by Ken Vincent, Featured Contributor
INVESTORS, managers, owners, lenders and entrepreneurs understand what return on investment (ROI) means. Even someone buying a home hopes there will be a point at which it is worth more than they paid. However, that may be problematic if one considers the cost of ownership, interest, and devaluing of money less the cost to rent over the same period.
But, all of those have to do with a return on money invested. I would suggest that we often miss some of the areas where ROI is very important. Those areas having little or nothing to do with dollars. What about the ROI on time and effort?
If you mentor a person, isn’t there an ROI for both parties? If you read and study to improve your general knowledge or job skills isn’t there an ROI? Even spending time on a hobby has an ROI. If you give time to a charity there is an ROI for both the giver and receiver.
Anything that one spends time and effort on should carry an ROI calculation or why do it? The ROI may just be satisfaction in an accomplishment, or the enjoyment of having done it, or the knowledge that your action helped another person.
I believe that we all must periodically evaluate how we spend our finite allotment of time in terms of ROI. What are you doing that has a high or low ROI?