The Fractional CFO Show with Adam Cooper

Adam Cooper
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Every small business owner needs financial advice  to help scale and grow. Each week successful Operators join fractional CFO Adam Cooper, to share their experiences, tips and tricks to help improve your business cash flows, profits and help reach your financial goals.  If you are an entrepreneur looking to take control of your business finances, this is the podcast for you.

  1. Oct 8

    Is AI Actually Making Your Agency More Profitable?

    Is AI actually making your agency more profitable, or is it simply adding more tools, processes and experimentation? In this episode of The Fractional CFO Show, Adam Cooper is joined by Emily Hatton, Founder of AI in Agencies, to explore how agency founders and finance leaders can approach artificial intelligence in a more practical, structured and commercially focused way. Emily has spent years working in agency operations, including helping to scale a digital marketing agency before moving into business operations consulting. Today, she helps agencies understand where AI can genuinely improve their businesses, with a focus on processes, efficiency, profitability and measurable outcomes. Rather than starting with the latest AI platform, Emily believes agencies should start by understanding the problem they are trying to solve. That means auditing existing workflows, identifying where teams are spending too much time, finding opportunities to increase output or improve quality, and only then deciding where AI can help. The conversation moves away from generic AI hype and focuses instead on the questions agency leaders and finance teams should really be asking: What are we trying to improve? How will we measure it? What return should we expect? And is the technology actually helping us build a better business? In this episode, we discuss: • Why agencies should start with process, not AI tools – and how understanding existing workflows can reveal where AI can make the biggest difference. • How to audit agency operations for AI opportunities – identifying repetitive tasks, inefficient processes and areas where agencies could increase output or improve client delivery. • Setting measurable goals for AI adoption – whether that's saving time, increasing output, improving quality or achieving a specific commercial outcome. • The risk of AI “anti-productivity” – why unstructured experimentation can create additional work and potentially eat into agency profit margins rather than improve them. • AI and agency profitability – where artificial intelligence can genuinely improve operational efficiency, capacity and profit margins without compromising the quality of client work. • Measuring the ROI of AI investment – and why CFOs, finance directors and agency finance teams have an important role in challenging whether AI spending is delivering a meaningful return. • Why agencies may not need more AI tools – and why getting more value from existing platforms such as ChatGPT or Claude can be more effective than constantly switching to the latest technology. • AI costs and investment decisions – why agency leaders need to understand the commercial return from AI, particularly if subscription and usage costs increase in the future. • AI implementation and change management – why successfully adopting new technology is as much about people, training, processes and culture as the technology itself. • How AI could change agency team structures – including the changing role of junior team members and the growing importance of AI skills, quality assurance and effective prompting. • Why human expertise still matters – how judgement, creativity, quality control and subject matter expertise become even more important when AI can produce information and outputs at speed. • Creating better AI processes across an agency – including documented workflows, guidance on when AI should and shouldn't be used, verified data sources and appropriate checks. A key theme throughout the conversation is that using AI is not the same as improving productivity. If an agency introduces a new AI tool without defining what success looks like, it becomes difficult to know whether the investment has actually saved time, increased capacity, improved client delivery or generated a financial return. For agency founders, CFOs and finance leaders, that means treating AI investment with the same commercial discipline as any other business investment. Rather than simply deciding that an agency needs to “use more AI”, leadership teams need to establish what business problem they are solving, which process they want to improve and what measurable outcome they expect. That could mean reducing time spent on reporting or research, increasing creative output, improving quality or creating more capacity for higher-value client work and new business. For agencies where people are the largest cost base, this distinction matters. Saving time is useful, but what happens to that saved time ultimately determines whether AI creates financial value. This is also where the finance function has an important role to play. A strong CFO or finance director can help leadership teams challenge the assumptions behind AI investment, define the expected return, measure progress and understand whether operational improvements are translating into stronger financial performance. The episode also explores why agencies should be careful about constantly chasing new technology. With AI developing quickly, there is always another platform or update promising better results. But continually moving between systems can create disruption, retraining requirements, fragmented processes and unnecessary cost. Emily argues that many agencies would benefit more from fully understanding and using the tools they already have before introducing additional technology. Someone within the business needs responsibility for understanding the capabilities and limitations of those tools and recognising when a genuine case exists for changing platforms. AI also has implications for how agencies structure their teams. Some tasks historically handled by junior team members, including research and repetitive production work, can increasingly be supported by AI. But this doesn't remove the need for people. Instead, roles are likely to evolve. Agencies will still need people who can interpret information, understand clients, challenge assumptions, apply judgement and maintain quality. New responsibilities are also emerging around prompting, AI governance, quality assurance, training and helping teams use technology effectively. The businesses that adapt well are likely to be those that deliberately redesign workflows and responsibilities rather than simply layering AI on top of existing ways of working. Another important theme is change management. AI may feel different because the technology is developing so quickly, but many of the fundamentals of successful implementation remain the same. Teams need to understand why change is happening, receive appropriate training, have clear boundaries for experimentation and see evidence that the new way of working is actually helping them. The opportunity, however, is significant. Used effectively, AI can help agencies rethink how work is delivered, reduce repetitive tasks, create capacity for higher-value work and potentially improve both revenue and profitability. It can allow agencies to do more for clients without simply adding more headcount — whether that's producing more creative iterations, improving research, speeding up reporting or creating additional capacity for strategy and new business. For founder-led agencies, the question is therefore no longer simply: “Are we using AI?” A better question is: “Where can AI help us run a more efficient, profitable and scalable agency?” Emily's view is that agencies that understand the technology, make deliberate decisions about where to use it and measure the results will be in a much stronger competitive position. This episode is particularly relevant for digital, creative, marketing and professional services agency founders, as well as CFOs, finance directors, operations leaders and anyone responsible for agency profitability, operational efficiency, financial management and sustainable business growth. If you're trying to work out how AI fits into your agency strategy, how much to invest, which processes to improve first or whether your current AI activity is actually delivering a return, this conversation provides a practical place to start. Emily also shares her Business Book Bonus recommendation, choosing Traction and discussing why its practical approach to goals, structure and accountability continues to influence the way she works with agency leaders. About The Fractional CFO Show The Fractional CFO Show, from ACC Finance Solutions, explores the financial, operational and strategic challenges facing growing businesses and agency owners. Hosted by Adam Cooper, the show brings together agency founders, CFOs, finance leaders, operators and specialist advisers to share practical experience on agency growth, profitability, cash flow, financial management, forecasting, operational efficiency, investment decisions and building a more scalable business. About ACC Finance Solutions ACC Finance Solutions provides Fractional CFO and finance director support to growing agencies and founder-led businesses. We help leadership teams improve financial visibility, cash flow forecasting, management reporting, profitability analysis, budgeting and forecasting, strategic financial planning and commercial decision-making. The goal is to help founders understand their numbers, make better business decisions and build more profitable, resilient and scalable businesses.

