What’s your RROI? | submitted by Dr. Joey Faucette

Make your voice heard with IB's "Open Mic." Send your 400-word blog entry to info@ibmadison.com.

You’ve had numerous conversations about your ROI – the return on investment – your company achieves.

But what about your RROI – the redefined reality on investment – you achieve?

Think of your RROI as what’s different – new and improved – about your business and lifestyle since you started your company. If you previously worked for someone else, what’s better now that you own a business?

A desire to “redefine our reality” is the number one reason most of us buy or create our own company. But is your investment of time, energy, and money redefining your reality in the ways you imagined?

Give your attention to three key areas within your business to truly redefine your reality through your investment:

Unique contribution

What primary activities do you invest your most valuable resources – time, energy, and attention – in daily?

Are they activities that are uniquely yours, i.e., tasks that you do best, that maximize your profits of money and lifestyle? Or are they lower-producing duties that someone else could do, either outsourced or by an employee?

We all start out doing everything, which is part of the entrepreneurial blessing and curse – blessing because, at first, we feel the need to do it all; curse because we’re just good enough to think we have to do it all the time.

You define your USP – unique selling proposition – that distinguishes you from the competition. Have you defined your UCP – unique contribution personal – that you make to your business that is yours and yours alone to do?

To grow your RROI, define your UCP and be vigilant in outsourcing or employing everything else.

Core values

How do you achieve your unique contribution daily at work?

For many of us, we start with high ideals, expressing our desire to do business differently – core values like integrity, honesty, commitment to exceptional customer care, etc. But after we do business a while, we get worn down, particularly if we are still doing it all. Less beneficial core values sneak into our practices.

These unpreferred core values come in via the cracks of our business kind of like the stink bugs that somehow keep finding their way into our home in the spring. Despite our best efforts to seal and spray, these odiferous critters show up in the strangest places.

What stinky core values creep into the way you do business? The intense pressure this negative world brings to bear on business owners provides opportunities to either shine or stink.

To grow your RROI, define your core values and guard your business practices as a valuable asset.

Focused priorities

When the phone rings, the email bings, the Facebook messages sing, the Twitter feed dings, and the text messages ping, you understand this is an ADD world. Getting your UCP done while driven by your core values sounds good, but is like trying to do physics while caring for a toddler …

… which makes it all the more important for you to focus laser-like on your priorities. All of that technology has a place, second place, to your focused priorities.

Remember, you pay the bills for all of this technology. Find the “on/off” button. Use it.

Focus your priorities on your UCP, driven by your core values, and be amazed as your RROI – redefined reality on investment – emerges in front of your very eyes.

The business owner lifestyle you imagined becomes yours as you work positive.

Dr. Joey Faucette is a coach, speaker, and the author of Work Positive in a Negative World. More information is available at his website, www.listentolife.org/speaking.

Sign up for the free IB Update – your weekly resource for local business news, analysis, voices, and the names you need to know. Click here. If you are not already a subscriber to In Business magazine, be sure to sign up for our monthly print edition here.

Comments

comments