The Power of Business Leverage For Entrepreneurs

Learning how to leverage will free you from the burden of feeling constantly overwhelmed and scrambling to succeed. What is leverage? Leverage is the ability to apply a little bit of effort and get a massive result. Think of a lever - you move the lever a little bit and the lever applies the pressure to get a much bigger result. For entrepreneurs, there are three kinds of leverage we can tap into: money, systems, time. Let's explore each of these options. • Money - When you leverage money, you make more money. The three easiest ways are to: 1. Charge more 2. Offer your service to many (instead of one) 3. Package your service and automate its delivery. • Systems - Now let's explore the idea of systemizing. To systemize is to take a process and identify and document each step involved so that anyone could follow the process. There are two reasons why you would want to create systems so you can leverage your time. First, most entrepreneurs get in a trap of recreating the wheel each and every time they need to do something. A system lays out a plan so that every time you do that particular task, you don't have to think, you simply follow the plan. The second reason to systemize is that you can automate much of what you do. This is a necessary component of building your team effectively. When you are ready to add a person to your team, the system must be in place for that person to step in and do the work effectively and efficiently. Quality experts tell us that the vast majority of any breakdown inside a business is due to faulty processes or systems, not human problems. • Time - The last leverage option, and my personal favorite, is time. You can leverage your time by outsourcing. To outsource something is to assign a task that you own and delegate it to someone else to perform for you. Think of it as cloning yourself to get more done. There are a few ways that outsourcing works. One is hiring people to accomplish tasks or projects that you don't like to do, can't do or is not the best use of your time. Another is hiring people to do what you do - but do it for less money so you make a profit by outsourcing it. Successful entrepreneurs have learned to leverage the time and talents of other people to get things done. The Millionaire Business Owner has discovered that leverage allows him to apply a little bit of effort for a massive result. The successful business owner is in the driver's seat of his destiny. He is not allowing his business to run him ragged!