Those who work within the broad spectrum of marketing (branding, advertising, PR, social media, etc.) are always looking to deliver ROI (return on investment).
Business owners and professionals need to track ROI on other expenditures besides marketing. Here are a few to consider.
Professional organizations. Do your customers, clients and prospects care whether you are a member? Does the organization provide resources unavailable elsewhere? Does the organization offer a solid network of individuals you can call on for help?
Professional services. Is the database being used enough to justify the fee you’re paying? Does your web consultant address your issues promptly? Are fees charged by your accountant and attorney appropriate for the level of service you receive?
Upgraded web services. Are premium versions of free services being fully utilized? Do you need as much online storage as you pay for each month?
Volunteer time. Are your pro bono efforts truly appreciated? Is the personal gratification you get from helping more satisfying than the fees you might have collected from doing billable work?
Real Estate. Do prospects care about the address on your business card? Does your landlord charge for things you never use? If clients never come to your office, do you need fancy digs?
If you’re not getting a decent return on the money and time you are investing, now may be a good time to reassess some of your expenditures.