In business accountants, shareholders and investors apply a range of different measures to assess how well a company or organisation are progressing. The simplest method for calculating a return = Return On Investment.
The basic formula works like this -
- what gains can I make from investing vs. what is it going to cost me to invest?
Most people apply this formula intuitively when spending monies. Some do not. My recommendation for the day is for you to start applying this formula to everything you do during your work day. Try assessing different situations such as -
- Meetings.
- Telephone calls.
- Professional Development.
- Engaging new clients.
- Hiring employees.
Is it worth the cost of your time to engage doing these things? Will you make any gains or investments by doing these or would you be better off delegating the task or contracting it out?
You are most valuable to your organisation completing tasks that create the highest ROI.
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