Leverage, What is it and How to Use It
In the course of meeting with members, I have found many service providers have a challenge leveraging themselves. So I started looking at what leverage really means to a small business owner. There are a variety of ways to increase business or the bottom line with leverage.
Leverage in the pure sense deals with how a business utilizes borrowed money, (that’s referred to as OPM, other people’s money). Sometimes it is used for expansion, research and development, and in early stages for getting the business on its feet.
Then there is operating leverage, which is the impact of a change … Read More
Most small business owners don’t have anyone to report to on a daily, weekly or even monthly basis. Sure, you’re self-starters, you’re proactive. You get stuff done—and in some cases, at least some of the time—you get a lot done.
Customers make the heart of your business beat with their desire to choose products, services and experiences that meet their needs, fit their values, engage their emotions and respond to their desires. Your role is to transform prospects into customers and customers into fiercely loyal advocates. As your own marketer you have to be heard over the marketing noise that is everywhere, (TV, newspapers, on every street corner, now even at the movies). You then have to overcome the skepticism of the more sophisticated consumer.
Now that you have things sorted out and put together, put last year behind you, scrap the old plans and get ready for a new start. New things require new strategies, new tactics and new plans. There’s an old saying – if you always do what you’ve always done, you’ll always get what you’ve always got. Einstein may have put it better when he defined insanity as doing the same thing over and over, while expecting different results.
Where is your business now in relation to this years goals and plans. Is your business thriving and surviving? As business owners we are all playing a high stakes game of on and done and it’s our responsibility to the hero of our business.
What is it inside of people that makes them willing to risk everything they have to be in business? Is it to join the league of greats like Ford, Carnegie, Hearst, Jobs, Gates or just to have the freedom of being in a business of their own?
What is it inside of people that makes them willing to risk everything they have to be in business? Is it to join the league of greats like Ford, Carnegie, Hearst, Jobs, Gates or just to have the freedom of being in a business of their own?