Proving our worth: return on investment

Bibliotek är en god investering säger fler internationella undersökningar- Här är några exempel.

Rebloggat från The International Librarians Network med tillstånd.

International Librarians Network

We hope you’ve been enjoying this discussion topic about how we articulate and prove the worth of our libraries. Today we’re going to look at a method from across the business world.

One way to articulate the value of your library is to use a return on investment model. This model has become quite popular in recent years, particularly as funding becomes stretched.

Coins. Licensed under CC0 from Pixabay Coins. Licensed under CC0 from Pixabay

Return on investment (or ROI) has been used in business and financial areas for a long time. Simply put, it’s the difference between what you invested in something and what you got out of it. So if you buy a painting for $100, and sell it for $200, you got a 200% return on your investment. You could also say that for every $1 you spent, you received $2.

How can we use this for libraries? It’s a three step process:

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