Do you know how to turn around a zero ROI business? The magic wand for business growth might work, however, for most business owners with a zero ROI, a lot of “magic” happens when time and effort are put into making their dream come true.
First, how did they become a zero ROI business?
For most businesses there is a simple formula they used to create a zero ROI for their business.
Do you have a business currently using this formula? The good news, there are solutions.
Second, not every business is right for you or your talents.
A good example of this came from a former client, who contacted me because they were trying to get a business going and wanted some assistance. They lived in a very rural setting, had very few contacts, were not tech savvy and were inactive on social media. Their budget was minimal and they were at a loss on how to grow their business. They were spending money to get their business going, but had yet to make any money. They were a ZERO ROI business. After discussing their options and the amount of money needed to grow their contact base in order to make sales, it was determined that the business was not a good match for their current budget or talents. They are now looking for something more suited to their talents.
Third, is evaluation of the business, what’s is and isn’t working.
When someone contacts me saying they need help to grow their business, there are a few general questions I ask them:
- Where does the business currently stand with number of clients and income?
- What are the current activities and platforms being used to grow the business?
- How much time the business owner spends on the business now?
- Is the owner is willing to put in the time and attention toward business growth?
- What their budget is for growing their business?
- What their goals are for the next three to six months?
Once these questions have been answered we have a better idea where the business and business owner are as far as current ROI. With this information it could also be easier for you, the business owner, to determine if your current or prospective business is viable and what efforts will be needed to go from ZERO ROI to a money making business.
Now that the current ROI has been determined, it’s time to choose – close the business or put the time and effort to turn the ROI of the business.
Time is of more value than money. You can get more money, but you cannot get more time. Jim Rohn
7 Steps to turn around a ZERO ROI business:
- Get help – what you don’t know is hurting your business. Use Business “How To” Books, Business Resource Centers, Online Business Articles, and find a Business Mentor.
- Goal Plans – begin with 30, 60 and 90 day goals.
- Task Lists – set up tasks for meeting your goals.
- Calendar – create deadlines for your tasks and add tasks to your calendar with reminders.
- Delegate – hire people who can do the tasks you don’t know how to do, dislike doing, or take too much time for you to do.
- Evaluate – keep track of your numbers, income and expenses.
- Make adjustments – if something isn’t working, make changes to improve results.
After taking a good look at where your business currently is, as far as the ROI, you now have a better idea what kind of choices you have. Will you choose getting help and going forward or cutting your losses and finding something else?
Need assistance to move forward? An experienced virtual assistant can free up your time, take items off your task list and get them done. Want to find out what a virtual assistant can do to help you turn around your zero ROI business? Contact me for a consultation today at Reduce the Chaos.