Episode 15: Give Every Dollar in Your Business a Job: ROI Basics for Service-Based Businesses

I spent $5,000 last year on a hire that gave me almost nothing back, and I didn't catch it until the money was already gone. Today I'm breaking down how to give every single dollar in your business a job. I walk through why measuring ROI is so much messier for a service-based business owner than it is in a product business, the three places I'm now tracking return in my own business, and the exact question to ask before you spend another dollar. If you know roughly what you're spending but have no real idea what it's producing, this episode gives you a place to start.

In this episode:

• The $5,000 hire I made last year that produced almost ZERO measurable return

• Why ROI is so much messier to track in a service-based business than a product business

• The math I ran comparing group therapy sessions to individual client sessions in my own practice

• The three places I'm now tracking ROI in my business... revenue streams, marketing spend, and time (and why Episode 9 on working in your zone of genius is the perfect follow-up if delegation is where you're stuck)

• Why I'd rather spend $5,000 recruiting a great therapist than one more dollar on unmeasured marketing

• The one question to ask yourself before you spend another dollar in your business

Take Action:

Pick one thing you're currently spending money on in your business, ask yourself honestly whether you know what result those dollars are producing, and if the answer is no, dig in and figure out the ROI before you spend another cent.

Resources from this episode:

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