In this challenging new economy you need every advantage you can get, especially in entrepreneurship and business. Gaining a competitive advantage isn’t easy. By applying the power of leverage to business, you can accomplish a lot more with much less effort.
Here’s a look at six smart ways to multiply gains and make money work for you — you’ll also decrease your risk of burnout and frustration, and maximize your rewards.
Position rather than prospect.
Everybody is looking for prospects, clients and customers. This never-ending search will eventually burn you out, and is tough to consistently scale. An easier way to approach business is to position yourself as the leading authority — the expert, specialist or trusted advisor. This takes very strategic and intentional action, but the rewards are exponential.
When you’re perceived as the expert, people will start coming to you. Be more elite and exclusive. Define what makes your business different. Start leveraging your experience through other peoples proven platforms. You will expand your reach a lot faster.
Realize that plans fail, movements don’t.
Make your business about something more than just products and services. Think about Disney; it’s not about movies or amusement parks or cruises — it’s where dreams come true. Consider how Subway went from being a fast-food chain to a weight-loss program. Most companies don’t have compelling stories or visions backing their brands. Life becomes much more fulfilling when you’re involved in a movement greater than yourself.
Stand on the shoulders of giants.
You don’t need to reinvent the wheel. You certainly don’t need to figure everything out yourself. Find something that is already working and make it better, or find your niche and do what the best are already doing.
Those who desire world-class results learn from other peoples’ mistakes to shorten their learning curve. Nothing will make a bigger impact on your future than the people you associate with on a daily basis.
Become a champion of people.
I had to realize I couldn’t do it all by myself. You need a solid team around you, and you need to learn how to develop and lead them. In sports, the most successful teams are the ones that play very well together. They complement each other. They all have one single focus: winning. The same goes for business and life.
Create raving fans.
Business is the management of promises. If you can consistently deliver and exceed on the promises you make to customers, you’re ahead of the game. It’s much more expensive to get a new customer than it is to take care of the ones you already have.
Every person in your organization should be responsible for outstanding client support and service, from reception to the mail room to senior leadership. Create a culture where people are passionate about meeting customer needs.
Work on the business, not in it.
One hour every week, work on your business as opposed to in your business. Most people get so caught up in the day-to-day grind and forget about working on the vision. So, once a week, every week, work on your strategy. Plan your long-term strategies before you plan tactics.
This article has been edited and condensed.
Peter Voogd has been running businesses since he was 15, and is labeled the Leading Authority for Young Entrepreneurs. He built an 8 million dollar empire by age 27 and has trained close to 5000 entrepreneurs. He’s the founder of the prestigious Game Changers Academy, author of the International Best seller 6 Months to 6 Figures, and runs one of the top podcast on i-tunes, The Young Entrepreneur Lifestyle. Connect with @petervoogd23 on Twitter.
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