One key question asked prior to spending money in most businesses is, “What is the projected return on investment (ROI)?” When trying to figure out where to invest in your business emotionally and financially, where is the best place to put your resources? Naturally, a follow-up question then is, “How can I increase my ROI from my business expenses?”
I have one sure fire way to increase your Return On Investment and grow your business. It is three simple steps.
- Write down everything in your business that has a very high ROI. What are the key strengths of your business and what is working well? Do you have solid systems, people or products?
- Now that the easy part is over, what are the areas of weakness in your business? What are you ignoring? Are you having problems with sales, marketing, customer service, or products? This is the hard part because chances are, this is the part of your business where you have the greatest fear or experience the greatest procrastination in.
- Take the list of weaknesses and identify which one you are avoiding the most. Then invest in whatever it takes and IMMERSE yourself in making it your strength. You will have to fire ineffective people, invest in sales training when you don’t have money, hire a product developer to make a better widget, or invest in an online presence. Face your biggest fears and implement change.
It is important that you commit and have a “whatever it takes” mentality to the changes you commit to make.
Immersion into the areas of weakness in your business is paramount for success. If you weather the uncertainty of change, whether financial, intellectual, or systemic, your “Return on Immersion (your new ROI)” will always leave you and your business more profitable. That is the only sure fire way that I know to increase and always get the greatest ROI in your business!
I’d love to hear from you! Comment below and share your experience. What is an area of your business where you immersed yourself in something new and the ROI was HUGE, as a result?