Return on Investment (ROI) is one of the top concerns for many small business owners, and for good reason. There are just as many ways to improve ROI as there are to damage it, especially when in the early stages of a business’s growth. For all of those who strive to identify ways in which ROI can be improved, it can often be just as effective (if not more so) to identify mistakes associated with ROI.
When you know what a mistake looks like, you know how to avoid it. Here are some of the biggest associated with ROI.
Search Engine Optimization (SEO) is one of the most helpful tools for small businesses today, yet it also happens to be one of the more misunderstood. There must be a discernable difference between local and global SEO for it to work properly, however—especially for those who run local brick and mortar businesses. The overwhelming majority of Internet users perform online searches for information about local businesses, so if you’re overlooking local SEO, you’re already behind the eight ball when it comes to improving ROI.
Content marketing and SEO essentially go hand in hand with one another. When both are firing on all cylinders, ROI can soar through the roof. The one major mistake that people tend to make when crafting content, however, is over-branding it. Rather than attempting to sell a product or service, small businesses must assert themselves as thought leaders via content marketing. Otherwise, there’s little merit for anyone to sift through blog after blog—especially if they just feel like they’re being pitched the entire time.
Understanding how to properly manage core business processes can be easier said than done, especially for those who are just starting to get their feet wet in the business world. Things such as product planning, manufacturing and service delivery may seem to occur mutually exclusive from one another, but this is seldom the case. Implementing small business ERP software can be one of the most effective ways to ensure that enterprise resource planning doesn’t take a back seat, and its scalability means that the software will grow alongside your business.
There was a period of time when simply having a website was good enough. In the early days of the Internet a company that had its own website was viewed as already being ahead of the game. Today, practically every operating business has a website, and functionality has become the name of the game. If your website isn’t user-friendly, you’re missing out on huge ROI opportunities.
Dealing with change can be difficult for many people, and companies are no different. The fact is, the market changes on a regular basis, and organizations that don’t change their strategies alongside this shift will almost certainly encounter failure. Boosting ROI is all about being able to identify the need for change and taking action once it arises.
In most cases, increasing a company’s ROI is more about knowing what moves to avoid than knowing what moves to make—steer clear of the common mistakes listed above at all costs.