6 ways to use leverage and grow your business like the great ones
Leverage is an underrated tool that we all have at one’s fingertips. Let’s see how to use this powerful tool to grow your business exponentially.
I heard a lot from My first million, Jordan Peterson, and the school of Greatness podcasts talking about leverage and how important is for businesses. It is the key to all of these actual businesses we see in the news or in social networks Like :
- Going from a small yearly event to a $100K revenue newsletter. The Hustle
- A simple tea shop growing to 300% in a year, reaching over $390 monthly! Matcha.com
- Or even a crazy Youtuber with over 60 Million subscribers, making millions with each video by investing millions in them. Mr.Beast
All of these are examples of amazing people starting a business, working on it slowly and steadily but realizing the power of leverage and growing it exponentially because of it.
In trading, leverage is a way to multiply your profits or losses. In business, it’s something completely different but with the same concept… what?
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Leverage is the ability to use tools, skills, connections, or just a great strategy to improve a part of your business exponentially. You can use it in marketing, finances, sells or innovation. Everyone can find a way to use leverage in whatever they need to improve and this is the key to growing businesses.
Of course, like anything worth it, is not an easy task. Usually, you already need a consolidated business to apply some of these techniques but you can try several of them since the conception.
Some of them might take some time to develop and some others might not be cheap either. Also, you might have to put several hours into things that seem not related to your business. You’ll have to be patient and understand how this will help you to take your business to the next level.
Here are a few leverage techniques and the best tools to start today:
- As simple as digitalizing any business, creating your Facebook page and Instagram profile, you have the world in your hands.
- Send information or promote your business via email, social network, SEO, etc. to thousands or millions. Use software like Mailchimp to create an email list or start learning about attracting followers on Facebook, Instagram, or even Tik Tok.
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- Get feedback and/or data from thousands of users in your niche. Send surveys to your customers or connections through software like Typeform.
- Get statics and data from different sources on the internet. Use data from sources that collect great and organized studies that can help you to understand your market or show interest in a new product. Statista is a great tool for this.
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I just the meaning of automatization: using machinery or other technology to allow processes to take place without human input or work.
- Automate your recurrent tasks with the inner automatization most apps come with, automation is the key to smooth your business's process. Use tools like Zapier to connect and integrate different apps or software to improve your marketing and CRM skills. You can use it to send automatic weekly emails, create posts and upload them daily to your social networks, or just welcome every new subscriber of your newsletter.
- Create better processes by building structures or workflows for different parts of your business. Microsoft flow might help in this.
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Leveraging internal communications and structures.
With this, you can make your business into a well-oiled machine.
- Organize tasks and create natural and agile processes without missing the communication with techniques like the Kanban workflow that software like Trello gives us for free. (you can do a lot of things with Trello too).
- Use digital tools to get better at communication with your team in an organized way with different channels and functions. Slack or Discord are great tools for this.
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These other two might not be technology-wise, but are great tools that you can try:
Might not sound ethical, but you know what I mean. Quick Tip: knock doors and talk to everyone about your business, they might help you in some way.
- Find smart people and convince them to work with you toward your goal as partners, workers, or advisors. Quick Tip: Make them feel important and needed (because they are).
- Get advice or consult from accomplished and great people to add value to your business.
- Delegate tasks to partners or workers and take advantage of their creativeness and specific skills.
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Leverage your finances:
- Credit cards and loans work wonders if you do it right.
- Leverage your connections for capital, don’t be scare to ask for funding from friends and family if you see it fit.
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This is the collection I came up with, there are hundreds of ideas and it varies in every business, but let’s give it a try. I actually need to try a few of these in my own small business.
Let me know of any leverage story you may have or if you come up with something else. Thank you for reading!