Are You Using Leverage To Grow Your Business?
Next to your business plan and your reputation, leverage is probably one of the most powerful tools you have to grow your business. See why below.
One of the richest men in the world of his time, John D. Rockefeller, said that he would sooner make 10% off of 100 people’s efforts rather than 100% of his own efforts.
With this philosophy, he was able to free up his time to grow his business while helping people that worked in his business making money so they could feed their families.
Both he and his employees benefited from this arrangement and as he grew his empire he was able to employ more people while growing his empire.
As his wealth grew, his ability to give back to his employees and the community grew.
You have the ability to leverage within your business.
It is sometimes hard to see where you can leverage the abilities of others to gain time freedom. If you are having difficulty finding ways to use leveraging to your advantage, get someone from the outside to act as a consultant.
Here are a few ways you can leverage the abilities of others:
- Hire someone to do your bookkeeping. (You may be thinking that money’s too tight to hire a bookkeeper. If you calculate the hours that you spend doing this necessary work that does not bring in more customers, you may realize that your valuable time would be better spent growing your business.)
- Hire a marketing consultant. (You are an expert in your business but you may not have anyone on your team that has the skill set necessary to help you build your online reputation then market that reputation so that you can attract more leads and customers. A good consultant will generate a minimum of twice their cost in new business within a few months of coming on board.)
- Track every piece of marketing that you do. (You don’t know which marketing method is working if you aren’t tracking the advertising that you do both online and off-line.)
Get your employees involved and get their ideas on things that you can do more efficiently to free up their time and yours so that you can get more done each day with a maximum possible efficiency.
Pay your employees a livable wage and give them ownership of the duties that they perform so that they feel good about what they do and acknowledge their contribution to the growth of your business.
Everyone likes to be appreciated and to be told that they are a valuable part of the company. When you acknowledge them and their efforts in front of their peers, you may be surprised at how much more willing they will be to contribute.
Mastermind with your employees and other people within your industry because many people that have similar goals may also find that they have similar challenges and collectively you may come up with one or more solutions for each challenge you face.
Wouldn’t it be nice to increase your monetary wealth and increase your time freedom so that you can spend more time with your loved ones and giving back to your community?
Tell me how you are using leveraging in your business.
Last 5 posts in Business Success
- 3 Types Of Additional Income Streams For Local Business - June 17th, 2017
- Does Your Local Business Have A Residual Income Option? - June 3rd, 2017
- 5 Mistakes Local Business Startups Make - December 31st, 2016
- How Reputation Marketing Can Help Your Local Business - September 24th, 2016
- 3 Mistakes Consultants Make With Business Owners - September 10th, 2016