    Is AI Actually Making Your Agency More Profitable?

  2. Sep 17

    What Nobody Tells You About Selling Your Business

    In this episode of The Fractional CFO Show, Adam Cooper is joined by Dan Maudhub, founder of branding agency Be Wonderful, now an investor, advisor and Non-Executive Director. Dan built and grew Be Wonderful before taking the business through an Employee Ownership Trust (EOT) transaction - a very different route to the traditional trade sale, merger or management buyout that many agency owners might consider when thinking about their exit strategy. The conversation explores the full journey: building an agency with a future exit in mind, choosing an EOT, valuing and structuring the business for the transaction, and then dealing with something that receives far less attention in traditional business exit planning - what happens after the deal is done. Building a business with an exit in mind Dan shares how Be Wonderful developed from a founder-led creative agency and why changes in the ownership structure became an important part of its growth. After initially building the company with several minority shareholders, Dan gradually bought those shareholders out. That gave him greater control over the direction of the agency and, ultimately, made the eventual exit process simpler. The discussion highlights an important lesson for anyone thinking about selling a business: exit planning can start many years before an actual transaction. Ownership structure, shareholder alignment, financial performance, management capability and founder dependency can all influence both business valuation and the range of exit options available. Dan also explains why scaling an agency organically can become increasingly difficult as the business grows. New layers of management, relatively short client contracts and the challenge of securing recurring revenue can all affect the route an agency takes towards greater scale and long-term value. Rather than waiting until he was ready to sell, Dan says the business developed its financial model with the eventual exit in mind. Why choose an Employee Ownership Trust? A major part of the conversation focuses on Employee Ownership Trusts and why Dan chose an EOT rather than a traditional M&A transaction or trade sale. Dan explains in straightforward terms how an Employee Ownership Trust works and how employees can effectively become the majority owners and beneficiaries of the business. He also discusses some of the financial and commercial considerations involved in an EOT, including: Business valuationTax considerationsThe structure and timing of payments to existing shareholdersFuture profitabilityEmployee incentivesLong-term financial performanceThe interests of different stakeholdersFor Dan, the decision wasn't simply about finding the exit route with the most attractive headline number. He wanted an approach that could allow him and his family to realise value from the business while also giving employees a meaningful stake in its future success. That made the EOT particularly relevant to Be Wonderful's existing culture and values as a B Corp certified agency. The financial realities of selling a business One of the most interesting parts of Dan's experience is the financial risk that remains after an EOT transaction. Unlike an exit where the founder receives all of their proceeds immediately, Dan discusses having a longer period over which value would be realised. That meant considering whether the business could continue generating sufficient profit over the years following the transaction. It required honest conversations about what the business might be worth, what could realistically be taken off the table initially, and what would happen if future performance didn't go according to plan. For founders considering how to sell a business, it's a useful reminder that the headline business valuation is only one part of the equation. Cash flow, profitability, financial modelling, deal structure and the ongoing ability of the company to perform can ultimately be just as important. What happens after the founder leaves? Dan describes the transaction itself as relatively smooth. The bigger surprise came afterwards. After years of being the founder and MD, Dan suddenly found himself returning to board meetings where he was no longer the person leading the conversation or making the final decision. Instead, he had become one voice around the table. Dan talks openly about learning when to contribute, when to step back and even when to bite his tongue as other people made decisions differently from the way he would have made them. There was also a more personal adjustment. The routines and responsibilities that had structured his working life for years suddenly changed. Meetings disappeared from the diary, his role within the organisation changed and he had to consider where he could make the greatest impact next. It provides an interesting perspective on an aspect of selling a company that can easily be overlooked: an exit isn't purely a financial event. For many business owners, it's also a major change in leadership, identity and purpose. Succession planning and founder dependency Perhaps the biggest lesson came when the business had to operate without its founder. Dan had promoted internally ahead of the EOT and spent months preparing his successor for the MD role. But after Dan stepped back, some of the knowledge, processes and decision-making that had previously existed between them became much harder to replicate. As Dan explains, founders can believe they have everything covered within their team - but they don't really know until they leave the room. The conversation explores what happened next, including pressure on agency profitability, project margins and leadership capacity. Dan reflects on what he would do differently, including breaking down the founder/CEO role in much greater detail and identifying exactly who would take responsibility for each area. It's an important succession planning lesson. Processes and systems that appear obvious to a founder after years of experience may not actually be documented anywhere. Decisions may depend on intuition, experience and conversations that haven't yet been turned into repeatable processes. Removing founder dependency therefore requires more than appointing a successor. It means understanding everything the founder actually does, building the right management structure, documenting critical processes and ensuring the next generation of leadership has the information and support required to make good commercial and financial decisions. Dan also shares one of his biggest leadership lessons from the experience: being an excellent second-in-command doesn't automatically mean someone will be equally effective as the person ultimately responsible for the business. Life after selling your business The episode also explores Dan's post-exit career. Alongside his continued involvement with Be Wonderful, he now advises founders looking to scale their businesses, invests in startups and supports entrepreneurs and social enterprises through the Wonderful Foundation. Dan talks about the adjustment from concentrating almost entirely on one company to developing a portfolio career across different businesses and projects. It raises another important question for founders working on their business exit strategy: What are you actually exiting towards? Dan's experience suggests that good exit planning isn't only about achieving the right business valuation or completing the transaction. Founders also need to think about their personal goals, values, desired lifestyle and the role they want business to play in their lives afterwards. In this episode, we discuss: How Dan built and scaled Be WonderfulWhy agency businesses can become difficult to scale organicallyBuilding a financial model with a future business exit in mindHow shareholder structure can affect long-term business valueWhat an Employee Ownership Trust (EOT) is and how it worksEOTs versus a traditional trade sale, merger or M&A transactionBusiness valuation when selling through an EOTThe financial and tax considerations behind different exit strategiesCreating incentives for employees under an employee ownership modelProtecting company culture during a change of ownershipManaging profitability and margins after the founder steps awayMoving from founder and MD to board member and advisorThe emotional and practical realities of life after selling a businessWhy succession planning needs to start well before an exitThe risks of founder dependency in growing agenciesWhy critical processes and systems often remain inside the founder's headChoosing and preparing the next generation of leadershipWhy a strong second-in-command doesn't automatically make a strong first-in-commandBuilding a portfolio career after exitAligning your business exit strategy with your personal goals and valuesIf you're an agency owner, entrepreneur or founder thinking about selling your business, succession planning, an Employee Ownership Trust or simply how to build a more valuable business that can operate without you, this episode offers a practical and experience-led look at what business exit planning really involves. Because preparing a business for sale isn't just about getting the numbers right. It's about building a company that can continue to perform when you're no longer the person in the room.

