For a small business (1 to 5 employees and revenues under $300,000) to become a Medium Sized Business (Greater than 10 employees and revenues of $1,000,000 or more) you have to understand the use of leverage and how it is applied to many areas of your business.
Without leveraging the following areas you are left trying to do everything yourself. That may feel good because you are so in control and it is your personal work or service that you are offering. But if you want to be able to sell your business and retire in 3 to 5 years you must use leverage in all of its various forms.
These are some of the areas where you can leverage and grow your business and turn it into an asset you can sell.
Coaching and masterminds groups will give you more knowledge quicker.
Building the right team will bring more expertise into your business so you can offer more and accomplish more and your team can also help you discover other areas to leverage.
Money, even a small amount that is borrowed, will let you get the help you need so you can do more in your business.
Connections and Joint Ventures can help with advertising and sales and the creation of new products and services. This can also give you more reach into different communities that were not available to you.
There are many other areas you can leverage when you plan to think of leveraging as an approach to growing your business.
So start right now and think of 5 ways you can leverage your business success and put at least one of them into action today!
Today’s guest blogger is Fran Cannon.
I have known Fran Cannon for 20 years.
Fran is a friend and mentor and a highly experienced business coach & adviser with an extensive background in personal development work. He has negotiated multi-million dollar contracts and sat on the boards of companies. He is also very familiar with challenges that face small businesses.
His website is FranCannon.com
Fran currently resides with his wife, Bonnie, and their animals in Temecula, California.