How To Leverage Your Business Resources

We haven’t been able to have a St Patrick’s Day parade for the past two years, so it’s great to see it happening again and be able to celebrate all that is amazing about being Irish. But first, let’s talk about how to leverage your resources.

There has been so much going on over the past year, and many of my clients are trying to figure out “how to get more with less”, so I thought it would be good to give you a few ideas in this regard, as well as let you know about a few things that you might not be aware of.

It all comes down to leverage…

Now leverage is defined as “the ability to influence a system, or an environment, in a way that multiplies the outcome of one’s efforts without a corresponding increase in the consumption of resources.”

In other words, leverage is the ability to use a relatively small amount of resources to yield a relatively high level of return, i.e., “doing a lot with a little.”

So when it comes to building a purpose-driven business where you want to make a much greater impact, there are a number of ways in which a business can leverage its resources. Here are just some of them for you to consider.

Type of Resources to Leverage in Your Business

1. Customer base

Ask yourself: If I just bought this company, how would I sell more / expand what I sell, to this customer base?

2. Cash

Ask yourself: If I could invest this cash in any one part of this business/ niche/ product line for the biggest cumulative return over the next 5 years, where would I invest it all?

3. Market Leadership

Ask yourself: To remain the market leader for the next 25 years, where should I invest my time and company’s resources right now?

4. Reputation

Ask yourself: What can I do to double the strength of our current reputation within the next 6 months?

5. Momentum

Ask yourself: What’s working well right now, and how can I keep it working well?

6. Key Staff

Ask yourself: Who are the 5 key people in my business, and what plan can I develop with them so that they’ll stick around and help me for the long term?

7. Systems

Ask yourself: What systems work so well that we take them for granted? How could we improve them?

8. Responsiveness

Ask yourself: How quickly and completely do we respond to changes in our customers, market, technology, staff needs, or economic conditions?

9. Intellectual Property

Ask yourself: What do we have, IP-wise, that just isn’t being as leveraged as it could be?

10. The X Factor

Why is it that our clients want to work with us? What do we have that’s very, very special and that we could really maximize, just for the pleasure of it?

These are just some of the areas in which you can use leverage within your business. There are many more areas and ways.

From the list above, what will you implement?

If you would like to discuss the above subject matter or other areas that would be helpful for you, your business, or your organisation, book a Business Mentorship session with us.