Return on Investment is what you would expect from any business strategy. As a business owner, the last thing you want is to invest either time or money (or both) into an activity that doesn’t deliver any advantage to the company. However, measuring the ROI of your activities is no easy task in a small business. Indeed, when you’re working on a limited budget, the return is typically perceived as a direct profit boost.
But there’s a lot to gain from indirect return strategies that can drive your business further, even though there’s no immediately visible or trackable change in revenues. Contrary to common belief, indirect and long-term ROI strategies are not a waste of small business assets.
Here are 4 ideas on how to drive valuable returns that benefit your team and your audience, without counting the money out and in.
Focus on what you do best
Looking after your clients needs to be a priority in every business.
However, companies working on limited capacity tend to accumulate administrative functions on top of their client management role. You need to free up time for new clients by entrusting time-demanding admin activities to an assistant or a virtual assistant. A VA can be a game-changer in a small business.
While they don’t generate any additional income, they ensure you can focus your energy to drive the business further.
Think of the indirect benefits of blogging
Blogs are multi-purpose platforms.
They offer informative content to promote your business expertise and engage with your leads. But they can also be monetized to drive direct income through affiliate marketing networks. If you create a blog with the purpose to drive direct and measurable revenues, it’s going to take a long time to build up your presence into a marketing-profitable platform.
However, the steps you take to create content and appeal to your audience are not only associated with paid ads. Indeed, your content drives traffic to the site, tackles relevant search queries, and increases brand awareness.
Share your expertise with others
Appearing as a guest on a podcast is a fantastic way to share your expertise with a broad audience.
You are invited as an expert, and therefore your role is to provide an informed opinion or knowledgeable advice to the podcast audience. Your knowledge is the key to win new leads. In other words, it’s never a waste of your time to become a guest on an engaging program.
Embrace family-friendly strategies
A lot of employees struggle to maintain a healthy work/life balance.
Families with young children find it hard to run their parental responsibilities alongside their careers. Many are reluctant to choose, but unfortunately, it’s not uncommon for one parent to temporarily give up on professional life and look after the children.
Family-friendly work strategies need to be integral to business growth.
Companies such as Patagonia have introduced on-site childcare since the 1980s in an effort to support their team. The result? They can keep and grow their talent, creating an environment in which experts and their families can thrive.
Indirect ROI strategies are designed for long-term benefits. They are not an immediate win, but they can provide the necessary support a business needs to secure long-term cash flow stability and build growth.
Ultimately, a company that displays expertise, high focus on their clients and their team is an attractive partner for investors, partners, and big player clientele.
