Dan Kennedy's Magnetic Marketing Podcast Simple Strategies For Uncovering Hidden Profits In Your Business
Oct 10, 2025
Steve Wilkinghoff, a former chartered accountant and author of 'Found Money', reveals the complexities of business profitability. He debunks myths about revenue equating to profit using examples like Amazon. Steve shares insights on customer profitability mapping, stressing the importance of targeting high-value customers. He emphasizes the danger of attracting low-value clients and how rebranding can boost demand, like the Patagonian toothfish. The discussion also covers effective cross-selling strategies that can significantly enhance profits.
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Define Your Dream Lifestyle First
- The purpose of a business is only to make money and enough to fund your dream lifestyle.
- Define your dream lifestyle first so the business's financial goals become clear and focused.
Sales Alone Don't Equal Profit
- Selling product or increasing revenue is only the starting point and does not guarantee profit.
- Many businesses grow revenue yet still lose money because other factors determine net profit.
Most Customers May Cost You Money
- Getting a customer often creates potential losses; only a minority of customers make money.
- You must map which customers are profitable because many customers actually lose you money.
