Four Ways Businesses Can Increase ROI


Trying to boost your profits is often difficult, especially with rising prices. However, if you are creative, you can increase your return on your investment for many areas. You may have already looked for ways of reducing expenses, like getting a smaller space or having employees work mostly remotely. However, there are still plenty of other areas you may not have considered.

Invest in a Better Fleet

To get the highest return on your investment for your fleet, it is important for the vehicles to be as efficient as possible. Electric vehicles tend to be some of the most efficient options out there, and investing in them can save you money in the long run. There may be an initial cost to updating your fleet, but it could pay off in the long-term. You could start with a few electric vehicles and gradually upgrade them as time goes on. If you want to know more, you can look at a guide with information on some of the longest ranges for these types of vehicles.

Invest in a Better Marketing Platform

Part of your marketing budget may go toward ads on social media sites, but these often require a high investment before you start to see returns. If you want to increase the return on your marketing investment, consider less saturated platforms. You could also consider starting a podcast, where you can share information of value to your customer and promote your brand at the same time. It doesn’t take much to start a podcast, especially if your employees are eager to jump on board. Measuring traffic to your podcast can help you see how well it is going.

Automate Repetitive Tasks

Automation can help you take care of repetitive tasks while you focus on something else. Automating tasks can help you free up a few hours every day, so it is worth looking into. With new artificial intelligence technology, it is easier than ever to be efficient in your work.

A common area for many businesses to automate is customer support. There are already chatbots that communicate with customers before connecting them to a live person. This can reduce the number of people who need to speak with a live representative because some customers who speak with a chatbot will have their issue resolved.

Part of small business planning is the role of financial projections and sales is obviously looped into that. If you don’t feel like your sales process is very efficient, it may be time to evaluate the customer journey. Start from the beginning, which is usually when people find you. You can then work your way to the final step of making the purchase. When you go through things from your customer’s perspective, you can see areas you may need to address.

You can also run surveys to gather feedback from your current customers. Perhaps customers feel like they don’t have enough points of contact along the way and that your team has left them to fend for themselves. On the other hand, they may feel like there is too much contact along the way and they would rather be given a chance to make their decision.

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About the Author: Brian Novak