    What Nobody Tells You About Selling Your Business

  3. Sep 3

    What 150+ Fractional Executives Taught Me About Winning Clients

    How do you build a successful Fractional CFO business when being a great CFO is only half the challenge? In this episode of The Fractional CFO Show, Adam Cooper is joined by Stewart Mathieson, Founder of FractionalClients.com, whose team has worked with more than 150 fractional executives to help them build their client pipelines and win new business. Drawing on that experience, Stewart shares what he has learned about why some Fractional CFOs and other fractional executives build thriving businesses, while others with equally impressive careers and experience struggle to consistently win clients. It’s a practical conversation about business development for Fractional CFOs, covering referrals, prospecting, LinkedIn outreach, niching, positioning, pricing, AI, lead generation and ultimately how to move from being an individual fractional executive towards building a more scalable business. Being a great CFO is only half the equation One of Stewart’s biggest observations from working with more than 150 fractional executives is that succeeding in the fractional world requires two very different skill sets. The first is the ability to actually do the work and create meaningful value for clients. The second is the entrepreneurial ability to build a business around that expertise. For experienced CFOs, finance directors and other senior executives moving into fractional work, the first part can come naturally. They may have decades of experience helping businesses improve financial performance, profitability, cash flow, strategy and decision-making. But building your own Fractional CFO practice also means learning how to position yourself, generate leads, have sales conversations, price your services, build a pipeline and consistently win new clients. Stewart explains why this distinction is one of the reasons even highly experienced executives can struggle when they first enter the fractional market. What does a healthy client pipeline look like? Adam and Stewart explore one of the biggest challenges facing any Fractional CFO practice: creating a reliable pipeline without becoming dependent on one source of leads. They discuss referrals, networking, LinkedIn content and cold outbound as potential routes to market, and why the right combination will be different for every fractional executive. Stewart makes a particularly interesting point around referrals. If you're doing excellent work and delivering genuine value to existing clients, he believes referrals should naturally become a significant source of new opportunities. That means a lack of referrals isn't necessarily a marketing problem. Sometimes it can be an indication that there is a deeper issue with the value being delivered to clients. At the same time, relying entirely on referrals can leave a Fractional CFO business without control over when the next opportunity will arrive. The conversation explores why developing additional business development channels can create a healthier and more sustainable pipeline. Why cold outreach isn't just about immediately winning clients For Fractional CFOs considering outbound prospecting, Stewart argues that the value isn't limited to the clients you directly win from it. Cold outreach can also provide something particularly valuable when you're starting out: real market feedback. Rather than spending months deciding which niche to target, how to position your Fractional CFO services or what messaging might resonate with business owners, outbound activity allows you to test those assumptions against the market. Who responds? Which messages generate conversations? Which industries engage? What problems resonate? Where does your experience appear to have the greatest value? Stewart explains why this learning can create an indirect return on investment even before the first new client signs. The conversation also looks at realistic expectations around business development and why building a reliable sales pipeline takes time, testing and continual refinement rather than expecting immediate results. Should Fractional CFOs niche down? Niching is another major theme in the episode. For someone starting a Fractional CFO business, there can be a natural reluctance to specialise because choosing a niche appears to reduce the size of the potential market. Stewart argues almost the opposite. If you're trying to win your first one or two clients, you don't need an enormous market. A tightly defined niche can reduce the number of direct competitors you're facing and make your experience feel much more relevant to the prospective client. The more a business owner feels that your expertise, positioning and Fractional CFO service have been designed specifically for a business like theirs, the easier it can become to differentiate yourself. Stewart's view is that Fractional CFOs can start narrow, establish traction and then broaden their target market as the business develops. Adam and Stewart also discuss the connection between specialisation, positioning and pricing. Greater specialisation can make expertise easier for prospective clients to understand and potentially support higher-value engagements. Pricing Fractional CFO services Pricing is an important part of building any Fractional CFO or fractional finance business, particularly when you're just starting out. Without an established track record as an independent fractional executive, there can be a temptation to reduce your fees or even offer work for free to get the first few clients through the door. But cheaper doesn't automatically mean easier to buy. Stewart explains why prospective clients can associate price with perceived value, meaning that reducing your fees too aggressively can sometimes work against you. Instead of deciding on a single fixed price before speaking to a prospect, Stewart discusses the importance of understanding the client first. How large is the business? What problem are they trying to solve? How urgent is that problem? What is solving it potentially worth to the company? What budget and resources are available? The discussion provides a useful perspective on pricing strategies for Fractional CFO services and why pricing should reflect the context of the engagement rather than simply being based on what other Fractional CFOs appear to charge. What's working with LinkedIn outreach in 2026? LinkedIn has been central to Stewart's work with fractional executives, but the platform has changed considerably over the last few years. As more businesses and sales teams have adopted LinkedIn outreach, prospective clients are receiving more messages and competition for their attention has increased. AI has changed the market again. Stewart explains how modern tools can research individual companies and use that information to create highly personalised outreach based on areas such as team structure, pricing, customers or other company-specific information. That creates opportunities for much more relevant prospecting. But there's a catch. Everyone else has access to increasingly sophisticated AI and automation tools as well. As Stewart puts it during the conversation, making something easier for everybody doesn't necessarily change the market. Adam and Stewart therefore explore what actually creates an advantage when the technology itself is widely available. The answer comes back to the quality of the outreach, understanding the target market, strong positioning and the discipline to track, test and continually refine what you're doing. AI, automation and business development The conversation also provides a practical look at how AI is changing business development for Fractional CFOs and other professional services businesses. Technology can make prospect research, data enrichment, personalisation and outreach significantly more sophisticated than it was only a few years ago. But simply adopting more tools doesn't automatically create better results. Stewart shares how his team combines technology with market knowledge, positioning and data analysis to understand what is actually working. That distinction is particularly relevant as AI becomes increasingly accessible across finance, marketing and professional services. Competitive advantage isn't necessarily created by having access to the technology. Increasingly, it comes from how effectively you use it. From winning clients to scaling a Fractional CFO business The conversation then moves beyond the question of how to win your next client. What happens when your Fractional CFO practice starts working and you reach capacity? Adam and Stewart discuss the different options available to successful fractional executives who want to continue growing. That might include building a partnership, delegating complete client relationships, productising parts of the service or bringing in people with specific skills to support delivery. Stewart explains why he favours a model where fractional executives begin delegating specific areas of work rather than immediately handing over entire client relationships. For someone unsure whether they even want to build a larger firm, the first step could be much smaller: bringing in a virtual assistant or another team member to remove a portion of the workload and test what delegation feels like. This creates an interesting distinction between building a Fractional CFO lifestyle practice and building a more scalable Fractional CFO business.

