Leverage Your Business to Success
At every Board of Directors 12 Melbourne Business Coaching Program one of the key questions that I ask members is:
Are you achieving true leverage in your small business?
The concept of leverage is all about achieving more by doing less.
In short: complete the work correctly once and leverage continued future revenue from this client for your small business. More often than not, when we are establishing the foundations of a small business, this concept can seem as elusive as the pot of gold at the end of a rainbow.
New business owners often find that they become stuck in the day to day activities of running a business, developing business disciplines and multitasking between roles. This results in the loss of time, sleep and hair, due to the impact of this new business venture on their professional and personal lifestyle.
As a strategic development business coach I see this happen a lot. A business owner doesn’t necessarily have to be a new one or an unsuccessful one to end up in this common space. The business owner will continue to work longer hours, work harder and with more conviction, yet the cold reality of this situation is that in order to get out of this cycle you need to focus on achieving better results.
To achieve true leverage there are four distinct areas to divide and multiply, these areas are:
Getting your people to achieve more with less effort.
Getting your advertising to return more sales with fewer dollars.
Getting your processes to produce more predictability with less ambiguity.
Getting your cash flow management to produce more profits with less stress.
Are you built for success?
Many businesses focus on growing what they believe is a business. Without the right foundations in place, however, all they are doing is adding problems onto problems. Eventually for many it all gets too hard and begins to fall apart.
This is why 8 out of 10 businesses fail in the first 5 years. It’s not simply because they don’t know what to do and waste energy. It’s because they lack the objective to create workable structures and processes that will get them out of the momentum that they are currently entrapped in.
Learn how to use leverage
It’s when business owners find themselves within this mindset that the aid of business coaches and advisors can help. A business coach will revitalise and enhance the current dynamic within a small business. They will offer advice on what is needed to create a different momentum, improve profits, create a better functioning team and get you focused on creating unique value for your customers.
Ultimately to get better results you must be prepared to learn new ways of doing things and attempt new strategies with the greatest or most probable chance of success.
Creating leverage in your business is a systematic approach of influencing each of the areas mentioned above.
My advice is that the smartest and most expedient way of achieving this, is to employ the services of an individual who is removed from your business so they can help break the cycle.
Let's break the cycle together. Find out more about Melbourne business coaching.
Stefan Kazakis on 5 May 2018
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