Attention small business CEOs: caught up in the day-to-day operations of your company? If so, it may be time to consider the importance of leveraging.
Notice I said leveraging and not delegating. Leveraging involves utilizing the strengths and capabilities of individuals, teams, and external resources to achieve the desired outcome. Rather than simply assigning tasks and hoping for a positive result, leveraging involves identifying and utilizing the unique skills, expertise, and resources of each team member to create a more efficient and effective team. Leveraging is about maximizing the collective talent and abilities of a team to achieve a shared goal.
Tony Robbins, global entrepreneur and business strategist says, “Leverage in business allows you to save time and money, find new efficiencies, and get new information.”
As a small business owner, you wear many hats, from managing finances to overseeing sales & marketing efforts to fundraising. While it can be tempting to try to do everything yourself, or jump into areas below your level (sometimes called micromanaging), this approach can quickly lead to burnout and inefficiency across your business.
By leveraging you can free up your time to focus on strategic planning and higher-level decision-making. Not only does leveraging improve efficiency, but it can also lead to increased profitability.
When you leverage effectively, you can assign projects and tasks to those best suited to handle them efficiently and effectively. This can result in faster turnaround times, higher-quality work, and ultimately, improved profitability for your business.
Of course, leveraging isn’t always easy. It requires trust, communication, and a willingness to let go of control.
So if you’re ready to improve efficiency and profitability in your small business, start by embracing the power of leveraging. Your team (and your bottom line) will thank you.
If this post has you thinking about getting more leverage in your business check out this post about hiring or outsourcing.