    What 150+ Fractional Executives Taught Me About Winning Clients

  4. Aug 13

    The Rising Cost of Growth

    Customer acquisition is getting harder. E-commerce growth has slowed, consumer confidence remains under pressure and businesses are having to work much harder to justify where every pound of marketing budget goes. So what does profitable growth look like when acquiring the next customer is becoming increasingly expensive? In this episode of The Fractional CFO Show, Adam Cooper is joined by Daniel Dunn, CEO and Co-Founder of Paper Planes, a growth agency and technology platform helping D2C and e-commerce brands use data-driven postal marketing to acquire, retain and reactivate customers. Dan's background spans Disney, data and insights consultancy dunnhumby, Tesco Clubcard strategy and managing major brand marketing investment before co-founding Paper Planes. That experience gives him an interesting perspective on one of the biggest challenges facing founders today: balancing customer acquisition and business growth with profitability and return on investment. The changing economics of customer acquisition Dan explains why the environment for e-commerce and D2C brands has changed significantly since the growth experienced during the pandemic. For years, businesses could increase marketing spend across channels such as Meta, Google and paid social and see relatively predictable growth. Today, that equation is becoming more difficult. Customer acquisition costs are under pressure, consumers have more choice and founders need a much clearer understanding of which marketing activity is genuinely creating incremental growth. That means moving beyond top-line revenue and asking better questions about marketing ROI, profitability and where the next pound of investment should go. Marketing needs both creativity and data One of the central themes of the conversation is Dan's view that marketing is both an art and a science. Great creative still matters. Brands need campaigns that attract attention, communicate effectively and stand out in crowded markets. But creativity needs to sit alongside data-driven decision-making. For founders working with more limited budgets, understanding the return generated by different marketing channels becomes particularly important. The objective isn't simply to spend more. It's to understand what works, remove ineffective spend and continually improve how capital is allocated. Acquisition versus customer retention We also explore the increasing focus on customer retention and reactivation. Businesses naturally spend a lot of time thinking about how to acquire new customers, but Dan argues that many overlook the value sitting within their existing first-party customer data. Once a business has paid to acquire a customer, there is an opportunity to build that relationship, increase customer lifetime value and encourage repeat purchases rather than continually paying to replace them with someone new. For founders focused on sustainable and profitable growth, the balance between acquisition and retention is becoming increasingly important. Why diversification matters Another major theme is marketing diversification. Many growing businesses become heavily dependent on a relatively small number of channels, particularly Meta, Google, email and paid social. That can work extremely well, until performance changes. Dan's advice isn't to abandon successful channels. Instead, businesses should understand which parts of their existing marketing spend are generating the strongest returns and continually allocate a small proportion of budget towards testing something new. His recommendation to founders is simple: every quarter, try a new channel. Testing doesn't necessarily require a larger overall marketing budget. It can mean identifying ineffective expenditure, reallocating it and using controlled tests to understand whether another channel can deliver incremental returns. Over time, that creates a more diversified and resilient customer acquisition strategy. First-party data and direct mail The conversation also challenges some assumptions around direct mail. With hundreds of billions of emails being sent globally every day, getting attention through an inbox is increasingly difficult. Dan explains how modern postal marketing has moved well beyond traditional batch-and-blast direct mail. By combining first-party data, customer segmentation, marketing automation and personalised campaigns, physical mail can become another measurable channel within a wider customer acquisition and retention strategy. The principle is broader than direct mail itself: founders should be prepared to test different routes to market rather than automatically allocating budget to the channels everyone else uses. Growth, profitability and financial decision-making From a financial perspective, this creates an important question. When does marketing spend represent genuine investment in growth, and when are businesses simply buying increasingly expensive revenue? For founders, CEOs and finance leaders, good marketing decision-making requires visibility beyond revenue alone. Understanding customer acquisition costs, marketing ROI, retention, customer lifetime value and incremental returns can help businesses decide where growth investment makes commercial sense and where capital could be deployed more effectively elsewhere. That becomes particularly important when economic conditions are difficult and cash, margins and profitability are under pressure. Running an agency when clients expect more Dan also shares his experience of building Paper Planes and how agency-client relationships are changing. As technology makes it easier to start businesses and competition increases, clients have more alternatives and increasingly high expectations. For agencies and other service-based businesses, delivering expertise alone may not be enough. Dan talks about the importance of customer service, maintaining close relationships, understanding what clients actually need and creating a genuinely human experience, while still balancing the time and resources required to deliver that service profitably. It's a challenge many agency founders will recognise: providing exceptional client service without allowing over-servicing to undermine client profitability. Where AI genuinely changes the equation We also discuss AI and where Dan believes it is creating genuine value rather than simply adding more hype. For Dan, one of AI's biggest impacts is making information and data more accessible, much faster. But access to information isn't the same as good judgement. AI still needs quality data, experienced interpretation and human scrutiny if businesses are going to make good decisions from its outputs. Dan also considers how differently he would build Paper Planes if he were starting again today. His approach would be to stress-test what AI can achieve first, before deciding where additional people, technology, marketing investment or external support are genuinely required. It's an interesting lens for any founder thinking about operational efficiency, resource planning and how to scale a business in an AI-enabled world. In this episode, we discuss: • The rising cost of customer acquisition • Business growth versus profitability • Marketing ROI and better investment decisions • Data-driven marketing and measurement • Customer retention and reactivation • Customer lifetime value and first-party data • Diversifying marketing channels • Testing and learning with limited budgets • Direct mail alongside digital marketing • Agency profitability and client experience • AI, automation and operational efficiency • Building a more resilient growth strategy If you're a founder, CEO, agency owner, e-commerce operator or finance leader trying to understand how to grow without simply throwing more money at customer acquisition, this episode offers a practical perspective on making marketing investment work harder. Business Book Bonus Dan recommends How to Make a Billion by Richard Harpin, drawing on Harpin's experience building businesses including HomeServe. For something completely different, he also recommends The Rest Is History podcast as a way to switch off from business and maintain some balance. About The Fractional CFO Show The Fractional CFO Show, hosted by Adam Cooper of ACC Finance Solutions, features practical conversations with founders, CEOs and senior operators about the financial and commercial decisions behind building better businesses. We explore business growth, profitability, cash flow, financial strategy, leadership, operational performance and the decisions founders face as their businesses scale. Subscribe to The Fractional CFO Show on Spotify, Apple Podcasts or your preferred podcast platform for future episodes.

    The Rising Cost of Growth

  5. Jul 30

    How Rise at Seven Increased Agency Utilisation from 50% to 80%

    What separates highly profitable agencies from those that constantly feel stretched? For many agency founders, the answer isn't simply winning more clients or asking people to work harder. It's building better operational systems, improving resource planning, understanding the numbers behind the business and making more informed commercial decisions. In this episode of The Fractional CFO Show, Adam Cooper sits down with Ryan McNamara, Global Operations Director at Rise at Seven, to explore how the agency transformed its utilisation from around 50% to 80% over a two-year period—and, more importantly, what other agencies can learn from that journey. Ryan has spent his career building and improving operational systems across creative and digital agencies. Having founded his own business before moving into senior operations leadership, he understands both the entrepreneurial and operational challenges that agencies face as they grow. Rather than discussing theory, Ryan shares the practical lessons learned from implementing operational change inside one of the UK's best-known agencies. Together, Adam and Ryan explore why agency profitability is often driven by operational excellence rather than cost-cutting, why better resource planning creates better client outcomes, and why finance, operations and client services need to work together if agencies are to scale successfully. One of the biggest themes throughout the conversation is changing how agencies think about utilisation. Too often, utilisation is viewed purely as a finance metric or something used to monitor employee performance. Ryan explains why that's the wrong approach. Instead, utilisation should be viewed as an operational planning tool that helps agencies:  Deliver better work for clients  Improve project profitability  Make more informed hiring decisions  Build stronger commercial awareness  Increase operational efficiency  Support sustainable agency growth Rather than creating pressure, accurate operational data should help leaders make better decisions and give teams the support they need to succeed. In this episode we discuss:  How Rise at Seven increased agency utilisation from approximately 50% to 80% Why improving utilisation takes time, consistency and leadership rather than quick fixes  Why so many agencies struggle with utilisation, timesheets and operational discipline  Why scheduling matters more than timesheets The difference between measuring historical performance and planning future capacity  How resource planning improves both agency profitability and client experience  Using utilisation data to support pricing decisions and improve project profitability  Understanding when work is under-scoped and when projects need to be repriced  Why timesheets should never be used to "police" employees  Creating a culture where operational information helps people rather than punishes them  How accurate data improves training, coaching and professional development  Using operational data to support recruitment and hiring decisions  Why utilisation acts as an early warning system for future capacity challenges  The relationship between capacity planning, resource allocation and commercial performance  Bringing together finance, client services and operations to improve decision-making  Why operational leadership is ultimately about people, not process  How agency founders can introduce better planning without creating unnecessary bureaucracy  Why processes should support outcomes rather than dictate behaviour  The importance of understanding your financial numbers before adding operational complexity  Ryan's recommended business books on operations, leadership and continuous improvement One insight that particularly stood out was Ryan's observation that: "Timesheets tell you what has happened. Scheduling tells you what happens next."It's a deceptively simple idea, but one that completely changes how agencies should think about planning. Timesheets provide valuable historical data, but scheduling allows agencies to proactively manage future workload, resource allocation, project delivery and profitability. Throughout the conversation, Ryan explains how better scheduling allows agencies to identify future bottlenecks, improve client delivery, make smarter hiring decisions and ultimately build a healthier business. The discussion also explores how operational data supports commercial conversations. Instead of relying on gut feel, agencies can use accurate information to understand:  Whether projects are profitable  Where teams need additional support  Which departments require investment  When additional hiring is justified  Where clients may need to be re-scoped or repriced  How to balance client delivery with long-term sustainable growth These are exactly the kinds of conversations that founders, operations leaders and finance professionals need to be having if they want to build resilient businesses. Whether you're running a creative agency, digital agency, marketing agency or another professional services business, the principles Ryan shares are highly transferable. If you're responsible for agency operations, resource planning, financial management, commercial performance, project profitability, capacity planning or business growth, this episode is packed with practical advice you can implement immediately. About The Fractional CFO Show The Fractional CFO Show is hosted by Adam Cooper, Founder of ACC Finance Solutions, where each episode explores the financial, operational and leadership challenges facing founders, CEOs and senior operators. Rather than focusing purely on finance, the show looks at the commercial decisions that help businesses become more profitable, scalable and resilient. Guests share practical experiences, honest lessons and actionable advice for business owners looking to improve performance and build stronger organisations. If you enjoy this episode, please consider following the show on your favourite podcast platform and leaving a rating or review—it really helps more founders discover the podcast. Connect with Ryan McNamara on LinkedIn to follow his insights on agency operations, leadership and operational excellence. For more episodes and resources, visit ACC Finance Solutions.

