What’s great? Getting something for nothing. What’s almost as great, and can happen even when it’s not your birthday? Getting something for less than it’s worth. Something inside all of us wants to get the most for what we put in. It is the feeling to prove ourselves at all-you-can-eat dining, the get-rich-quick dream that fuels Las Vegas, and the reason that there are cars out there with over 100,000 miles on their odometers. Unfortunately, many things in our business are set up and left to function regardless of if they are operating efficiently. The same desire needs to be applied to the business to maximize your Return on Investment.
Someone got paid to make the company website. If the website isn’t bringing you business, it’s time to find out why. Maybe customers are ordering products on your site but can’t find the tiny Checkout button hidden at the bottom of the screen. Maybe customers’ eyes hurt when they look at your flashing neon text on that black background. Maybe your site does any of the things that this site does. The point is, track down why customers aren’t finishing their transactions/signups/giving your winking moose their credit card number. There are several good tools to help you track this down. My favorite is Google Analytics in which you can set up goals and see where potential customers are getting hung up. There’s a good tutorial for that here.
If you go out on the internet and look up ways to increase your Return on Investment, you’ll probably find most sites recommending some combination of three things. Increase income, reduce expenses, and/or make the employees work harder. To increase ROI as much as possible, these need to be attacked with all the enthusiasm of a starving man at a buffet.
Some profitable ideas include:
- Fine Tune prices to get the most out of demand.
- Explore the world of bundling services.
- Cut expenses around the office.
- Energy efficient light bulbs etc.
- Incentivize employees to increase productivity.
What are some things you’ve done to tighten up expenses and increase your ROI?