One of the most powerful but underutilized tools of any business is leverage. Archimedes once said that if you gave him a lever and a place to stand, he could move the world. With the right positioning, leverage can be the key to achieving more of your goals than you thought possible.
Learn the seven forms of leverage that make it possible to be more successful and you will find yourself accomplishing things you once thought impossible.
1. The Energy of Others
You learned about the importance of delegation. Utilizing the energy of other people and allowing them to take over lower value activities means that you have more time to focus on the more high-value tasks.
2. The Knowledge of Others
The world is full of knowledge that other people have spent time to curate. Take advantage of these resources to expand your own knowledge base to get new ideas and insights to apply to your own goals.
3. The Money of Others
Having access to more money is always beneficial for a business. Always look for ways to borrow and invest money so that you see positive returns: Venture capitalists, loans, securities offerings. Having a solid relationship with a bank is an important part of creating a successful business. What’s important to remember is that the best time to borrow money is when you don’t need it. It doesn’t have to be a large amount, but one that can be paid back easily within a few months. Doing this repeatedly helps you establish stronger credit with your bank, which is beneficial for the day when you do need a loan.
4. The Success of Others
Study what other people have done to rise to the level of success they have achieved. Research their companies, read biographies. Follow the careers of people who are on the rise. What are their habits? What advice do they offer? Find a mentor or coach who is excited to pass on what they have learned in their experience to someone who wants to become their own success story.
5. The Failure of Others
Just as you can learn a lot by studying what has made someone successful, you can learn much more by looking at their failures. What obstacles kept them back? What mistakes were made? How can you learn from those things to avoid a longer path to your end goals? Knowing what to avoid in your journey could save you a lot of time and frustration in your pursuit of your goals.
6. The Ideas of Others
The world is full of people who have great ideas but fail to act on them. How many times have you seen a product on TV and said, “Hey, I had that same idea! If only I had acted on it.” Do your research and you can probably come across some unfinished ideas of others that, with a sound plan, can be fully developed into something that people need. It could be the start of a very successful venture.
7. The Contacts of Others
You know the importance of networking. Sometimes all you need to get ahead is a link from you to the person who can get you on the right track, and that comes from the people you have in your network. Rely on referrals from satisfied customers. Ask the people you are connected with to recommend you to anyone they know who could benefit from your business. A single introduction to the right person could be the change you are looking for.
Becoming an expert in the seven forms of leverage will take your efforts to grow and shape your business to a whole new level. Learn and apply each one and enjoy the results that you start seeing in the success of your business.