Found Money by Steve Wilkinghoff is a guide to help small business owners uncover the hidden profit and cash flow in their businesses. Short and to the point, Wilkinghoff pulls no punches about exactly what is required to run a profitable enterprise.
Wilkinghoff is a former accountant who has distilled the essence of running a small business into the Found Money Formula. The formula gives small business owners proven and effective strategies for uncovering the hidden profit and cash flow in their businesses. He teaches entrepreneurs what they need to focus on to ensure they thrive rather than just earning enough to survive.
The Found Money Formula has business owners focussing on the three key elements every business, every product, every service and every customer must have in order for your business to actually make money.
This is called the triple overlap and effectively managing these three key elements allows business owners to hold the reins and drive their business towards profitability. It gives business owners real control over their business as opposed to the business controlling them.
Wilkinghoff also introduces the concept of Customer Profitability mapping, a graphic method that instantly shows you which customers to focus on to drive further profitability, not just sales.
Found Money Breakeven is a method where you decide what financial result you want from your business and what is required to get there. Pricing Boot Camp teaches entrepreneurs how to price with purpose while outlining the benefits of doing so.
Wilkinghoff, has helped hundreds of businesses reach their full potential during his 16 years as a consultant and this experience becomes apparent in this book as he points out the common misunderstandings and mistakes made by business owners as they struggle to make their business a profitable one.
Pointing out the pitfalls is essential to ensuring entrepreneurial success faster for your business without making the same mistakes many others have made on the road to profitability.
While the book is geared towards existing business owners looking for cashflow and profitability improvements, I recommend this book to any entrepreneur about to launch their business. It is far better to employ this approach from the beginning rather than stumble about for two or three years. By then it could be much too late.
Published by Wiley, Found Money – Simple Strategies for Uncovering the Hidden Profit and Cash Flow In Your Business by Steve Wilkinghoff, is definitely one small business book that should be put on your bookshelves to be read, implemented and read again. Definitely a keeper.