Either you are in business or an individual, growing your returns on investment (ROI) is a priority. In this article, I want to give you some master tips for increasing your ROI rapidly. It is okay to stop reading if you are satisfied with the state of your business’ ROI; but, if you want more, then read on.
Before I expose these secrets to you, I’ll like to share this truth with you. Any magic can’t replace diligence and hard work. To grow in anything you have to put in your best and beyond your best. So, these tips will still not work if you don’t apply them with all sense of urgency and diligence. That said, let’s get to business.
- Increase your worth
In all sincerity, people don’t patronize a company because they like the company, they do so because the company is worth it. The worth of your organization will determine how many people patronize your offerings,i.e., products and services.
In pricing, the worth equals the relevance, and the value people derive from a product, will tell how much they are willing to pay for it. Someone has said, doing the same thing and expecting a different result is another definition of insanity. If your company need to increase her ROI, then there is a need for every staff member to increase worth. This drive will ensure the collective quality of the company.
- Advertise your worth
It is okay to be modest and not blow your trumpet; but who will blow it if you don’t? The growth of your business is dependent on how many people know your business exists and how many know what you can offer. If your organization has consciously increased her worth in a bid to serve her existing customers and attract new ones, use all the channels available and let people know. So, you don’t just advertise your products; you have to promote your worth. If people know your worth, they will expect more value from you, and that will lead to higher pricing, which will transcend into an increase in ROI.
- Solve more problems
Some said the best business to do is solving people’s problem. If your business exists to solve problems, and you are making money from doing that, it becomes simple arithmetic math; increase the number of issues your business currently addresses, and you have invariably increased ROI.
- Innovate existing patterns
Apple must have a mention here; gadgets were in surfeit in the market at the time of introducing Apple products. Before this, Apple themselves had products, but they had to innovate on what was selling, and that was how their ROI skyrocketed.
- Reduce cost
One primary reason why some small scale business will never grow is that the cost of production is super high. This fact perhaps might not be tied to the high cost of purchasing raw materials, but because of waste. If your company must increase in profit making, then, there is a need to reduce waste drastically. Every company really should be looking for a way to reduce the cost of production without reducing the quality of their products.