The Universal Law of Leverage: The Biggest Difference Between People Who Have Money and People Who Dont Archimedes said Give me a lever long enough and strong enough and I can move the earth. The fine art of leverage, the ability to do more with less is what I believe to be the critical distinction between the people in the world who earn a moderate, mediocre income and the people in the world who earn a massive income. Its the ability to work smarter not harder, the ability to get more done and deliver more value to more people and make more money with less time and energy. Its the ability to replace yourself as much as possible! After all, theres only so much an individual can do on their own. You as a resource, only have a certain limited amount of personal resources at your disposal. When you apply leverage its no longer 1 to 1, its 1 to 100, 1 to 1000 and so on. So what are some of the many forms of leverage that rich people know and use that poor people dont? Ill list some here in no particular order Key Leverage Ways to Get More Done, Deliver More Value and Make More Money With Less Time and Energy! 1. Mastery of Marketing and Promotion: There is nothing that multiplies and leverages a businesses profits more than the mastery of marketing and promotion. - The most powerful money making skill a business owner can master is the ability to write compelling copy. 2. Continual Learning: Again, learning how to master a particular skill that will leverage what you do is a key distinction between rich and poor. I myself continue to spend a fortune on my continual learning process. Pay once, cry once is my philosophy. 3. Utilising Other Peoples Talents, Skills, Knowledge, Credibility and Resources: I personally surround myself with people who perform all their tasks better than I do so I dont have to. The task determines the team I surround myself with. 4. Delegate as Many Tasks as You Can to Others: Follows on from number 3, most people struggle with the concept of delegation because If I want it done right, I have to do it myself - and thats probably true, there is a trade-off. I for example dont delegate the marketing side of my business to anybody (although if I wasnt a marketing expert I would happily do so) and nobody writes better copy in my business than I do, however I gleefully exchange time for money in order to get more done, to get leverage, and employ copywriting wizard Peter Godfrey to write for me. 5. Managing Time More Effectively: People are often surprised by the amount I get done. The reality is, Im deliberately disciplined and organised because I understand that my output is dependent upon it. For example I block out time and days and allocate them to particular tasks, all without interruption. 6. Joint Ventures: Theres little you can do to be successful that competes with having strategic alliances and joint venture partnerships that facilitate what it is youre trying to achieve. It makes perfect sense to me to leverage off what could easily be someone elses multi-million dollar asset. A classic example is using someone elses database to promote your product or service. 7. Utilising Your Own Database: I think it was Jay Abraham that said, in his opinion The biggest mistake that business owners make is the under-utilisation of their own database. The point he was making is its 8 to 10 times more expensive to get a new client than it is to attract an existing client back and sell them something else. 8. Training Your Employees: It should come as no surprise that having highly trained and skilled staff is a given. However, not every employer can truly appreciate the value of continual training where employees are concerned. 9. Advances in Technology: Although a Technophobic myself, I spend a fortune on new technology that saves us time and money and allows us to get what were doing done more efficiently. I do of course seek advice regarding new technology and have little or nothing to do with it after that. 10. Fully Utilising the Power of Media: As a business owner, knowing how to market and promote through all the various media obviously multiplies my results many times over and more often than not allows me to dominate my category. 11. Improving Your Health and Increasing Your Energy: This is a work in progress for me. Ive been fit and Ive been unfit, however I do understand that improved stamina increases your output and as youve heard many times, whats the point of money without your health. Theres a few to think about and apply. However, be warnedif youre not using leverage youre working to hard and earning too little! Committed to Multiplying Your Profits and Guilty of Conspiracy to Committing Capitalism
Posted on: Mon, 14 Jul 2014 05:31:01 +0000
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