Have you heard of the term ROI? ROI = return on investment– and getting a good ROI is one of the foundational values of successful business practice. When it comes to almost any aspect of running a business “what will my ROI be?” should be something you are always asking yourself. While most people focus on the financial aspect of ROI, the term can refer to a lot of different things including energy, time, and effort. This week’s Gig Economy News is about some of the different aspects of ROI and how you can improve yours across the spectrum.
Keep Your Friends Close
Customer acquisition is by far one of the most expensive parts of running a business. Keeping a customer, also known as customer retention, is one of the most crucial aspects of success because the ROI on a returning customer is significantly higher than on a new customer who cost a lot to acquire. This is why we love this article from Inc which focuses on how to keep customers and how to get them to spend more.
Time that you spend managing your money is time well spent, but only if it is done in an organized manner – remember, every minute you spend needs to return some value to you. To get the best ROI on your administrative hours, strategy is key. Our post about the most important money advice for freelancers is just the thing to get you spending your time, and your money, wisely.
One of the best ways to get a good ROI on your time and energy is simply to do more things at once! Of course, this only works if you are doing things well enough that you won’t have to go back and fix mistakes later. One of the biggest issues a lot of our sellers encounter is managing the business side of entrepreneurship without sacrificing the creativity which has allowed them to grow in the first place. Believe it or not, fostering creativity can be done simultaneously with being productive! Learn how to get more for your effort from this piece in Fast Company.
Better Blogs, Better Returns
If you have the idea that what your business is missing is a blog, it may seem a pretty simple problem to solve. However, blogging has become an art form and if you don’t do it right you could end up investing a lot of time, energy and money into building and promoting a blog that just isn’t doing its job. We interviewed a blogging king to get his insights into building a better blog and using blogging to boost your business.
What strategy has given you the best ROI in your entrepreneurship experience? Tell us in the comments!