I'd like to talk to you about the 3rd step in the ActionCOACH 6-Step Process of Creating a
Commercial & Profitable Enterprise that can work without you.
You see the third step is Leverage.
This is where it really gets exciting in your business where most small & medium-sized business owners and entrepreneurs work way too hard and it takes away from their time to enjoy life.
If I told you that the secret to success is “you just have to work harder,” What would you say to me? "Are you kidding? I'm working my butt off right now. I don't have time to do anything else. I don't have time for a coaching program. I'm way too busy." Really?
Most people don't understand how they can increase their volume and level of activity and still survive or just be awake during the day because they're working way too many hours into the night. This is where the ActionCOACH third step of Leverage comes in.
In the first step of how leverage is applied is ever more with ever less you need to look at your business and look for ways that you can do more with the same resources because we are so close to the day-to-day tasks of our business.
We don't have the perspective to look at the flow of our business and the steps that are wasted or maybe the miscommunication that causes more work, or repeated work. So when a business leader takes the time to step back, and to really get a bird's-eye view of their business and evaluate their current business flow and their business systems, or maybe lack of systems, he starts to identify those bottlenecks that are wasting time and money.
So the next concept that we teach about applying Leverage is divide and multiply. So what do I mean by divide and multiply? After you've looked at the flow of your business processes, you have to break down each process step by step. Look at improving each step or in some cases, maybe eliminating the steps and we start to put them back together and into the system as a whole. You're going to find that it works more efficiently and more effectively with less input from you, the owner of the business, and that's what Leverage is all about.
Then the last concept in applied Leverage is "How do you do something once and then get paid forever?"
Most business models are just one and done. I do something once I get paid once. But how do you create products and services that once they are developed and marketed, they pay you, maybe not forever, but certainly a long time? Either way, you've done the work once and then get paid over and over again.
Great example of this is writing a book. You write it once and get paid every time someone buys it or another more popular one these days is really selling your knowledge through online classes or webinars. You do it once and get paid over and over and over again.
So, by using these concepts of Leverages being applied, ever more with ever less, divide and multiply, do something once, and get paid forever, you'll be able to create a business that works harder so you don't have to and you can enjoy more life.
If you'd like to learn more about how you can increase the leverage in your business by applying these three concepts reach out to us. We'd love to have a conversation with you about how we can help you and your business.
Check out our other Business Tips to Work Smarter not Harder
Learn strategies to improve your productivity by working on the most value tasks instead of the most urgent
Learn strategies to create recruit and keep motivated employees aligned to the vision and mission of your business.
Learn strategies to increase your revenue, cash flow and profitability
Learn strategies to create a success mindset to help you to achieve your goals and dreams
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