One of the most important business lessons I’ve ever learnt was something my mentor, Jay Abraham taught me: “Maximise before you multiply”.
It really stuck with me throughout my career because if you try to scale and “multiply” immediately, without first getting the most amount of return you can on all your investments, you’re leaving money on the table.
What does that mean for you?
Let me explain…
Everything in business needs to be treated like an asset, like capital.
It is something to manage.
This might mean clients, customers, databases, offices, goods, vehicles and countless other things.
Make sure you manage the return on each. Maximise the return on each.
Your business is made up of multiple assets, like a portfolio.
You’ve invested money into each one.
You’ve literally spent money to acquire them.
Whether it be through advertising, through a joint venture, you’ve spent money to get them.
What about your staff?
You pay for them – it is an investment. So is developing and training them.
Once you really understand these basic principles, the next step is to analyse everything and figure out the direct return from each asset.
Is it less than 10%? Or more? How much more exactly?
Are you maximising the return you are receiving from that asset?
My hope is that after reading this article, you’ll take a few minutes to review how you’re managing your return on all your business assets.
If you’d like some guidance on how to maximise your ROI, give us a call at 1300 680 223 today.