Know When to Say When: The Importance of Knowing the ROI for Your Services

In Blog by kaila

As the saying goes, time is money. In the matter of running a small business, this becomes even more important. With limited resources, it is paramount that as a business, you know where and when to focus your energy to provide excellent work for your clients.

Stick To Your Core Services

Running a business can mean that you have the freedom to structure your business however you want it. When it comes down to offering B2B (business to business) services to a client however, focusing on a core set of services can help to narrow down your time and energy to one particular area.

As a business, it can be tempting to offer a wide variety of services in an attempt to gain more customers. However, you need to take into consideration just how well your business would be able to deliver quality in those additional services to your clients.

Conversely, when sticking to a set of core services, your business can start to position itself as a leader in a specific niche. Positioning would not only make your business more well-known, clients in that industry would also be looking specifically for your expertise.

Providing Consistent Quality Service

Before starting any projects, it would help to have a set of Key Performance Indicators or KPIs for the clients during their onboarding. Having deliverables clarifies expectations with your clients, so that you are both on the same page. Not only does it give your client confidence that your business can tackle the project, but it also forces you to take responsibility to put out quality work.

Having a set of Standard Operating Procedures or SOPs for employees to follow while doing their work will also ensure that work that is turned in is consistent with your business’ project guidelines.

Finally, it would also help to have a tracking system for how much time is spent on each work project. You could see if your business is spending too many or too few hours for each project and if project rates or deadlines may need to be adjusted to manage this.

To do or not to do? Know your business’ limits

Even if a new project comes in, it’s okay to take some time to assess if it is a good fit for the company. Consider asking yourself the following questions:

What value will our business get out of this project?

How long will it take to deliver this project?

What are the investments involved – expenses, time, effort?

Do we really have the capacity to take this project on right now?

Are we able to deliver this project and uphold our service standard?

What would happen if we don’t take on this project?

It is important to be self aware and know your limitations when it comes to taking on new projects. Sometimes it is more beneficial to your business to say no to a new project, if you will not be able to uphold the standard of your work quality. Furthermore, if the project is outside of the realm of your core business, it is also okay to say no, if you do not think that this is within your expertise.

Although it may seem counter-intuitive to turn down work, holding up the standard and reputation of your business in the long-run may be more important. Besides, if you’ve done your marketing right, you will have a consistent stream of other clients that want to work with you, just waiting in the wings.