    How Rise at Seven Increased Agency Utilisation from 50% to 80%

  6. Jul 16

    Funding Impact - Leading a Charity in a Competitive World

    Can a charity teach business leaders about financial management? Most people assume charities and commercial businesses operate in completely different worlds. In reality, the financial challenges are remarkably similar. Whether you're leading a global conservation charity or a growing SME, you're still responsible for generating sustainable income, managing cash flow, allocating limited resources, investing in people and technology, planning for the future and making difficult strategic decisions. In this episode of The Fractional CFO Show, Adam Cooper sits down with Paul Cox, CEO of Shark Trust, to explore what it really takes to lead a purpose-driven organisation in an increasingly competitive funding environment. Although Shark Trust exists to protect sharks and rays around the world, this conversation is about far more than conservation. It's about financial leadership, strategic planning, resource allocation, operational efficiency and making better decisions under pressure. Paul shares his fascinating journey from investment banking to marine biology before ultimately becoming CEO of one of the world's leading shark conservation charities. Along the way, he explains why running a charity demands the same commercial discipline as running any successful organisation. One of the biggest misconceptions Paul challenges is the belief that charities somehow operate outside the normal realities of business. As he explains during the episode: "We still have bills to pay. We still have people to pay. We still have offices, technology and operating costs. The difference is that when we generate a surplus, we invest it back into creating more impact." That single insight forms the foundation for a fascinating discussion covering everything from fundraising strategy and financial planning through to artificial intelligence and measuring return on investment. What you'll learn in this episode During the conversation we discuss:  Why charities require exactly the same financial discipline as commercial organisations.  The financial realities of leading a purpose-driven organisation.  Cash flow management and maintaining financial resilience during uncertain economic conditions.  Why unrestricted funding is often significantly more valuable than restricted grant funding.  Long-term financial planning when projects and funding commitments span several years.  Building diversified income streams to improve organisational resilience.  Making strategic investment decisions when resources are limited.  Balancing investment in people, technology and projects.  Creating operational efficiency without compromising organisational purpose.  Improving productivity through smarter systems and processes.  The growing impact of Artificial Intelligence on fundraising, grant applications and organisational effectiveness.  Responsible AI adoption and balancing technological innovation with environmental responsibility.  Measuring return on investment when success isn't measured through profit.  Leadership lessons from running an international conservation organisation.  Why collaboration often creates greater long-term impact than competition. Running a charity still requires great financial leadership One of the strongest themes throughout the conversation is that good financial management isn't about maximising profit. It's about maximising impact. Whether you're a founder, CEO, finance director or charity leader, the same questions continually arise:  How do you make the best use of finite resources?  How do you prioritise investment opportunities?  How do you forecast in uncertain markets?  How do you improve productivity without continually increasing costs?  How do you balance today's pressures with tomorrow's ambitions? Paul explains how Shark Trust approaches these challenges through careful strategic planning, disciplined financial management and a clear focus on long-term outcomes. For anyone involved in business growth, financial planning, strategic finance or organisational leadership, there are valuable lessons throughout this discussion. AI, productivity and doing more with less Artificial Intelligence has become one of the biggest talking points for organisations of every size. Rather than viewing AI as a replacement for people, Paul explains how Shark Trust is exploring ways to use it responsibly to increase productivity and free up time for higher-value work. The conversation explores:  Using AI to improve operational efficiency.  Supporting research and knowledge gathering.  Improving communication and content creation.  Enhancing fundraising processes.  Managing AI responsibly within a mission-led organisation.  Balancing innovation with environmental responsibility. It's a thoughtful discussion that moves beyond the headlines to consider how leaders can embrace technology while remaining focused on people and purpose. Measuring success beyond profit For most businesses, success is relatively easy to measure. Revenue. Profit. Cash generation. Return on investment. For a conservation charity, success can take decades to become visible. Paul discusses how Shark Trust thinks about measuring impact, demonstrating value to funders and making investment decisions where the return may not become visible for many years. It's a fascinating perspective that challenges traditional thinking around KPIs and performance measurement. About Paul Cox Paul Cox has led Shark Trust since 2015. His career has taken him from investment banking through to marine biology before ultimately becoming CEO of one of the world's leading shark conservation charities. Today, he leads an organisation focused on protecting sharks and rays through science, conservation, education, policy and international collaboration. Alongside his passion for marine conservation, Paul has developed extensive experience in organisational leadership, fundraising strategy, financial management and building sustainable organisations capable of creating lasting impact. About The Fractional CFO Show The Fractional CFO Show explores the financial decisions behind successful organisations. Hosted by Adam Cooper, Founder of ACC Finance Solutions, each episode features honest conversations with founders, CEOs and business leaders about financial leadership, business growth, strategic planning, operational challenges and the lessons they've learned along the way. Whether you're scaling a founder-led business, building a leadership team or simply looking to make better financial decisions, each episode is designed to provide practical insights that can be applied immediately. Listen now If you enjoyed this episode, please subscribe to The Fractional CFO Show on Spotify, Apple Podcasts or wherever you listen to podcasts. If you'd like to support the show, leaving a rating or review really helps more founders, CEOs, finance leaders and business owners discover these conversations. To learn more about ACC Finance Solutions and how a Fractional CFO can help improve your financial visibility, strategic decision-making and business growth, visit: https://accfinancesolutions.com

