The Merriam-Webster Dictionary definition of leverage as a noun: the action of a lever or the mechanical advantage gained by it. Or as a transitive verb: to provide or supplement something with leverage or to use for gain. A similar answer throughout is to use something for gain. Here are a few ways that you can add leverage inside of your small business to grow.
People:
With only 24-hours in a day, time is finite. One way to add more time into your day is to bring on others to help with the duties & tasks that need to be done. Bringing on staff multiples the hours that are available to complete the necessary job. If 2 people are working, it either takes ½ the time or it doubles the amount of work. 4 people equals 4 times the work, & so on. The value here is not just more hours in the day, but specific duties being completed at the same time, therefore, leveraging people to create more time.
Workflows:
Series of actions, tasks & procedures that achieve a set outcome. Workflows streamline the delivery of your offering requiring less time. But not just the product phase, but the customer, marketing, sales, service, operations, & planning of the company. Company alignment is a perfect workflow, it means everyone is pushing in the same direction creating more force. By creating workflows in all departments, the repeated processes are standardized & flow naturally.
Technology:
Technology is important for small business owners, yet fear tends to hold them back. Technology is simply leveraging tools to make things easier, cheaper, & lower risk. Some simple examples are project management software, online ordering, a cloud-based office, data analysis, collaboration apps, zoom meetings, etc. The use of automation is another great way to leverage time & a consistent experience, such as an email campaign or voicemail. Technology does not have to be expensive & in most instances, it pays for itself in a very short time.
Capital:
Using other people’s money is the best way to leverage what you may not have or want to invest in your company. Capital access is important to all businesses and extra important to small businesses. It can be in the form of loans, grants, or equity positions. Capital gives you the opportunity to carry payroll, innovate, & expand your business. An influx of money is very helpful for growing your business.
Using leverage in your small business can be the missing piece that supports the growth you desire. Leverage can also come from the support of your advisors. Using your advisor’s knowledge, skills, & connections can be the shortcut you need to speed up your growth trajectory.
Marcia Riner is a business growth strategist & CEO of Trajectory Consulting. She helps professional service firm owners to optimize their business, drive growth, and be in a great position to sell it someday. Together, we create your roadmap to improve, scale, and maximize the value of your company.
Marcia hosts a weekly podcast with videos on YouTube @ www.Youtube.com/profitwithaplan and audio @ www.profitwithaplan.com
She runs a Masterclass that teaches business owners how to scale their business so that they can sell it someday @www.Scale2Sell.biz
Want more great ideas, download Marcia’s newest eBook “Think Outside The Box – 10 Reasons To Get Your Business Sale-Ready Now” available on www.TrajectoryBiz.com