The Power of Leverage
How very true it is that leveraging on other people’s expertise will save you more time and earn you greater profits in your business. You can scrimp and save or scrutinise every second spent in meaningless activities, but until you realise the real key to business success is simply leveraging on other people’s expertise, you will not get far in your business.
It is exactly how the rich business owners do it. They can just use a few months to replicate what would be a year’s worth of effort. They leverage a lot on a huge pool of intellect capitals such as technologies, professionals, relationships, and more.
Starting with Small Leverage Power
Of course, it may not seem very profitable or feasible to instantly assemble and leverage on a huge team of experts when you are first starting out on your business. Even then, you can still start on a small scale when it comes to leverage. If your budget permits, try to hire at least one or two staff/ members of your team. You can assign and delegate work to them or distribute the workload among everyone including yourself.
But if hiring permanent staff is still too costly for your business, then consider outsourcing your business’ tasks instead. You can look for and outsource the tasks to suitable virtual assistants (VAs), freelancers, and independent side hustlers. In this way, you not only leverage on their expertise, but reduce the overall workload you have to handle by yourself as well.
The Broader Spectrum of Leverage
When it comes to leverage, the next best thing to do is to ask. Ask for assistance when you are in doubt or when you need help even if it is a very trivial matter. And who or where do you ask for assistance? Well, the best choice would be the members of your team but if they still cannot provide the solutions, then ask your other friends or family members.
And if you have a team, you can leverage on their talents, expertise and skills. Delegate certain tasks to them while you focus on the bigger picture of effectively running your business and maximizing your profits. Please note that the keyword here is delegate, and not leaving everything to your team members to rot. You will still need to monitor them and be kept updated of their progress or problems that they are facing.
Once you can afford the minimal sum to outsource your tasks, then do so for the more tedious and time-consuming ones but ensure that you are also aware of the progress and problems. And of course, when your profits come surging in, you can run your business like how the rich do by leveraging most of your work on a pool of experts while you focus on effectively running and maximizing profits from your business.
Conclusion To the Importance of Leverage
There you go, a basic and simple explanation on using leverage that any newbie business owner can follow to start running a profitable business. Leverage, coupled with proper delegation, management, hard work and determination, can take you very far in the pursuit of your business success.