Ep 26 - The Hidden Power of ROI: More Than Just Dollars and Cents
Summary
In this episode of "Practical Money Magic," host Audrey Heesch delves into the concept of Return on Investment (ROI) for small business owners. Audrey explains how understanding ROI can empower entrepreneurs to make informed financial decisions. She emphasizes the importance of evaluating both monetary and non-monetary returns from investments, such as the value of learning and connections made. Audrey shares personal anecdotes about her finance degree and how it shaped her perspective on investments. She also discusses the significant role that deep connections play in business success and how entrepreneurs can assign a monetary value to these connections to better understand their overall ROI.
Show Notes
Introduction to Return on Investment (ROI) for small businesses
Basic equation for calculating ROI
Importance of evaluating both monetary and non-monetary returns
Personal anecdotes from Audrey's finance degree
Assigning value to learning experiences and connections
How deep connections contribute to business success
Encouragement for entrepreneurs to make informed financial decisions
Key Takeaways:
ROI is a powerful tool for understanding the value of investments.
Both monetary gains and non-monetary benefits should be considered in ROI calculations.
Learning experiences and connections are valuable aspects of investments.
Entrepreneurs should evaluate investments based on their unique goals and circumstances.
Quotes:
"With awareness, that's when you gain the power and the knowledge to make better decisions."
"Connections are currency."
"Understanding your finances is a lifelong skill that empowers you endlessly."
Call to Action:
Subscribe to the podcast for more insights on financial literacy for small business owners.
Follow Audrey on social media for additional tips and updates.
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