Let’s say you want to make an investment in your home.
Your goal is to improve your living experience AND increase the value of your home.
How do you go about deciding where to make this investment?
Let’s say you’re considering whether or not you should upgrade your garage or your kitchen. How do you know which to pick?
Well you know you’ll enjoy either but the data seems to suggest that upgraded kitchens are MORE valuable to home buyers than upgraded garages.
What does this mean?
It means you’re likely to receive a greater ROI or return on investment by choosing to upgrade your kitchen rather than your garage.
I’m following you, but how do I apply this at my firm?
First, you need to nail down the goals you’d like to achieve (remember – improve living experience AND increase the value).
What goals would you like to achieve?
Perhaps you’d like to boost your profit margin and reduce the amount of busy work done by your team.
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OK, but where do we start?
Since we’d like to get your team some time back by eliminating busy work, we should focus on where they are spending the majority of their time today.
Find the most time consuming, repetitive and error prone tasks your team completes today. We’re going to refer to each of these as a bottleneck in your process.
Make a list. Rank them by each of these factors and sort them by priority.
But how do I sort them ‘by priority’?
You are going to use these factors to sort each bottleneck by impact. The most time consuming and error prone tasks are causing the most impact. The more repetitive these tasks are the more likely they can be automated.
This all sounds good, but how does this raise our profitability?
The time your team gets back from eliminating these costly bottlenecks can be reinvested into billing more of your high margin services.
That’s how your firm can automate by ROI.