How to Use Leverage to Build Your Business Effectively
Leverage is simply doing more with less. When we mentioned leverage in this context, money is what people think of most often.
Loans, mortgages, other people’s money – all are forms of leverage based on money. While this type of leverage is important, it is equally important to use other forms of leverage in your business strategy.
Your Wealth Team
Systems definitely take time to create. You don’t have to do it all yourself though. This is where your wealth team comes in to play. A wealth team is a group of advisors, mentors, employees, vendors and other contacts who assist you in building your business.
With a wealth team, you can leverage your time by hiring advisors, mentors, employees and/or vendors. This is just the beginning. Once you’ve created your systems, share them with your team members so they can be part of the systems and contribute to the success of your wealth strategy. I think systems are one of the most important and powerful features of building a business.
Systems are the process or procedures to complete specific tasks. Systems provide the detail of the who, what, when, where and how something will be done. The systems provide all the details about how to market, sell, fulfill and everything else involved in operating that franchise. A franchisee simply has to follow the systems.
Let’s say you invest in rental real estate. You should have systems for:
- Identifying the property to buy
- Purchasing / financing the property
- Renting the property
- Maintaining the property
- Reviewing the performance of the property
Systems don’t have to be complicated. They just need to document what needs to be done in a clear manner. This allows you to focus your attention where it is most needed – this is a huge form of leverage in building wealth.
Software allows you to do more with less every day.
Software can be an integral part of effective systems. When used properly, software can streamline many tasks while providing better information and results.
Software can be the driving force behind the systems. It can notify the who about the what, when,where and how. And, it can provide real time reports about how the systems are working.
Leverage your team’s knowledge – ask them what software you should be using. And, if you truly want to leverage your software with your systems, have a team member who is committed to integrating the two.
Here are a few examples of some softwares that can help you do more with less in your daily tasks:
- Marketing Solution for lead generation
Education is a necessity when building your wealth. Read books,listen to some podcasts,attend webinars and mastermind sessions to increase knowledge and skill set.
How are you using leverage to build your wealth?
Think about how you currently use these forms of leverage and identify ways that you can leverage them even more.