How to achieve greater leverage in your business
“It doesn’t matter if the glass is half full or half empty... if you think you can make a better glass.”
Just like the wheel, the lever is a powerful tool that lets us do the heavy lifting with minimal effort. In business, this concept translates to what we call “achieving greater leverage,” or simply working smarter, not harder. For small businesses, there are three key ways to gain leverage:
1. Employ More People
Growing your team can increase your capacity, but it’s crucial to have clear business structures in place as your team expands. Ensure roles, responsibilities, and KPIs are well-documented and regularly monitored. Nelson accountants can help small businesses ensure financial structures support this growth, while also emphasising the importance of a strong workplace culture to keep the team engaged and motivated.
2. Adopt Better Systems and Technology
Staying efficient is essential for success. By upgrading your systems, you can eliminate inefficiencies and free up time for more strategic tasks. However, as your business evolves, you must avoid “SNUPs” (Systems that Serve No Useful Purpose). Regularly reviewing your processes with the help of your local small business accountants, can help you streamline operations.
3. Sell or Deliver Products and Services Online or One-to-Many
Selling or delivering your products or services either one to many or on-line is a great way to get paid more for the same amount of effort. Why not bundle up your systems you’ve developed and teach others in a similar business to you elsewhere in the world to use them. You could do this via workshops or webinars and then sell some of the systems via your website or through industry leaders or organisations or associations.
Everyone is busy, but leveraging these strategies can help you get more done with less effort. Whether you're looking to expand your team, improve your systems, or broaden your reach, we can provide expert guidance to help you work smarter, not harder.