THE 7 STEPS OF OUTRAGEOUSLY SUCCESSFUL ENTREPRENEURS # 6

MULTIPLY PROFITS THROUGH THE POWER OF LEVERAGE.

Many entrepreneurs build their businesses the organic way – without a lot of direction and taking what comes. Successful businesses grow their businesses by applying the power of leverage. They look for new ways to convert their current assets, operations and relationships into new revenue streams. There are three things that can generally be leveraged in a business.

1. Assets (e.g., yourself, employees)
2. Operations (e.g., your knowledge base, processes)
3. Relationships (e.g., your business network, customers)

By far, leveraging yourself is the quickest way to inject profitability into your business. Where do you spend the most time on a daily basis? My guess is if you tally up your daily Entrepreneurial Timesheets it would be weighted toward operational issues vs. sales oriented issues. Leverage is one of the most under-utilized principles for multiplying profits in business.

If you can figure out a way to spend more time in direct incoming producing activities such as being in front of prospective customers, seeing existing customers asking for referrals and networking your sales will reflect that reallocation of time.

Next up…..Optimize.