The simple truth is that one of the fastest ways to scale your business, is to leverage it.
Just as simple levers and pulleys can multiply our strength in the gym, the same is true in business, where you are multiplying your resources in order to gain and advantage and scale your business.
There are two main ways to leverage in business.
Leverage sometime’s time
As the bus owner, there is only so much you can pack into 24 hours. You are often the most expensive commodity in your business.
Just reflect on what you are worth in terms of your day rate – ie. what you are charging or could be charging, whether that’s £500 or 1£1000 day rate.
Now, whilst the lower level business tasks are absolutely essential in your business, the question you need to ask is whether you would be prepared to employ someone in your business for £500 or 1£1000 per day to carry out the lower level tasks?
By hiring someone to do those tasks, you will free up time to work ON your business rather than IN it – thus allowing you to develop and scale the business.
Leverage somebody’s skills
The internet is full of tools and techniques for pretty much everything.
As a result many business owners believe that it is faster and cheaper to learn and perform many of the business tasks (building a website, resolving IT issues etc) themselves.
However, successful business owners know that hiring professionals to do the tasks often results in professional results, first time round, and saves a great deal of time (and therefore money) as well as as frustration!
What essentially can take you five to six hours to learn and implement, may take a professional half or less time.
So consider, how many hours did you spend trying to save money?
Successful business owners have certain personality traits in common.
- They are curious – often the ones asking all the questions at meetings; wanting to know how things have been achieved; and wanting to learn new things.
- They are controllers -not wanting others to control their destiny; wanting autonomy to create their own vision and execute it in a way that they think is right.
- They have tunnel vision – it makes them work harder because it never enters their mind that they might fail.
These are all traits that lead to success but those same traits can limit growth if taken to extremes.
Business owners that can’t give up control and embrace the concept of leverage are ones that will always wonder why they are unable to scale their business, like their competitors.
At the beginning stages of your business, performing all the business tasks on your own, probably made sense but as you grow, you really need to embrace leverage. Only then will you see real growth in your business.