How would you like to grow your business but actually DO less? Is that even possible?
Yes it is possible … with leverage. By definition, leverage means doing more with less.
There are four main ways to get leverage in your business:
1. People
2. Systems
3. Marketing
4. Finance
Let’s talk about leverage through people.
Business growth can be daunting, especially if you are the only person managing your operations, sales and marketing, and finance and administration.
Imagine that each of these areas is an angle of a tetrahedron:
Business success is dependant on the equal growth of each of these areas, but as you focus on one aspect, the shape grows in one direction and balance is lost. It’s important that as one angle grows, the others also grow to match. But how do you do this when you’re a small business?
Growth by leverage doesn’t mean that YOU have to do it all … it means that SOMEONE has to do it.
When it comes to leverage through people, there are some simple actions you can take to plan for your business growth.
The first is to outline your organisation chart as it is today. If you are a sole operator, it may look something like this:
As a small business owner, many, if not all areas of the business are dependent on you, regardless of your strengths and interests. It’s not often that we find a business owner with a strength in sales and marketing, a passion for finance, a hunger for managing the day-to-day operations and who is a whiz at administration! It’s more likely that you gravitate towards the administration/finance side of business, or that you are great with the promotions and the people contact but the thought of sitting down to reconcile your accounts leaves you cold.
This can often lead to stagnation. If you are great at sales and marketing, for instance, you may have no trouble generating leads, however once the business comes in the door you find your calendar too full to manage, or you may end up turning business away. Or you may have the best systems and the most up to date accounts, but no energy to find new customers.
If you leverage your growth through people, you can utilise their efforts to grow those areas of your business while you focus on your core strengths.
Be honest with yourself …what are you good at? What do you like to do? Which areas of your business are thriving and which are suffering?
Now think about your business as you’d like it to be in 12 or 24 months’ time. How would you like your organisation chart to look then?
Assume the above organisation chart is that of a massage therapist who loves people contact, has no problems getting business through referrals, and enjoys the day to day of seeing clients. Despite spending one full day a week on their office and bookwork, however, the finance and administration of their business is a complete mess!
If this person concentrates on bringing in business, the addition of one part-time staff member would lead to leverage in the areas of administration and finance, and also assistance in sales and marketing. This frees the owner to focus extra time to seeing clients and building the core of the business.
Get the picture?
Remember that leverage doesn’t mean “I have to do it” but that someone has to do it.
If you are a Hunter Valley business owner wanting to grow your business, call us today on 4933 6622. We have a program to suit your budget and get you the results you want. Find out more by booking a free, no-obligation coaching session today.