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Category Archives: Leadership

Effective Business Systems: Create Wealth With Less Struggle

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Effective business systems are key to making your company a success. Stop yourself from becoming too bogged down and overwhelmed with these three strategies.

Establish Effective Business Systems With These 3 Categories

What’s the point of starting a business? To make more money, yes or yes? And what’s the point of that? So you can do more of whatever you want, whenever you want.

If you haven’t experienced this for yourself, though, then you might have heard: that’s often not what happens, at least not at first. People get caught up in their business. A lot of the time, they work harder. They do so out of necessity to make sure that it’s running, thriving and growing. Other times, they do so out of fear or over-reacting panic that without their presence, the business will collapse.

In other words, the business—for one reason or another—takes them over. And that’s not unusual especially at the beginning stages. However, if you find yourself in that same “supervisory” position after years and years, then I’d say you made things harder on yourself than you had to. That’s because the freedom of accumulating wealth through business is directly related to how well you structure your business’ foundation.

What happens if you try to build a house on a weak foundation? It eventually cracks, caves in, or turns into the leaning Tower of Pisa. The business equivalent of building a solid foundation is creating a system. You need repeatable methods and procedures that produce profit. The idea is to systematize your business so that you can effectively and efficiently sell and support your product or service in bigger numbers as you grow.

So how do you create an effective business system?

Keep it simple. When it comes down to it, an effective business system should consist of only 3 categories:

  1. Marketing: getting people to know about what you have to offer
  2. Production: getting the products and/or services made, distributed, or performed
  3. Administration: accounts payable/receivable, human resources, finance, assistants, etc.

Each part requires specific processes so they run smoothly. Aim for flawlessness, but be prepared to settle for “almost automatically”. The idea is to create a well-oiled machine—a money machine. And what do machines do best? They repeat the same functions over and over. Your system must be a repeatable process that can work without you!

Why does your business need effective systems?

If you want to gain wealth, you can’t have a ceiling on your income. Your earnings must be unlimited. If you have to be physically present for your business to work, it can only grow to the extent that you can personally handle. It doesn’t matter how brilliant and energetic you are, you still only have but so much time in a day! You have to eat, sleep, relax, talk, think, meditate, spend time with family and friends …

In other words, all the things you’d rather be doing instead of stressing.

 

What good is creating wealth if you’re killing yourself in the process?

Work on the business, not in the business. Creating a system is what gives you freedom to do just that. With a strong system in place, you’ll two have options:

 

You’ll have the flexibility to hand it over to competent managers and have an excellent source of passive income
You can sell the business and become an instant millionaire.

The more solid your business foundation, the quicker it can happen. In both cases, because you created a system, you win. An effective system that works, instead of you working, is an absolute must in order to enjoy the ride.

Exercise: Share Your Effective Business Systems

1. Have you had successes with growing your business in ways it can thrive even when you are not around? If so, share your tips and strategies here.

2. If you have not gotten to this point (yet!) share your struggles and challenges—you might be surprised with the support and feedback from the others in our community.

Make sure to leave a comment below and share your insights on effective business systems with all of us.

This article has been updated for relevancy and accuracy. It’s original publish date was 02/25/10.

How to Leverage Yourself: Work Smarter Not Harder

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You can’t be in more than one place at a time. Physically speaking, it’s impossible, yes? Let’s think outside the box a little bit so you can learn how to leverage yourself in order to have a real financial impact.

Leveraging Yourself for Financial Success

A lot of you are familiar with the concept of leveraging yourself, yet I often find that many people out there don’t fully appreciate the importance of leveraging. It’s one of those terms that get bandied about in the business world so often that people take it for granted, one of those “Here we go again” terms. Yet, a huge part of financial success building is leveraging.

It simply means doing more with less. The idea is to work smarter not harder, get more done and deliver more value. You know you’re leveraging to the maximum when you’re away from the things you don’t enjoy and are doing what you really love to do. That means you’ve changed your blueprint about what’s available for you in your life, where you can be and how you play the game.

How does this apply to the average person?

You can start a business with little or none of your own money. It means delegating as many tasks as possible to others. It means using other people’s talents, skills, contacts, abilities and resources for mutual advantage. You’re good at whatever you do, but other people are better than you in other areas. Do what you’re good at and let others do the rest.

After you’ve gotten over the blueprint barrier, the next step is coming up with what will maximize your ability to leverage a talent, product, or idea. Can you create a book, program or a technology, and license it for royalties? That’s one of the easiest ways to generate easy, lucrative, passive income.

Using your resources

When it comes to leveraging, though, you’re not just maximizing other people’s skills and resources. You also want to get more out of yourself. That means enhancing your business knowledge and developing yourself personally. Be a constant learner. The best form of leveraging is self-education.

When you know certain things and develop yourself, you put that into action. If you’re not doing something with your skills, your knowledge becomes useless, it stagnates, and you start to feel bad about yourself. Who needs any more of that?

You vs. Your Health

If you really want to take it to the next level, leverage yourself by increasing your:

  • Health
  • Stamina
  • Energy
  • Anything business related

Get into shape. “I don’t have time” is an easy excuse. However, a person can think that they don’t have time to work out. Think about how much could get done when you have more energy to keep going instead of feeling fatigued and drained.

In general, leveraging means managing your time effectively. Less turns into more: more you, more money, and more of what you really want out of life.

Exercise: Think about what you could leverage and act on it.

  1. What’s that one thing that you know you should not be doing because it is not a good fit for your skills and time?
  2. How can you give it to someone else that is better suited to take it on?
  3. Act now to get your “leverage momentum” moving forward!

Has this post helped you to learn how to leverage yourself? Let us know in the comments section below!

Up Next: How To Be More Than Just Interesting With Your Marketing

This article has been updated for relevancy and accuracy. It’s original publish date was 03/26/10.