Why to Expect an ROI on Everything (ep 113)Feb 13, 2023
I've been thinking a lot lately about return on investment (ROI). If you learn nothing else in working with me, I really want you to know how to look at your business objectively and how to ruthlessly require a return on every investment you make in your business.
Whether it's your inventory, your marketing, your staff, your educational investment, in this episode, we're talking about why you should expect a return on investment on everything you put into your business.
We should be able to look at the cost of a good or service and see how we can make a return on that investment.
Think about the stock market: we would never invest money unless we expected returns. Some returns are fast, some are slow, but we expect a return, even if we have to wait it out. Now, I want you to think about marketing, coaching, inventory and employment this way.
In order to make a return on every investment, we need to do four things:
- Expect it. Go into making the investment knowing you'll see a return.
- Show up for it. Put in the work, even when it doesn't make the most sense. We have to take the steps required to see a return.
- Implement right away. Don't make excuses or procrastinate. Go ahead and do the hard work.
- Don't be afraid to feel uncomfortable. Be okay with the discomfort related to doing what you have to do.
Here's a tool to use when thinking about return on investment (download your own copy here):
Let's track and measure with an ROI tracker.
First, write down the purpose and timing of what you're tracking.
Then, write the cost and divide it by the timing of the investment.
For each period of time, make a plan related to what you're tracking. How are you hoping to accomplish the thing in which you've invested?
Then, for each period of time, track the return (as listed in your plan) related to the investment.
Over the time of your investment, you should see a return. If you don't, I want you to go back to those four steps. Are you expecting it? Showing up for it? Implementing it? And feeling okay with feeling uncomfortable?
And it's okay if it's just a small return. I just want to be sure you're expecting, and seeing ROI on every investment you make in your business.
Here's a glance at the episode:
[7:00] Four requirements to seeing ROI on everything.
[16:00] Ciara talks through her ROI tracker tool.
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