How do you take your business to the next level? Is it marketing, is it people, is it innovation, is it technology or is it capital? The reality is that all of those are true. However, not one individual thing at any one time. The critical concept of growing your business and taking it to the next level is about leveraging.
Leveraging is a simple principle of how you do more with less. On average, those business entrepreneurs who can leverage their business and get it to do more, are more successful. Now we could have a whole discussion about risk, return and rewards, but ultimately what it boils down to is what are you starting with? What do you have today? Do a full stocktake of what your business has in terms of financial, people, intellectual resources, and capital.
Make a list. Write down all the things that you have today that contributes to making your business what it is, then consider what it would look like in five years. What’s your vision? Where do you think this thing’s going to go? Are you going to create multiple locations? Are you going to grow in size? What will it look like? Pick something that means something to you.
Don’t try and see it through someone else’s eyes or try to be like another great entrepreneur, because then it’s not you. It’s not real. Talk about it and think about it in your terms. Once you have that vision, you then know your destination, you know, your ultimate goal, you know where you’re going, the next step is relatively straightforward. Then we do a little bit of analysis on what are the things that are limiting you from taking your business to the next level.
The easiest way to identify that is by doing a little bit of an exercise. Make a list of all those items and then assume what would happen or what you would need to do to double their capacity. On a separate list, write all those same things down and write what would happen to your business. On a different list, write down what you would do if those things halved in capacity, what’s the impact? How catastrophic would that be? Do those exercises over two different days so that you don’t contaminate them. Then you put the lists side by side that will help highlight the areas of stress in your business.
Those highlighted areas are going to take a lot of effort to double, and those areas are capable of crippling your business. These are the things to work on to get better or more perfect, to take your business to the next level because they can bring your business undone. You might say, “hang on, I want a magic formula.” The bad news is that there is no such thing as a magic formula. Otherwise, we would be living in a utopian state of an economy. People grow their businesses and gain financial advantage and wealth through the ability to leverage. Essentially you work out a way to do something better, faster, quicker, easier than somebody else.
That is how you take your business to the next level. You can have a go yourself which costs you time, or you could work with us as we coach and mentor you from a position of experience and tried and tested methods and systems.
Need help taking your business to the next level, don’t hesitate to contact us.