I'm thrilled to share with you the highlights of my recent podcast episode where I had an enlightening conversation with Matt, an expert in e-commerce and a fractional CFO. We delved into the world of e-commerce, discussing how to increase profits while reducing stress. Here are some key takeaways:
The Journey to Becoming a Fractional CFO: Matt shared his inspiring journey from being a CFO for a private equity group to becoming a fractional CFO for e-commerce businesses. His decision to prioritize family over long commutes is a testament to his values.
Financial Transformation: Matt's strategic decisions led to a significant improvement in his company's net income. His love for accounting and finance played a crucial role in this transformation.
The Power of Adaptation: Matt's success can be attributed to his ability to adapt his value proposition to meet customer needs. He also benefited from being an early player in the fractional CFO industry.
Common Business Mistakes: Matt shared some common mistakes businesses make, such as over-hiring and restocking slow-moving SKUs. His advice? Hire slowly and prune the bottom 10% of SKUs every quarter.
The Importance of Slow Growth: Matt emphasized the importance of slow and restrained growth. Scaling too fast can lead to problems like drop leads and mass churn.
Personal Insights: Matt revealed his passion for MMA, specifically Brazilian Jiu-Jitsu and kickboxing. He also shared his blue-collar background and his vision for the future.
The Challenges of Being a Fractional CFO: Matt discussed the challenges he faces as a fractional CFO for multiple businesses, including stabilizing lead generation and building a strong client success team.
I hope these insights spark your curiosity and inspire you to listen to the full podcast episode. Matt's journey and expertise offer valuable lessons for anyone involved in e-commerce or considering a career as a fractional CFO.
