🎙 Dr. Steve Day is joined by Tom Griffiths, the founder of Synergy CFO Solutions. Tom shares his expertise in financial management for small businesses, emphasising the importance of understanding and improving profits and cash flow for financial freedom. He introduces the concept of 16 drivers that can impact revenue, profits, and cash flow in any business. Tom also discusses practical strategies for tracking financial metrics, setting goals, and implementing systems to achieve business success. The episode provides valuable insights into financial management and offers actionable advice for business owners looking to enhance their financial health and achieve their long-term goals. KEY TAKEAWAYS Focus on the 16 Drivers: Use the 16 drivers to track and improve your business's revenue, profits, and cash flow.Implement Profit First System: Separate business cash into different accounts to ensure proper allocation and avoid overspending.Use Notion for Organization: Utilize Notion for note-taking, project management, and team collaboration to keep everything in one place.Track Key Financial Metrics: Regularly monitor revenue, gross profit, net profit, and cash balance to assess your business's financial health.Define Success on Your Own Terms: Success is running a business that positively impacts the world, allows flexibility in work, and meets financial obligations. BEST MOMENTS 02:40 - 💬 “I'm smiling for those listening on the podcast to this because your vision if you like, the reasons you do your work, very similar to the reasons I started my business.” - Steve Day 05:00 - 💬 “I think the official status is something like, I say official, because it's very hard to get official stats for small businesses, but it's about 80% of small businesses that go out of business struggle because of cash flow issues.” - Tom Griffiths 29:37 - 💬 “Moveable goal syndrome is that we never reach our goals because we keep moving the goalpost.” - Steve Day TIMESTAMPED OVERVIEW 00:00 Finance background, helping friends with business. 06:15 Lack of understanding leads to business problems. 07:45 Business owners spin plates and neglect underlying problems. Stress. 13:03 Setting up and organising multiple bank accounts. 15:54 Financial jargon helps accountants understand business. 17:36 Focus on key drivers for business success. 22:30 Manage cash flow to support business growth. 24:36 Summarizing the process of tracking business drivers. 26:42 Reverse engineer business goals for success. 30:41 16 drivers can be broken down further. Track revenue, profit, and cash for success. VALUABLE RESOURCES Website: https://www.systemizeyoursuccess.com Facebook Group: https://facebook.com/groups/systemsandoutsourcing/ LinkedIn: https://linkedin.com/company/systemsandoutsourcing/ Instagram: https://instagram.com/systems_and_outsourcing/ YouTube: https://youtube.com/@drsteveday42 GUEST RESOURCES Free report: The 16 Parts of Your Business...that Drive Revenue, Profit and Cash Flow: https://synergycfosolutions.co/16drivers/ LinkedIn: https://www.linkedin.com/in/tomgriffiths8 Website: https://synergycfosolutions.co/ ABOUT THE GUEST Tom Griffiths founded Synergy CFO Solutions because he realised that many small business owners need a financial guide to help them grow and succeed. Due to his financial background following the first eight years of his career in banking, he can look at a business and spot the underlying reasons why it is not profitable and has poor cash flow. He understands both sides of a business (the financial side and the business ownership side). More importantly, he knows how to fix it so that the business can grow and become more profitable. ABOUT THE HOST Steve used to be a slave to his business, but moving to Sweden in 2015 forced him to change how he worked. He switched to running his businesses remotely. After totally nailing this concept, he spent his time helping other small business owners do the same. Steve has been investing in property since 2002, has a degree in computing, and worked as a doctor in the NHS before quitting to focus full-time on sharing his systems and outsourcing methodology with the world. He now lives in Sweden and runs his UK-based businesses remotely with the help of his team of Filipino and UK-based Virtual Assistants. Most business owners feel overwhelmed because they don’t know how to create systems or get the right help. Our systems and outsourcing Courses and coaching programme will help you automate your business and work effectively with affordable virtual assistants. That way, you will stop feeling overwhelmed and start making more money.
