#127 The Profit Mindset with Andy Cristin, Fractional CFO and Author

Andy Cristin is a fractional CFO and author of the book "The Profit Mindset: Know your numbers, plan ahead, grow your business". Andy started his career in Booker, an organisation famous as a cash and carry and for the Booker Prize. Subsequently, he honed his skills with involvement in a number of startups and smaller businesses. He now operates as a "virtual finance director". The Profit Mindset was shortlisted for the Business Book Awards 2020 and is an Amazon No. 1 bestseller. In The Profit Mindset, Andy Cristin asks: Is your business delivering everything you want it to achieve? Does it have predictable sales growth and a healthy profit margin? Does it provide you with sufficient leisure time and the prospect of a valuable exit? If not, it may be due to a lack of expertise on the finance side of your business. This is a common problem in small and medium-sized businesses. The book is intended to help business owners develop a profit mindset. It gives you the tools to improve your financial performance. In this episode, we talk about the 4 step methodology Andy introduces in the book; some of his practical experience in applying each of the 4 steps; and talk about how being a published author helps his business. https://youtu.be/lGyyenecvsM Links * Andy Cristin on LinkedIn * Kevin Appleby on LinkedIn * CFO Competency Framework * Buy The Profit Mindset on Amazon UK and USA Timestamps 00:11 Introducing Andy Cristin and The Profit Mindset 05:20 Step 1 - Build a simple financial mode 07:35 Step #2 - Break down your business into its components. 10:45 What happened when a business went from a £20m annual profit to a £20m million pound loss? 14:27 Step 3: Know the business and where the profit comes from. 19:40 The five 10% improvements and the compounding effect. 23:03 Step 4 - Get a CFO to keep you accountable. 27:50 The importance of having a CFO. 32:01 The average book only sells 200 copies, but it’s the calling card.