Channel Eye has joined forces with Royston Guest, leading Business Growth Coach and CEO/Founder of Pathways Global, in our series, ‘Ask the Business Coach’.
We love to talk about productivity – hacks, habits, tools, and routines. But here’s the truth: you cannot optimise your way out of poor priorities. You cannot generate value from something that isn’t value-adding, nor can you make a return if something costs more than it earns.
It doesn’t matter how efficient you are; if you’re working on the wrong things, not measuring the right things, or doing something in between, you’re only as good as what you measure.
Three key takeaways
- You can’t manage what you’re not measuring.
- For every £1 you spend, do you know what the multiplier return is?
- Remember the 3 Ts: Time, Team and Tech.
Episode timestamps
- [0.52] For every £1 you spend, do you know what the return or loss is? Every £1 invested should generate more value than its cost. For example, what value do you expect a new salesperson to add over a certain period? For every £1 spent on advertising, what do you receive in return?
- [2.20] Acquiring a new customer can cost five to 25 times more than retaining an existing one. Selling to an existing customer, your success rate is likely to be between 50% and 70%; selling to a new customer, your success rate is likely to be between 5% and 25%.
- [4.05] Consider the 3 Ts: Time, Team, and Tech. Time – are you maximising the time you have available, focusing on high-value tasks that make a real difference? Team – are your people concentrating on the tasks they should be, adding value to customers? Tech – how do you automate manual systems or processes that are high volume but low value?
Do you have a question for the Business Coach?
Send your questions to askthebusinesscoach@channeleye.media
Missed a previous episode? Catch-up and watch the series here.
