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Auditing Your Business Investment & Opportunity Cost for 2023 - Episode 116
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Event planners, this exercise can unlock a bigger future for your business! Join host May Yeo Silvers in a deep dive into auditing your business investments and opportunities in 2023. This critical analysis helps you understand what happened in your business and what you may want to change for better results in 2024.
May begins this episode by addressing the financial and emotional risks event planners often take, such as paying for leads, attending trade shows, or hiring social media experts. She urges a thorough evaluation of these decisions. Did these investments drive qualified leads and enhanced brand visibility? Understanding what benchmarks are associated with each tactic, and auditing those results are key to gauging their effectiveness, and your own sales and marketing effectiveness, as well.
Shifting focus to opportunity costs, May prompts listeners to consider what they might have lost by not investing in certain areas. She poses reflective questions: What if you didn't use a paid leads platform or participate in a trade show? How much time and effort did you invest in generating leads organically? And if you decided against hiring a social media manager, could you have achieved the same level of success independently?
Personal and business growth investments also come under scrutiny. May encourages evaluating the real impact of mentorship programs or courses on personal development and business progress. If you know you need help but for whatever reason decided not to invest in yourself/business, did you get the results you are looking for by holding yourself accountable to do the research, implement and audit your process? If your answer is no, it might be time to rethink strategies for the new year.
Throughout the episode, May stresses the importance of introspection and accountability. It's about learning from past choices and using those lessons to make smarter decisions moving forward.
In her concluding remarks, May reminds listeners to weigh both the risks taken and potential opportunities missed. There is a lot of homework in this episode, but May encourages listeners to take the time to do this comprehensive audit. It is pivotal for event planners aiming to make informed decisions and set themselves up for success in the next year.
Quotes:
• “Look at the investment that you made for a paid leads platform. How much money did you invest? How many leads did you get?” (6:50 | May Silvers)
• “Whether you close any leads from this leads platform does not measure the efficiency or the effectiveness of the portal. But you should still consider evaluating, did you close those leads? Because it may give you an idea whether you have a marketing problem or a sales problem.” (7:16 | May Silvers)
• “So that's when you know that, okay, in 2024, I need to work on my pitch, my sales, my sales conversation. So you don't have a problem getting leads, you’ve got a problem closing them.” (8:31 | May Silvers)
• “Personal development is also one thing that I want you to audit as well. Where you were before and where you are after, okay? If you are not where you want to be, that means you don't believe that you have changed at all, okay? If you don't believe you have changed at all, then you have to look at what happened.” (21:56 | May Silvers)
• “I want you to really take the time to evaluate what happened in 2023, the investment that you made, the investment that you did not make, what worked and what didn't.” (33:26 | May Silvers)
Links
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Connect with me at: may@events4anyone.com
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