Few people can lift up one end of a car on their own, but almost anyone can raise the same car to change a tire with a car jack and a little patience. Through leverage, the jack transforms your own efforts into a force strong enough to move the car.
In the same way, you can leverage your talents, time and resources to generate exponential growth for your business. Here are some tips for putting this principle to work for you:
Consider Financial Leverage
In its most basic definition, leverage is when a business borrows or raises money to acquire new assets. The lending institution or the investors only provide money when they have confidence that the goods purchased will be used to create an even greater financial return. For example, a bottler might invest in new machinery if their research shows that switching to shrink sleeve labeling will increase their sales.
Leverage Your Own Skills
You can leverage the lessons you learn in one part of your life to help you find success in another. Playing a sport, learning an instrument, or volunteering in a service group teaches children about discipline, leadership and time management. Dealing with difficult retail customers at a summer job can prepare you for challenging business negotiations later. And juggling childcare with work, while also helping elderly parents, can teach you the skills to tackle project management at work.
Group Similar Tasks
Grouping your regular weekly tasks can save you time later on. As Tony Robbins writes, if you are already prepping food for one meal, you can leverage the effort you took to get your utensils and containers ready and prep ingredients for the rest of the week. You can also group errands together and make one longer trip instead of many small ones. When traveling, take the time to meet with a client when you’re already visiting their city for a training seminar.
Cultivate Your Network
Everyone you know has their own areas of expertise and circle of connections. If you take time to become a valued member of your network, they will in turn be available for you. They may rally behind one of your projects in a direct way (such as when you are seeking backers for crowdfunding efforts), give professional advice that would normally cost you a fee, or introduce you to a new client or future star employee.
Listen to Your Staff
Your own coworkers and employees not only have the same wealth of connections as the other members in your network, but they also have the most direct knowledge of what is happening in your company. Establish open lines of communication so they will let you know when anything isn’t working. In addition, help them feel invested in the success of the company so they will share their ideas for improvements and innovations.
Make the Most of Your Marketing
Nothing succeeds like success. Any time your company reaches a significant milestone or receives positive recognition, add the good news to your marketing campaigns and outgoing communications. If your line of skin care products was an editor’s pick in a beauty magazine or blog, include that in your product descriptions. Your brewery won a regional award? Make note of it on your web site and send out a press release. If your customer star ratings are high, or if you have been in business for many years, you can leverage that information toward helping your new customers feel more confidence in your brand.
Leverage Your Customer Relationships
You can leverage the relationships with the customers you already have by encouraging them to feel a connection with your company. If they already purchased from you, they may want to stay in touch if you offer them a lifestyle blog, an engaging Instagram account, or a series of informational articles. You can also try to interact with your customers in person by offering tastings, classes, seminars or whatever else works best with your product.
With leverage, the resources you already have can be used to help you achieve even greater success in any area of your business.
Let Apex Help You
Apex offers all of our clients customized solutions to their filling needs. To learn how our industry expertise can help you succeed, call us at 219-575-7493 or visit our page here.