Maximizing Leverage for Optimal Growth
The exciting concept of leverage has the power to get you more! More attention, increased career development, more business success, beneficial network and arguably financial freedom. In spite of these benefits, many people don’t seem to understand how to use this powerful tool while some overuse or abuse it. This article aims to explore how to use this tool of leverage for your business and personal growth.
An encompassing and simple definition of leverage involves embracing external resources to achieve a desired goal. These resources could be human, machinery, money or technology which can speedily facilitate your movement to the top where you’re able to achieve anything you desire and this definition helps for both business and personal goals.
Using leverage to enhance your personal goals entails connections, time, technology, talents and skills. By leveraging your connections or network, you need to intentionally develop an interest in these peoples’ lives and growth and not just buddying up to them to get a contract or referral. Many times this is what people do and it is cringe worthy especially after a ‘networking’ event. The card exchange is not for you to enlist them on your email list of ‘helpers’ but rather pursue developing a cordial relationship with them and if possible offer to assist them to achieve a particular goal you are aware of. This little step could open up your skills and talents to them which can lead to some relevant introductions for you. From developing a cordial relationship, a connection can let you know about available jobs before they even hit the vacancy ads, provide an introduction to a decision-maker at your target company and many more.
Maximizing your time is another key leverage you should not miss as this helps you channel your energy to achieve relevant results. You need to determine what needs your attention per time and where you bring the most value to your business, family or career and invest your energy in them, while you delegate the not so demanding but necessary tasks to those with the necessary skills.
The necessity of technology in these times cannot be overemphasized as the several platforms we have at our disposal can be used to showcase our skills and more importantly our achievements. You need to be strategic in showcasing your achievements in order to get the relevant attention you need for your next level or upgrade.
I will like to describe your talents and skills as your authentic leverage and the way to leverage on it is to continually improve on them. By continually improving on your skills or talent, you are adding to it and opportunities abound for people who consciously and strategically acquire relevant skillsets.
Some key drivers for leverage in your business growth journey requires you to focus on your human capital, business model and plan, technology, marketing, and products or services.
Your human and intellectual capital is one of the most powerful drivers of business success. You need to invest wisely in your people, first and foremost – your staff, and then your customers. Ensure that your staff have the training, resources, support and environment to do their jobs with passion while you also foster a culture of innovation and motivation among them.
There is a need to consistently evaluate your business model to stay relevant in today’s constantly-shifting markets. Understanding that your business model is your combined approach to engaging your market is a strong component of leverage in business as it allows you to make small changes that have massive effects, especially on the bottom line.
While to leverage your business plan on this journey of growth, you need to include clear goals and anticipated challenges, and also maintain a strategic flexibility so you can adapt to changes in real time. It is necessary to think of your business plan as an interactive tool to get you from one point to another point.
Developing a world-class marketing strategy is one of the most efficient and cost-effective ways to implement the concept of leverage in your business growth journey. To optimize your marketing approach, look at your competitors, partners and team for some inspiration.
With all these drivers in place, the key way to leverage your products or services is to consistently deliver with quality at the top of every process, quality on the mind of your team, and with the use of technology as not just an essential for the day-to-day running of your business, but a great leverage your push your product or service to the global market. With the right tech tools you can adapt to the changing business needs, provide a good level of customer service, maximize your revenue and minimize operational costs.
Udom