The Hidden ROI In Your Business (And why you must begin measuring it!)
I’ve been running an internet business for five years now. And by this time I have become incredibly adept at measuring results of my adspend, and quantifying my return on investment. I’ve become skilled at increasing conversion rates, lowering costs, and measuring profit/revenue.
But I recently discovered some HIDDEN INVESTMENTS in my business that I have not been measuring…and the fact that I have NOT measured them has resulted in my business stagnating in several key areas.
The bottom line I have discovered is this: Monetary investments are just one small component of the overall system that needs to be measured. Every aspect of my business efforts need to be quantified so that they can be objectively improved.
Some key areas to measure:
- How am I progressing toward acheving the strategic goals of my business? How often do I reach key benchmarks, and how quickly am I doing this?
- What are the quantifiable results of the business systems I have in place? This includes marketing (classic ROI), product development (speed, quality, quantity), management (time spent, effectiveness of communication).
- Acquisition of Assets(customer lists, products, systems)
- Personal use of time (what I am doing, how much I am getting done, how much I am delegating, how much fat I’ve trimmed)
But keep this in mind: There are always hidden things in your business that are not being measured, and as soon as you begin measuring them, they will automatically improve. Just like a world-class athlete will “compete against his best time,” measuring allows you to compete against yourself, and continually acheive better results.
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