    Funding Impact - Leading a Charity in a Competitive World

  7. Jul 2

    Growing an Agency Without Following the Rules

    What does it really take to build a successful business without external investment? Many founders are told that the route to growth is to raise funding, specialise in a niche, standardise everything and scale as quickly as possible. But what if there was another way? In this episode of The Fractional CFO Show, Adam Cooper is joined by Gulliver Moore, Founder and CEO of Sunday Treat, a creative content agency that has grown organically into a multi-million-pound business working with some of the world's best-known brands, including Google, Disney, Canon, Revolut and Candy Crush. Over the last five years, Sunday Treat has expanded from a one-person operation into a team of fourteen, all without taking external investment and while deliberately ignoring much of the conventional advice given to agency founders. Instead of focusing on aggressive scaling, Gulliver explains why they've prioritised building a financially sustainable business, maintaining a strong company culture, protecting creativity and making commercial decisions that support long-term growth. This is an honest conversation about what building a modern agency really looks like behind the scenes. Rather than talking about overnight success, we explore the realities of growing a business, managing uncertainty, improving leadership, forecasting revenue, maintaining healthy cash flow and building a company that founders genuinely enjoy running. In this episode we discuss:  Growing a creative agency without raising external funding  Why cash flow is often more important than revenue growth  Building a profitable business while staying true to your values  The financial realities of running a project-based agency  Managing working capital and large client payment terms  Financial forecasting when future revenue is uncertain  Scaling from founder to CEO  Developing management and leadership skills  Creating a culture that attracts and retains talented people  Why Sunday Treat deliberately chose not to niche down  How variety can become a competitive advantage  Winning larger clients without following the traditional agency playbook  Expanding into the United States and establishing a presence in New York  Balancing creativity with commercial discipline  Managing risk while continuing to grow  Why sustainable growth often beats rapid growth One of the themes that runs throughout the conversation is the relationship between creative ambition and commercial discipline. Gulliver openly discusses how becoming responsible for employees completely changed the way he viewed leadership and business. Like many founders, he discovered that being technically brilliant at your craft doesn't automatically prepare you for managing people, having difficult conversations or building an organisation. He talks honestly about the mistakes he made early on, the management books that transformed his approach and why learning to become a better leader has arguably been just as important as winning new clients. For listeners interested in financial leadership, there are some particularly valuable insights into managing a business where revenue is inherently unpredictable. Unlike subscription businesses or companies operating on recurring revenue, Sunday Treat works largely on individual projects. That means forecasting income, managing utilisation, planning recruitment and protecting cash flow requires a very different approach. Gulliver explains how they think about financial planning, why maintaining a healthy cash buffer has been critical to their growth and how they approach larger client projects where payment terms can stretch well beyond the point at which suppliers and employees need paying. For founders, CEOs and business owners, it's a practical reminder that profitability and cash flow are not always the same thing—and that sustainable businesses are built through careful financial management as much as strong sales. The episode also explores one of the biggest debates in the agency world—whether businesses should niche down. Conventional wisdom suggests agencies should specialise in one industry or one type of customer. Sunday Treat deliberately chose not to. Instead, they work across multiple sectors and platforms, helping brands create content for everything from LinkedIn and TikTok through to television advertising and global campaigns. Gulliver explains why this approach has helped keep the team engaged, protected the business from changes within individual industries and ultimately created more opportunities for growth. Another fascinating part of the discussion focuses on international expansion. After seeing a significant proportion of revenue already coming from US clients, Sunday Treat recently established a formal presence in New York. Rather than treating expansion as simply opening another office, Gulliver shares the commercial realities behind entering a new market, including client acquisition, pricing, building relationships overseas and balancing growth with operational simplicity. Throughout the conversation, Gulliver offers a refreshingly honest perspective on what success looks like. Rather than chasing vanity metrics or headline growth numbers, he talks about building a business that is enjoyable to run, financially resilient and capable of creating exceptional work for clients while providing meaningful careers for the team. For anyone running a service business, creative agency, consultancy or founder-led company, there are practical lessons throughout this conversation around:  Business growth  Financial management  Cash flow forecasting  Profitability  Leadership  Founder mindset  Scaling operations  Agency growth  Strategic decision making  Commercial finance  Business strategy  Team development  Company culture  International expansion As always, we finish with our Business Book Bonus, where Gulliver shares the books that have most influenced his leadership style, management approach and personal productivity—including Radical Candor, The Making of a Manager and Uptime. Whether you're a founder, CEO, agency owner, finance leader or someone interested in building a business for the long term, this episode is packed with practical insights and honest reflections from someone who's grown a successful business by doing things differently. About the Guest Gulliver Moore is the Founder & CEO of Sunday Treat, an award-winning creative content agency helping global brands create engaging content across digital, social and broadcast channels. Since launching the business, Gulliver has grown Sunday Treat organically into a multi-million-pound agency working with brands including Google, Disney, Canon, Revolut and Candy Crush, while maintaining a strong focus on creativity, culture and sustainable business growth. The Fractional CFO Show is hosted by Adam Cooper, Founder of ACC Finance Solutions, and explores the commercial, financial and leadership decisions behind successful businesses. Each episode features conversations with founders, CEOs and senior operators, covering topics including business growth, financial strategy, cash flow, forecasting, profitability, leadership and scaling founder-led businesses. If you enjoyed this episode, make sure you follow The Fractional CFO Show on Spotify, Apple Podcasts or your favourite podcast platform so you never miss a future conversation.

