The MindShift Podcast

Who’s Defending the Bottom Line with Vinnie Fisher

By Darrell Evans

1/19/23 3:03 PM

3 Minutes Read

Episode 64

Here are three reasons why you should listen to the full Episode:

What led Vinnie into the world of entrepreneurship?
What was the pivotal moment that changed the trajectory of his career?
Advice Vinnie has for small businesses.

Episode Highlights

Generational poverty mindset

- A partner owner’s mentality.
- Quick start type of person.
- He realized he has a significantly high tolerance for risk.

Fully Accountable

- Fully outsourced accounting and finance solutions.
- Providing outsourced solutions for the back office.
- Even though a multi-opener, Vinnie’s primary responsibilities lie and rest with Fully Accountable.

The pivotal moment

- His supplement company had 4 million a month in revenue with razor-thin margins of 8%.
- The realization that the health supplement company should have been doing 20-25%.
- As a result, Vinnie became the ferocious dog to the 14% that his company was losing.

Less than 7% of businesses in America do a million dollars in annual revenue.

- The difference between hustling to get your business known and shifting to a mature operations mindset.
- When should a business not worry about profit?
- The error of most companies, putting the customer before the profit.

Maturing your business

- Vinnie’s company only works with businesses doing seven figures and above.
- Investing in your business to fix it becomes a reality.
- If you wouldn’t want to buy it from yourself in five years, why would you expect anyone else?

CFO on staff v/s outsourcing

- The department isn’t just the CFO but the master bookkeeper, controller, and data analyst.
- CFO should only be helping with executive operations.
- Outsource the CFO and build your internal team.

Leaky buckets

- 82% of companies never hit their 5th anniversary.
- Businesses have the revenue, but they are running blind.
- The business has no relationship to the bottom line.
- 94% of companies never hit their 10th anniversary.

Vinnie’s advice

- Have a baseline of your numbers to work off of an accurate assessment.
- How much to spend to acquire the customer.
- Don’t worry about lifetime value at the beginning.

One thing about entrepreneurship he wished he knew and what he would change.

- Above all, to ask for more help.
- To be able to accept and receive the equivalent of his ability to give.
- The CEO has to have a mindset around defending the bottom line.

Giving value away to others

- His mission is to double the profit margin of 10,000 companies.
- Not all people he helps will be clients.
- Moreover, he wants to help everyone that he can.

Becoming an author

- He broke his large company and consequently sold it for parts.
- Lost his vision of the unique value that was gifted to him.
- Wrote the first book as a cleansing and then kept writing because it could help more people.

How does Vinnie want to be remembered?

- Firstly, that he is a Christ follower living out his faith, and it is important to him.
- A family man.
- Also a leader of people.

3 Powerful Quotes from this Episode

MindShift

10:03 - “I woke up one morning, and I’m like, you know, I’m doing it again, here I am running a big business, either razor-thin margins or I’m giving it all back, and something’s got to change. So I went to the offices and like, I think it’s about what we keep, not about what we make. And a team’s like, Well, good job, Einstein, congratulations, you finally got there! Well, that awakening led me to realize that our health sampling company should have been doing about 20 to 25%, net profit, not eight.”

Changing the Mindset

13:44 - “The things you got to do to get customers and a working offer are far different than the things you have to do as the leader when you’re doing a million and growing.”

Leaky Buckets

21:07 - “…If they could get a hold of their leaky bucket, that profit and loss statement, and understand where their little holes are in this bucket and start plugging them, fewer businesses would run out of cash unnecessarily.”

About Vinnie Fisher

Vinnie Fisher is an entrepreneur and a best-selling author with over 20 years of experience growing and scaling multiple 8 figure companies.

His most recent mission is helping eCommerce, tech and digital business owners improve their financial fluency and operate their accounting back office as a profit center.

After growing 3 – 8 – figure businesses with fast growth, many customers and low margin, Vinnie discovered the issue was that he lacked financial fluency and gave back much of his hard-earned money in cash waste and no margin. With no good solutions in the marketplace, Vinnie founded Fully Accountable, an outsourced full-service cutting edge accounting firm that helps eCommerce and Digital business owners through fractional CFO and accounting services.

Vinnie has been awarded Digital Marketer of the Year multiple times and has been featured on many top-rated national podcasts and other media outlets such as Business Insider. He has also authored three best-selling books and has guided Fully Accountable to the Inc 5000 as one of the fastest-growing companies in America twice. One of the Great Places to Work, and ranked as one of the Top 5 Outsourced Accounting Firms by CFO Tech Outlook.