Undeniable Power of Leverage I was constantly feeling overwhelmed and scrambled from one crisis to another.  I thought that there has to be a better way.  There was, I learned how to LEVERAGE.

What is leverage; applying a little amount of pressure and getting a greater result, just like a lever, move the lever a little and it applies a greater amount of pressure getting a bigger result.

Entrepreneurs can use three types of leverage: money, systems, and time.

Money

The three easiest ways to leverage are to:

1. Charge more

Let’s say you are a coach and you currently make money by coaching clients one on one for $100 per hour. You are limited by time and energy – you can only make as much money as you can work – usually about 10 to 12 clients per week. If you were to double your rates to $200 you would double your income.

2. Widen your offer of service

If, however, you charged $200 per person to attend an event that 10 people attend for one hour, and then you have exponentially grown your revenue.

3. Package your service and automate its delivery.

Now, if you took your process and packaged it as an information product selling it on your website, you could sell your package for $200. With some really good marketing you might sell 20 a week – with no extra time on your behalf whatsoever.

Let’s see how this breaks down:

Give yourself a raise (CHARGE MORE)

$200 x 12 clients per week = $2400 per week

Offer a group experience (WIDEN YOUR OFFER OF SERVICE)

$200 x 12 clients in one hour x 4 hours per week = $9600 per week

Package your information (PACKAGE & AUTOMATE)

$200 x 20 = $4000 per week with ZERO TIME

Do all three and you will exponentially increase your revenue!

Systems

Systemizing a process means identifying and documenting each step involved so that anyone could follow the process.

There are two reasons why you would want to create systems so you can leverage your time.

Firstly, entrepreneurs often get in a trap of recreating the wheel each and every time they need to do something. A system lays out a plan so that every time you do that particular task, you don’t have to think, you simply follow the plan.

Systems become increasingly important when a team is involved because if you want it done your way, you will need to document the steps involved.

The second reason to systemize is that you can automate much of what you do. This is a necessary component of building your team effectively. When you are ready to add a person to your team, the system must be in place for that person to step in and do the work effectively and efficiently.

Here are a few examples of tasks can be automated:

  • Follow up emails and cards
  • Reminders for events, phone calls, etc.
  • Marketing materials on the web
  • Purchasing your services or products
  • Article submissions and press releases

I could go on forever but you get the picture. By developing and introducing systems to your business and virtual teams, you ensure that tasks are done consistently and as you want them done.

Time

The last leverage option, and my personal favorite, is time. You can leverage your own time by outsourcing. To outsource something is to assign a task that you own and delegate it to someone else to perform for you. Think of it as cloning yourself to get more done.

There are a few ways that outsourcing works. One is hiring people to accomplish tasks or projects that you don’t like to do, can’t do or is not the best use of your time. Another is hiring people to do what you do – but do it for less money so you make a profit by outsourcing it.

Successful entrepreneurs have learned to leverage the time and talents of other people to get things done.

I’ll leave you with this quote from the famous Archimedes, “Give me a lever long enough and I could move the world.”

To find out more about leveraging your time, skills and team to achieve amazing results you NEED to get your hands on a copy of my free report “101 Ways to Triple Your Income and Double Your Time Off”. Click Here to claim your copy now.

So how do you find the right team to run your business?   Many business owners try and find inexpensive helpers, people that can do what they are told each day.  But how much time will that ultimately save you if you are still consumed with monitoring your employees?  If you cannot fully trust their abilities, and you don’t feel comfortable handing over some of your responsibilities, you may want to re-think your team strategy.

To truly be able to stay focused on what you do best (leading the company), you must give total ownership to someone who has the passion, strengths and competency to do it for you; someone that you completely trust to be an extension of you.  Those kind of employees are the kind that feel more like partners, and less like employees.  From my experience, you will end up attracting people who are a reflection of you, and your vision.

I talked about this at my recent CEO Factor retreat, take a look:

Please feel free to leave comments below, and to hear more tips from Melanie, sign up for her CEO Factor Manifesto on the form to the right.

Article written by Melanie Benson-Strick, your Million Dollar Lifestyle Business Coach.

John is a highly creative person who loves to do one thing – write. And he makes a really great living at it. But when it comes to running a business and dealing with the operations John would pretty much prefer to get a root canal in the middle of the Sahara desert.

Dan is a brilliant marketing strategist who grossed 7 figures for years doing what he does best – selling from stage and writing award winning sales copy. But it was a lot of work on his own. In the last seven years his 7 figure solo-business exploded into a massive multi-million dollar empire.