    Growing an Agency Without Following the Rules

  8. Jun 17

    What Good Financial Leadership Looks Like in Practice

    What does good financial leadership actually look like inside a growing business? Many founders reach a point where bookkeeping is under control, management accounts are being produced, and year-end compliance is taken care of, yet they still feel uncertain when making important business decisions. They know the numbers exist. They receive reports. They have visibility of revenue. But they still don't feel fully in control of profitability, cash flow, hiring decisions, pricing, or growth plans. In this episode of The Fractional CFO Show, Adam Cooper is joined by Heidi Armstrong, Fractional CFO at ACC Finance Solutions, for a practical discussion about the role financial leadership plays in helping founder-led businesses improve profitability, strengthen cash flow, and make better decisions. This is a particularly special episode as it marks the first time a member of the ACC Finance Solutions team has joined the show. Drawing on her experience working with businesses across recruitment, beauty, media, professional services and other founder-led organisations, Heidi shares what she sees when businesses begin to outgrow basic finance support and require more strategic financial guidance. The conversation explores a common challenge faced by many SMEs. Business owners often know they need "better finance", but they're not always sure what that means in practice. Is it better reporting? More detailed management accounts? A bigger finance team? More software? Or is it something else entirely? Throughout the discussion, Heidi explains why good financial leadership is often less about producing more reports and more about helping business owners understand what their numbers are telling them and how those insights should influence future decisions. Topics covered include: • What a Fractional CFO actually does within a growing business • Why many founders feel disconnected from their numbers despite receiving regular financial reports • The difference between financial reporting and financial leadership • How financial forecasting helps business owners make decisions with greater confidence • The role of cash flow forecasting in supporting sustainable growth • Why revenue growth does not always lead to improved profitability • How management information can become a genuine decision-making tool • The importance of monitoring financial KPIs that actually matter • Common reasons margins deteriorate without founders noticing • Why pricing reviews should be a regular business discipline • The impact of inflation, supplier costs and overhead increases on profitability • How hiring decisions affect cash flow, capacity and future growth • The financial implications of expanding too quickly • Why business owners should place a value on their own time • How scenario planning supports better strategic decisions • The hidden cost of difficult clients • Why client profitability is about more than revenue alone • Lessons learned from working across multiple industries and business models One of the most interesting parts of the conversation centres on client profitability. Many business owners evaluate clients purely based on the revenue they generate. However, Heidi discusses why some clients can consume disproportionate amounts of management time, operational resources and emotional energy. A client may appear profitable on paper but become significantly less attractive once the true cost of servicing them is taken into account. The discussion highlights why founders should regularly assess not only what clients pay but also the time, complexity, interruptions and stress associated with managing those relationships. The episode also explores the connection between financial visibility and confidence. When founders lack clarity around cash flow, profitability or future financial performance, decision-making often becomes reactive. Businesses delay investments. Hiring decisions become difficult. Growth opportunities are missed. Cash flow concerns create unnecessary stress. By contrast, businesses that embrace financial forecasting, scenario planning and regular performance reviews are often able to make decisions earlier, with greater certainty and lower risk. Heidi shares practical examples of how she helps business owners understand the numbers behind their businesses, identify potential issues before they become serious problems, and create financial plans that support both growth and profitability. The conversation also touches on a challenge many founders face but rarely discuss openly: the value of their own time. Business owners frequently make decisions without fully considering the opportunity cost of their involvement. Tasks that appear profitable on paper can become far less attractive when the founder's time is properly valued. Understanding this often changes how businesses think about delegation, recruitment, pricing and operational structure. Whether you're running a recruitment business, professional services firm, agency, consultancy, creative business or another founder-led organisation, the principles discussed throughout this episode are widely applicable. If you've ever wondered: • What does a Fractional CFO actually do? • When should I hire a Fractional CFO? • How can financial forecasting improve decision-making? • What financial KPIs should I be tracking? • How can I improve cash flow visibility? • How do I increase profitability without simply increasing sales? • How should I assess client profitability? • What does good financial leadership look like in practice? This episode provides practical, experience-led answers. The Fractional CFO Show is hosted by Adam Cooper, Founder of ACC Finance Solutions, where each week he speaks with founders, operators and business leaders about the financial, operational and strategic decisions that shape successful businesses. Subscribe for more conversations covering financial leadership, business growth, cash flow management, profitability improvement, financial forecasting, strategic finance, management reporting, founder decision-making and the realities of growing a business.

    What Good Financial Leadership Looks Like in Practice
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Every small business owner needs financial advice  to help scale and grow. Each week successful Operators join fractional CFO Adam Cooper, to share their experiences, tips and tricks to help improve your business cash flows, profits and help reach your financial goals.  If you are an entrepreneur looking to take control of your business finances, this is the podcast for you.

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