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1955 – Mastering the Art of Generating High-Ticket Sales with Trimline’s Michael Wark
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Scaling Your Agency with a Fractional CFO
In a recent episode of The Thoughtful Entrepreneur Show, host Josh Elledge interviewed Michael Wark, a fractional CFO and the founder and CEO of Trimline. Michael specializes in helping agency owners scale their businesses, and during the interview, he shared invaluable insights into the challenges agency owners face, the benefits of hiring a fractional CFO, and actionable advice for those looking to grow their agencies. This blog post will delve into the key themes discussed in the episode, breaking down each tip in detail to provide a comprehensive guide for agency owners.
A fractional CFO is a part-time Chief Financial Officer who provides financial expertise and leadership to businesses that may not need or cannot afford a full-time CFO. This role is particularly beneficial for small to mid-sized businesses, including agencies, that are in the growth phase and need strategic financial guidance. Michael Wark suggests that agency owners typically consider hiring a fractional CFO when they have a team of at least 2-3 people and are generating revenue between $500,000 to $5 million. At this stage, businesses are navigating the "valley of death" in their growth curve, where financial missteps can be particularly costly.
One of the first areas Michael addresses with his clients is their profit margins. Many agencies struggle with pricing their services correctly, leading to thin margins that can hinder growth. Cash flow is another common challenge for growing agencies, and Michael emphasizes the importance of maintaining a healthy cash flow to support growth. As agencies grow, it's crucial to focus on building long-term value. Michael advises agency owners to think beyond immediate profits and consider the overall value of their business. By focusing on key areas such as fixing margins, solving cash flow issues, and building enterprise value, a fractional CFO can provide the financial leadership needed to navigate the challenges of growth.
About Michael Wark:
Michael Wark is a qualified Chartered Accountant with over 19 years of commercial experience.
He is the founder of Trimline which helps small agency owners achieve an exit through strategic support and coaching.
The coaching is anchored in the numbers but expands quickly beyond that to focus on strategy, and unpacking the key pillars of value that you need to be building alongside improving your numbers.
With a deep understanding of best practices for agencies small and large, he guides owners through the growth phase to exit with expertise and care.
About Trimline:
Trimline helps business owners acheive an exit through strategic support and coaching.
You get an experienced leader on your team at a fraction of the cost and time.
Our regular meetings are designed to give you a deeper insight into your numbers, and help you plan for the future.
We are here to build real value in your business, and share our insights into best practices from across our extensive industry experience.
Our guaranteed confidentiality is a critical outlet for founders. It means you can work through sensitive ideas or problems you can’t share with your existing team.
Apply to be a Guest on The Thoughtful Entrepreneur: https://go.upmyinfluence.com/podcast-guest
Links Mentioned in this Episode:
Want to learn more? Check out the Trimline website at https://trimline.co/
Check out Trimline on LinkedIn at https://www.linkedin.com/company/trimline-co/
Check out Michael Wark on LinkedIn at https://au.linkedin.com/in/michael-wark-18627628
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