When figuring ROI, don’t neglect to factor in “opportunity costs.” You can’t do two things at once; so you have to consider opportunities and potential profits of every decorating service you offer and determine which technology has the greater potential return.
Work that is faster, easier and more profitable should always take priority over jobs that are time consuming and therefore less profitable. While this may seem obvious, you may have some long-standing customers you have been doing work for that falls under this category.
Or perhaps it’s a service you’ve offered for a long time. Evaluate the type of work you are doing and determine if you need to start saying no to less-profitable work. Another strategy is to steer customers away from the less-profitable process into one that gives a better return.
—Zach Ellsworth, sales and business development manager, Stahls’ Equipment (from “Understanding ROI Webinar”)
