|
e·con·syn·er·gy
-noun
- Study of allocating resources to generate the highest R.O.I.
- Applying math and science to get the most utility out of limited resources.
As a small business owner, you have one common problem. “How can I get the most return out of each dollar I spend?” It’s not an easy question to answer, and not many people pay attention to it. However, by ignoring such simple question when spending money on advertising or capital investment, it can be deadly.
Bad allocation of resources
Recently, a friend of mine shut down his mortgage company. After a brief thirty minutes interview, it was clear to me that he had made really bad capital investment, which caused his business to fail at the end. His primary method of obtaining leads at the time was cold calling. There’s nothing wrong with this method of marketing, but when I asked what his cost of funding was, he had no idea. Cost of funding is a way to measure how much advertising it costs to close one loan. He didn’t know what his cost of funding was for his telemarketing operation. If he would’ve done more cost of funding research in other market avenues, he could’ve allocated his resource to generate the highest R.O.I. Worst of all, he spent $250K for an automatic dialer without knowing if this was going to lower his cost of funding or not. In the end, he left himself and his employees unemployed.
Compete using our services
Business owners can learn to allocate its resource better through math and science, where they can compete scientifically to generate the highest return per dollar spent. The best way to do this is to get properly educated. We have used econsynergy in the fields of information technology and marketing. Let us know how we can help you by contacting us TODAY. |
