Found Money: Simple Strategies for Uncovering the Hidden Profit and Cash Flow in Your Business by Steve Wilkinghoff
Chia-Li Chien | March 04, 2011
“Why are you in business?” Author Steve Wilkinghoff reminds entrepreneurs, “You’re in business to make money! “ This book provides solid tools and methods to analyze small to mid size businesses. It shows owners what to look for, and most importantly, how to make “great” decision and grow more profitable; ultimately realizing the true reason entrepreneurs are in business. Wilkinghoff provides a step-by-step analysis and outlines for entrepreneurs signs to be aware of.
The return on investment (ROI) on each customer, product or services is one of the key points Wilkinghoff demonstrates as the base of a “great” business decision process. This naturally helps entrepreneurs focus on setting the right priorities and being able to intentionally boost their profit levels.
Although his aim is not to “financially re-engineer” a business, this type of analysis certainly can couple with other important factors required to grow a business in value and not just in revenue.
To build on the advice in the book, I would recommend that as your business grows, decide if your “controller” has the skills to look for the decision-making tools (outlined in the book). Hire a fractional CFO to define which tools best suit your business’s growth path. The fractional or seasoned CFO can be a great help to entrepreneurs by not only focusing on the right priorities needed to grow into a profitable business, but also to keep an account of what creates value in your business.
Chia-Li Chien, CFP®, CRPC, PMP; helps entrepreneurs to creating business value that transforms their world. She is the author of Show Me The Money and columnist for WomenEntrepreneur.com & Fox Business online. She is available for consulting, speaking engagements and workshops. She can be reached at http://www.chialichien.com or email@example.com.