Ok, Ok, so I know I promised a post on shoutouts. BUT- I went to write it up… and totally lost what I was going to say (have you ever had one of those days?). Whatever brilliant idea I had about those shoutouts- well, it’s out the window now. I could only come up with a minimum of two paragraphs about the subject.
So, I’m moving on. Maybe one day, I’ll return to the subject. I’m sure you’ll be holding your breath in anticipation, right? 😉
So, for today- you ever hear about ROI? No? Good, you’ve come to the right place. And no, it isn’t about rodents of unusual size, or any kind of rodent for that matter! (for those Princess Bride fans out there- you know who you are!)
ROI is a marketing term, meaning “Return Over Investment.” It’s basically the amount you’re getting in return, versus what you invest. Typically, it refers to marketing, but I make an application to other areas of business, as well.
Weekly, I meet with someone whom I am helping get her business started. We’ve had to discuss this topic many times, and so I’m bringing it to you. In starting a business, there’s so much going on and so much to do. Certain business genres have even more- such as a crafting business, where the owner creates all the products.
With so much going on, it’s easy to get distracted from your focus. It’s easy to get off into side trails and lose sight of the main focus of your business. That’s where you need to look at ROI.
Business involves so many things, especially starting out. You’re working on getting set up, while at the same time trying to get the word out. Sometimes, it isn’t easy trying to decide which of the items loudly clamoring for attention need your attention the most.
ROI helps to bring things into focus. When organizing your tasks for the day, look at your ROI. Which activities will be most beneficial today? If you are creating a product, focus on the ones you know. I ran into this recently with Fern, the lady I mentioned. There is always the temptation to experiment, to bring in something new. Be careful not to become too distracted with that, however. Before you bring in something new, work on solidifying what you’ve already got. Take a hard look at your products and decide which one will give you the most return versus the time and money you’re investing.
Sometimes it isn’t a product at all. There are legal steps that need your attention as well. You need to file that report, but you also need to write that employee handbook. Both are good to have, but both may not be necessary. Do you have employees already? Not planning to hire for a while? Then focus on the file.
Starting a business is tough. It’s also crazy busy. But if you focus on prioritizing your tasks and putting the emphasis on those which are most necessary or have the highest return, it can become easier to manage.
Good luck on starting your journey!