Leverage is the second step in this process. Leveraging yourself is key to creating true wealth, and having the time to actually enjoy the wealth. I know I'm talking crazy, but please allow me to continue!
There are several leverage points that, when implemented, can make all the difference in your profitability, stress level, time needed to accomplish goals and overall lifestyle. When you leverage your strengths and abilities, as well as those around you, you're able to achieve much more than you can do on your own. Let's explore my favorites:
- OPK (Other People’s Knowledge): One piece of key information can save you time or money, or help you to make more money. You'll find this knowledge in books, seminars, blogs and amazing conversations. Who do you need to know that knows what you need to know?
- OPE (Other People's Energy): Use the skills and abilities of others to delegate and outsource lower-value and specific talent activities. No, you shouldn't balance your books, clean your car, pick-up the dry-cleaning, prepare your own legal documents or tax returns. You should be spending your time doing what you the best and what creates the highest payoff. Leveraging your talents, skills and abilities through others is another key way to expand your business without having to do the work yourself. How can you leverage others?
- OPM (Other People's Money): Borrowing and/or tapping into the resources of other people will allow you to accomplish more than if you financed it yourself. Borrowing and investing money wisely will help you achieve greater returns than if you boot-strapped it yourself. How much money do you need? Who has money they're looking to invest in someone fantastic with a terrific plan?
- OPS (Other People's Successes): Study the successes enjoyed by other people and their companies. Usually, successful people have paid high prices, learned lessons, identified short-cuts, and developed effective strategies that would be amazingly beneficial to you. These quite simply can save you time and trouble. Who has been successful in the way(s) you want to be successful? What can you learn from them?
- OPF (Other People's Failures): Ben Franklin said: "Man can either buy his wisdom or borrow it. Buying it, he pays in time and trouble. Borrowing saves him time, money and trouble." I say borrow, borrow, borrow! Study the failures of others so as not to make the same mistake yourself! Who has had a failure and some valuable information for you?
- OPI (Other People's Ideas): One good idea is all you need to make your fortune. Think, observe, experiment + your talents and experience + one brilliant idea = success. Write down three ideas every day. One of them can turn you into a millionaire, or take you from millionaire to multi-millionaire.
- OPC (Other People's Contacts/Credibility): Each person knows about 2,000 other people and some of them can be helpful to you. One introduction to a key person can change the direction of your life, your career, or both. Who do you know that well-connected and can make some powerful introductions for you?
Leverage is powerful! It's like compound interest ~ the benefits are unending and exponential.