Book Review: Found Money

Book Review - Found Money

Name: Found Money

Author: Steve Wilkinghoff
Relative length (accounts for type size, page density, etc): Shorter, but more challenging to read

Reviewed by: Jaden

One sentence thought: A simple approach to understanding the financials of your business built on a strong (but complicated) foundation of math and data

The Best Parts The Worst Parts
His approach and information are very simple in essence. Executing it is a whole other story, but understanding it is not challenging As mentioned, implementing much of this is challenging and requires a lot of work and math. Obviously hiring Steve’s company to help would make it easy, but that’s not possible for everyone
While the math and some sections feel textbookish, the information is delivered in an understandable manner. It will greatly help confused business owners understand their financials A lack of stories and analogies hurts the “stickiness” of the message and the ability to easily communicate it

Notable story: While not so much a story as a very thoroughly explained example, Steve elaborates near the end of the book on how dropping customers can be extremely beneficial. With enough data, it is possible to discover which customers are actually causing your business to lose money. Think about it – nearly all of us have that customer that increases our blood pressure when we see them or their name shows up on our Caller ID. Steve goes through the math and the qualitative analysis on how to find these customers, and what we could get if we dropped them

Standout or memorable take-away: While there’s a lot of great info in this book, the biggest thing for me personally was a paradigm shift on pricing. If you increased prices and lost customers, many of us see that as a negative. But as Steve shows – using actual numbers – the additional time that is freed up from those lost customers can provide significant benefits

My personal opinion: This book was a surprisingly good read, and I found it extremely valuable even with my background as an accountant. While the entirety of the book won’t apply to everyone, I am certain that any business owner will find value in at least one of the messages that Steve shares. As long as you’re not allergic to seeing or thinking about math, then reading Found Money will help you in at least one small way to find more money

This book is a critical read for… Business owners that work with multiple clients
This book would be good for… Entrepreneurs, business owners
This book can be skipped by… Non-decision makers (employees, some managers)

If you’re interested in reading Found Money, it can be purchased from the Amazon link below. We hope you have found our review helpful!

Until next time…

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