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Mark Greer. BUSINESS PLANNING

Cash is the life blood of any business. In fact, even profitable businesses can and do fail because of poor cashflow. What’s important is that you understand your key cashflow drivers. Improving cashflow is often all about changing your business processes. Processes such as how you order stock and pay for it, how you bill […]

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Achieving Greater Leverage in your Business

Posted 1 year ago in BUSINESS PLANNING, LEADERSHIP

After the wheel, the lever is perhaps the most useful invention; it allows us to do the heavy lifting with minimal effort.  So how can we apply the concept of the lever in our business?  This is what we call achieving greater leverage, or, put another way, working smarter not harder.

There are 3 ways to achieve greater leverage in your business:

  1. Employ more people
  2. Adopt better systems and technology
  3. Sell / deliver products and services either on-line or one to many (e.g. by running events, workshops or webinars)

Employing more people works well to a point.  The larger your team becomes the more important it is that your business structure is clear, the roles and responsibilities are clearly documented and the key performance indicators (KPIs) are set, measured and reported regularly.  Workplace culture, core values and leadership skills are essential too so that you get the highest level of buy-in and engagement from your team.

Adopting better systems and technology ensures you continue to make your business as efficient as possible.  The trap here can be that, as your business grows, some systems and processes become redundant but the team keep following them because ‘that’s what we’ve always done.’ So not only should you be looking to adopt more efficient systems, make sure you weed out the SNUPs – the systems that ‘Serve No Useful Purpose.’

Selling or delivering your products or services either one to many or on-line is a great way to get paid more for the same amount of effort.  Why not bundle up your systems you’ve developed and teach others in a similar business to you elsewhere in the world to use them.  You could do this via workshops or webinars and then sell some of the systems via your website or through industry leaders or organisations or associations.

We know you don’t have any more time right now – everyone is busy.  So how can you adopt these 3 points of leverage to work smarter not harder?

“It doesn’t matter if the glass is half full or half empty.. if you think you can make a better glass.” #smartcuts

How I can Leverage My Business?

Leverage Tactic Areas/depts this can be achieved
Employ more/better people  

 

Use better technology/systems  

 

Sell/deliver more effectively  

 

If you need help identifying ways to maximise your leverage please reach out to ally@bizdom.co.nz and she’ll be happy to organise a no obligation chat with one of the team.

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