Small Business Growth Systems: How To Boost Profit and Decrease Expenses With Byron Wolfe

Byron Wolfe is the Founder of CFOAF, a fractional CFO services and business consultancy firm specializing in small businesses. He is also the CFO of Black Tie Moving, an Inc. 500 company and the fastest-growing, privately owned relocation business in the US. As a licensed CPA, Byron has over 14 years of analytical leadership experience in financial reporting, accounting, treasury, and human resources. He also serves as a fractional CFO for multiple companies in various industries, including construction, networking, the Metaverse, and content creation.

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As small businesses reach the next stage of growth, they often become stagnant and lack adequate cash flow. This is because business owners focus too much on the minutiae of daily tasks rather than implementing systems to scale. How can you manage your expenses to sustain long-term profit?

According to CPA, CFO, and serial entrepreneur Byron Wolfe, working on your business to scale requires recognizing that revenue includes expenses, whereas profit encompasses net income. Mitigating expenses to increase profit requires evaluating accounts payable, balance sheets, payroll, and tax liability. By balancing your cash flow with a strategic process, you can manage your time effectively to focus on KPIs and metrics for growth.

In today's episode of Systems Simplified, Adi Klevit sits down with Byron Wolfe, the Founder of CFOAF, to chat about small business growth systems. Byron shares the definition of a fractional CFO, the difference between revenue and profit, and small business growth trends and barriers.