Michele is extraordinarily creative and has a huge vision of how to grow her agency into a mid-seven figure empire. Figuring out how to get everything done has just bogged her down. But lately she’s found a way to handle all the details without losing her creativity.

So what do these people have in common?

Partnerships.

A partnership is a way to balance your strengths with someone else’s in order to get more done – without losing your mind! Entrepreneurs as a whole tend to thrive in their creativity but don’t enjoy managing their business. That’s where a partner can come in handy.

There are some real tricks to having a partnership that works. I’ve seen many situations blow up because the keys to having a profitable partnership aren’t in place.

I’ll cover four ideas for partnerships in this article and get to the keys for a profitable, thriving partnership in the next one.

1. Marriage partner.

Don’t balk yet…it’s a new trend. Especially with women who have found their passion and a lucrative business that needs managing so they can focus on their creativity. Typically once the business gets to a certain level of revenue; it can be far more profitable for both spouses to work together than to outsource the operations to someone else. Two examples of marriage partners working together successfully are Adam & Bo Urbanski and Fabienne & Derek Frederickson.

2. Other family member.

Sometimes a powerful partnership comes from another family member such as a parent, sibling or extended family member. When the partnership is based on “balanced strengths” a family member can be a perfect partnership. The Sloan Brothers of StartupNation Radio are brothers who found a great niche in business startups.

3. Friend or Associate.

Whether you partner on a project or in the entire business, collaborating with a friend can bring massive growth potential to the table. John Carlton partnered with long-time friend Stan Dahl. Dan Kennedy partnered with former client Bill Glazer. Both of those partnerships allowed the creative force in the business to focus while the “day to day” is handled by someone who excels.

4. Investor

Another route is to align with someone who can fund the business growth and bring their years of expertise to your business while you continue to focus on yours. This person typically buys into the business and the potential revenue growth. Two examples (which I can’t reveal names for privacy reasons) are a well known internet marketer who had a partner buy in once they got to $2 million in revenue and a world-renown personal growth expert who funded their initial growth with an investor.

A couple of things to keep in mind as you explore taking on a partner.

What is the purpose for the partnership?
More free time for you? Better collaborative energy? Are you just exhausted and need help? Do you need more growth capital? Do they have expertise in business growth that you don’t? Being clear on this point will help you identify the right person.

How will you split up your responsibilities?
Ah, we are getting into the keys for a profitable partnership here…but you really want to start thinking about this so you both don’t end up having the same strengths.

Feel free to share your questions and thoughts below in the comments section. If you’d like to hear more about how to build profitable, thriving partnerships, let me know here: www.successconnections.com/partnerships.

The Power of Leverage

May 14th, 2009
Filed in: Business Leverage

Learning how to leverage will free you from the burden of feeling constantly overwhelmed and scrambling to succeed.

What is leverage? Leverage is the ability to apply a little bit of effort and get a massive result. Think of a lever – you move the lever a little bit and the lever applies the pressure to get a much bigger result. For entrepreneurs, there are three kinds of leverage we can tap into: money, systems, time.

Let’s explore each of these options.
Money – When you leverage money, you make more money. The three easiest ways are to:
1. Charge more
2. Offer your service to many (instead of one)
3. Package your service and automate its delivery.

Systems – Now let’s explore the idea of systemizing. To systemize is to take a process and identify and document each step involved so that anyone could follow the process. There are two reasons why you would want to create systems so you can leverage your time.

First, most entrepreneurs get in a trap of recreating the wheel each and every time they need to do something. A system lays out a plan so that every time you do that particular task, you don’t have to think, you simply follow the plan.

The second reason to systemize is that you can automate much of what you do. This is a necessary component of building your team effectively. When you are ready to add a person to your team, the system must be in place for that person to step in and do the work effectively and efficiently.

Quality experts tell us that the vast majority of any breakdown inside a business is due to faulty processes or systems, not human problems.

Time – The last leverage option, and my personal favorite, is time. You can leverage your time by outsourcing. To outsource something is to assign a task that you own and delegate it to someone else to perform for you. Think of it as cloning yourself to get more done. There are a few ways that outsourcing works. One is hiring people to accomplish tasks or projects that you don’t like to do, can’t do or is not the best use of your time. Another is hiring people to do what you do – but do it for less money so you make a profit by outsourcing it.

