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“Broadly, we can define hidden profits as any opportunity where your profit potential isn’t being maximized,” says Steve Wilkinghoff, the Calgary-based author of “Found Money: Simple Strategies to Uncover the Hidden Profit and Cash Flow in Your Business.” “For example, if you have a whole bunch of customers, you might have a decent rate of average profitability, but when you segment your customers, you might find that certain types of customers are making you far less money than other types of customers, and you might need to take a look at why that is.” Ultimately, it comes down to the efficiency and effectiveness of your business practices, and often, that means streamlining your practices so they’re easy to understand and control.“I’ve owned 11 companies in my career, and, for me, simplicity has always been the key,” says Troy Hazard, a Florida-based entrepreneur and author whose latest book is “Future-Proofing Your Business: Real-Life Strategies to Prepare Your Business for Tomorrow, Today.” “How can you always be looking to make your business more efficient and effective?You produce a product or service at a cost, and sell that product or service at a markup that is sufficiently large enough to turn a profit without pricing you out of your target market.But underneath that Economics 101 definition is a host of other factors that invariably come into play when managing a business made up of numerous moving parts.And if you’re in growth mode, you’re likely adding parts every year.

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