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3 development steps your small business can leverage
Monday May 22, 2017 , 3 min Read
This is a user generated content for MyStory, a YourStory initiative to enable its community to contribute and have their voices heard. The views and writings here reflect that of the author and not of YourStory.
“Work smarter not harder." , is dreadfully the most overused phrase is which is however meant to address the apparent lack of time, money and resources which we experience in our work and the personal lives. But how are we supposed to translate these words into something that is actionable?
The article below tells us about the 3 development steps that the entrepreneur’s small business can leverage .
1. Focus on what matters
In order to get more done, the businessman is thus required to focus on the critical tasks while eliminating, delegating, outsourcing, or automating of the less important activities.
2. Leverage sales channels.
The ultimate goal however is to maximize the results with the least amount of effort. One can thus accomplish this through leverage by generating disproportionately large returns only with a minimal investment.
In order to sell more, one identifies the prospects, creates the sales collateral, develops marketing materials, and then directly solicit the potential buyers. This is thus a linear strategy.
In order to create exponential growth, entrepreneur must consider working with the businesses that already have the relationships which he wants to build. One partnership with the right distribution channel can however lead to hundreds or thousands of sales, without any extra effort on the businessmman’s part.
3. Leverage partners in all key processes.
The leverage concept can however go way beyond the sales. This is where the entrepreneur gets the real multiplier effect.
All businesses, regardless of their industry have four key processes: develop the products and the services, generate the demand (sales, marketing, and customer service), fulfil the demand (manufacturing, shipping, delivery of services), and plan and manage the enterprise (technology, human resources, finance, strategy). Determine the appropriate partners for each of the mentioned processes.
How can you create leverage for your business?
If the businessman runs a restaurant, can he license his recipes and the brand to a catering company that would do all of the work while he get a fixed fee or a percentage of their business? Can he franchise his business in a way that would not distract him from his important work? Can technology help him to create a product with leverage that can thus scale—by creating a membership site or an online distribution channel?
Get creative. Look for the partners that would develop, deliver and have a vast distribution network. When their success depends on the businessman’s success, the businessman would result in finding a good partner with an exceptional leverage for growing the business.
This article has been contributed by Simmi Setia, Content Writer, LegalRaasta- an online platform for home loan, Business Loan, Personal Loan, TDS software, GST software, GST registration etc.