Successful entrepreneurs have learned to leverage the time and talents of other people to get things done.

The Millionaire Business Owner has discovered that leverage allows him to apply a little bit of effort for a massive result. The successful business owner is in the driver’s seat of his destiny. He is not allowing his business to run him ragged!

For more tips on leverage, check out my ebook at http://www.thepowerofthevirtualteam.com.

Do you want to read the previous post in this series? Just go to http://tinyurl.com/d95lpr.

Would you like to be able to wow your audience? I mean really wow them. Imagine that you are speaking to a group of people who don’t know you yet. This group has been at an event for 1 ½ days of a three day event. You are standing at the back of the room as you hear the event producer start your introduction. The audience is clapping for you as you walk up to the front of the room and start with a phenomenal statement that gets everyone in the room fully and completely engaged in every word you say.

Creating a compelling presentation is the most important aspect of a highpayoff event. If you have everything else in place but you don’t wow them, you will just be another interesting person who they learned one or two tidbits from.

Continue reading STEP 3: Create Compelling Presentations That Sell (Part 1 of 3)

Do you want to read the previous post in this series? Just go to http://tinyurl.com/bhobu7 .

If you spend ten hours preparing for a presentation, six hours at the event and one hour delivering the presentation, seven hours following up and walk away with only $2,000 in revenue (because the organization paid you that fee), is that a good use of your time?

What if you could spend ten hours preparing, six hours at the event, one hour delivering the presentation, two hours following up and walk away with $25,000? Which is the better return on investment?

Continue reading STEP TWO: Identify Your “Power Presentation Opportunities” Filter

I used to spend a lot of time dealing with the details of my business, so much so that I had very little time to enjoy the fruits of my labor.

But, things changed dramatically when I decided to start enjoying the money I was making and not worry about a lot of the day to day tasks I could delegate to others. What’s the secret? Systems!

Continue reading Want to (Finally) Achieve Financial Freedom? Make Use of Systems!

In 2001 I left my cushy corporate job for the exciting, risk-filled world of entrepreneurism. I knew what it took to be successful in business – I’d been working for one of the world’s largest Fortune 500 companies – so I jumped right in. I had a plan, I had a few clients and I had tons of passion. I was working with a coach to help me through this transition and he suggested that I speak at local events to help me create more visibility and get people excited to work with me.

So I quickly began to offer to speak at any and every local organization that would have me. I knew how to stand in front of a crowd and present information. I’d been doing that for years at Motorola. I had spoken in front of groups as large as 500 people as well as smaller groups of 30 – 50 people where I trained them on quality improvement principles. How hard could it be anyway?
Continue reading Get Your Public Speaking Juices Flowing! Identify Your “POWER ZONE!”

Whether you are a fan of Oprah or not, you can’t deny that she is one savvy entrepreneur. If you know much about her story then you know that Oprah has always done her best to stay true to her passions and strengths. In order to create a billion-dollar empire that makes a difference in the lives of others, Oprah has to do what she does best. And not only does she outsource the rest, she gives up a lot of control by delegating ownership. It’s one thing to outsource a task to someone else but to truly be able to stay focused on what you do best you must give total ownership to someone who has the passion, strengths and competency to do it for you.

You may have also heard about Oprah’s school for girls in South Africa. During an interview, Oprah revealed that she had this vision for many years but it wasn’t until she had reached a point that she could build the right team and have access to the right resources that she was able to make it happen. She knew it was too big of a dream to do alone. That’s The CEO Factor™ in action – recognizing what foundation you need to build in order to achieve the biggest dream possible.

Continue reading The CEO Factor: Combining 4 Factors

Yesterday I talked about the different types of entrepreneurs who create limits to their own growth. Today I’m encouraging YOU to tell the truth about where you may be getting in your own way.

I’ve put this checklist together of typical bottlenecks that most entrepreneurs get stuck in.

Let’s see if one (or many) of these situations is occurring in your business:

Continue reading Attention Entrepreneurs: Where are you getting stuck?

 

Have you ever heard the saying “the only thing in the way of your growth is yourself”? As entrepreneurs, we often become the core lifeblood of our business. It’s our passion, our vision, our strengths and our motivation that gets us… and keeps us… successful. So then, what the heck do you do when you get really big? I mean when your business finally takes off, you start making consistent six and seven figures… and you realize… there is no way you can continue to be the only lifeblood of the business? Continue reading The CEO Factor™: Get Your Business Running the Way You’ve Always Dreamed Of

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