is technically “solvent”—this episode will help you close the gap between numbers and nuance. It’s about turning financial management into a collective heartbeat, not a solo emergency.

Ready to feel the pulse beneath your practice’s finances? Hit “Play” and let’s begin.

Ever feel like you’re operating your GP practice half-in the dark?

I’m James Johnstone, and in this launch conversation I’ll take you from a weekend brunch and a newspaper ad to ten years of tackling spiralling costs, digitisation headaches, and forecasting blind spots…all without pretending to have every answer.

In this episode I surface the hidden metrics silently shaping your decisions, question the “standard protocols” that might be your biggest bottleneck, and explore the financial uncertainties that keep you up at night

This isn’t a toolbox of quick fixes—it’s a candid chat designed to spark the “aha” moments that lead you back to your own business.

Share the topics that keep you awake—drop me a note on LinkedIn or at info@freemeup.co.uk—and they may help shape future episodes.

Ready to turn curiosity into clarity? Hit subscribe, leave a review, and let’s get those questions out in the open.