Setting ROI Goals for Your Biz

Upon making investments for our business and sending recommendations to our clients we quickly realized that setting ROI goals is foundational to creating actionable plans to reach our business goals.

For those of you who don’t know what ROI stands for, it’s: Return on Investment.

Often, you’ll hear ROI in business conversations, when business owners or interested parties are discussing how an investment has impacted their business. ROI can refer to a million different measurements pertaining to the business, and therefore setting goals makes the most sense.

Goals not only encourage you to track your returns but also move into creating actionable plans to increase your ROI.

Let’s look at this applied in real life: A website is an investment for your business.

How well is that investment going for you? What can you do to maximize/develop that investment?

If you are a product-based business you most likely use your website for sales and therefore an easy measurement is tracking your month-to-month sales. So, your action plan might look like testing out new product descriptions, updating product photographs, adding a space for customers to leave reviews, etc.

If you are a non-profit, you probably offer a lot of resources and therefore you want to track how many people are viewing/accessing your resources. Checking on those stats will determine your ROI and your action plan can include increasing the reach of your site as guest posts on other websites or social media accounts that bring people back to your resources.

Let us know in the comments: What ROI Goal conversations will you be having with yourself or your biz partners?