In a large pot, heat olive oil over medium heat. Add ground beef and cook until browned. Drain excess grease and set beef aside.

In the same pot, melt butter and sauté onion, carrots, and celery until softened, about 5–7 minutes. Add garlic and cook for 1 more minute.

Stir in baby potatoes and beef broth. Bring to a boil, then reduce heat and simmer until potatoes are fork-tender, about 15–20 minutes.

In a small bowl, mix flour with a few tablespoons of water to create a slurry. Add it to the soup and stir until thickened.

Lower heat and add cream and shredded cheddar cheese. Stir until cheese is melted and the soup is creamy.

Season with salt and pepper. Adjust to taste. Serve hot with your favorite toppings.