My Notes: Leverage by Eric Lofholm and James Karl Butler

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My Notes:

Leverage: How to Accelerate the Speed and Velocity of Your Results

Give me a lever long enough and a fulcrum on which to place it, and I shall move the world.”—Archimedes

What kind of power or leverage would you have if you knew what your competitors would do before they did it?

A more valuable question is: What kind of power or leverage would you have if you could think about and anticipate shifts in the market before they happened?

Leverage gives you an advantage.

Another definition defines leverage as the power to influence a person or situation to achieve a particular outcome.

Leverage is the reason some people become rich and others do not become rich….Because leverage is power, some use it, some abuse it, and others fear it.”

In the broad definition of the word, the word leverage simply means the ability to do more with less. When it came to the subject of work, money, and leverage, rich dad would say, ‘If you want to become rich, you need to work less, and earn more."

People who only work hard have limited leverage. If you’re working hard physically and not getting ahead financially, then you’re probably someone else’s leverage.’”

The key is that you can’t do it all alone through your own work. You have to create assets and leverage them to help you grow beyond your own capacity.

Use the leverage of your mind to entertain the realm of possibility of how you can grow your business.

The number one leverage is the leverage found in your mind because it is where you realities are formed.”

Understand and leverage the eleven assets you have in ways that help you maximize your potential and power.

To grow your business, you need to better leverage the assets you have. Your own individual assets aren’t enough.

Where can I get more than an hour of results for an hour of results?

Your brand identity and all of your intellectual property (business name, brand identity, logo, etc.)

Your status as an authority figure, celebrity specialist, Your processes and systems, Your brand reputation in your market, Your sales consultants and staff, Your clients (who have already purchased from you)

The exclusivity of what you sell in your market niche.

Your connections (people clients in your area should know but don’t)

Investments (Inventory)

Your relationships with key vendors and suppliers.

Toll positions –Will others pay you to be in front of your clients (who they want to sell to as well)?

Find and use multipliers which will give you a bigger crowbar and even more leverage.

Here are six examples of multipliers which could provide leverage for your business:

1. Unused capacity or unexploited opportunity.

2. Changing how you present your product and sell it to others.

3. What are you providing to your prospects to prepare him or her to buy from you before they actually consider your offer?

4. If you haven’t already, you should write your own eBook or have your own “What to Expect” brochure that details what will happen and explains why you are the best choice for the product or service they are considering.

5. Another way that you can create leverage is to repurpose your content. In other words, if you create a video in YouTube, you can also put on Facebook, you can Tweet it, you can put it on Pinterest, etc. The point is that you can get value out of creating an idea one time.

6. Studying and continual commitment to the mastery of the sales process.

Game changing elements:

Those who reach the highest realms of success employ the leverage of others to help them get there faster.

If you could have one advantage over anyone else in your business, what would it be? What would be the single multiplier you would like to have if you could have just one?

Sell to more affluent markets.

Here are five benefits to selling to more prospects and clients: 

1) You can grow quickly with faster speed (fewer transactions, higher transaction size) 

2) You will be more profitable which will give you a powerful sustainable advantage because you can now spend more to acquire additional prospects and customers. 

3) You can reach your personal goals faster because you can take profits out of your business to create your own personal financial independence. 

4) There are fewer competitors in this space because most entrepreneurs don’t gravitate to higher prices, they usually gravitate to the lowest resistance and seek to sell for lower prices. That means there is an opportunity if you focus on this for you. 

5) You can provide a more superior experience for your customers so that your experience is more amazing. As a result, you will become the dominant, preferred, celebrated business in your market niche and other prospects will seek you out because you can provide the best possible experience.

Use the power of celebrity.

Be more profitable. Profit is the biggest multiplier and leverage point of all in business.

So, how do you increase your profitability? Here are eight ways:

1. Raise prices.

2. Change who you are selling to.

3. Charge for what you now provide for free & others in the industry (including your competitors) still do

4. Force a higher transaction size by bundling accessories into the sale

5. Look for opportunities to sell things after the first sale.

6. Change the way you sell.

7. Change what you sell.

8. Build more value into what you sell.

Be unique. What kind of leverage does being the same offer vs. being unique?

Having proprietary brands that no one else does.

They work hard to satisfy their suppliers

They seek high-profit margins and “concentrate on the fastest-selling items from one or two suppliers that can be handled efficiently.”

They constantly seek out unique items they can sell.

They leverage their buying power.

Speed to market.

Are you constantly looking at what is selling and replacing it with more of the same and eliminating what isn’t selling for you?

What market gaps do you see in your market niche? What unmet needs or desires do prospects and clients have? How could you meet those?

Look closely at the processes in your business and how you can improve them. Improved processes can be little hinges that swing big doors and offer great leverage.

How is the phone answered? Could you change the way you invite prospects to do business with you on the phone? 

• What do prospects experience during the first 30 seconds after they walk through your doors or enter your marketing funnel? 
• What do prospects experience on their first visit? 
• How can you better target prospects who don’t buy from you on the first visit?

Could you offer a weekly, monthly, or quarterly newsletter to remind your prospects about you and have them return to do business with you? Here is a minimum of six things your newsletter could include:

1. The featured client of the month.

2. Featured product of the month.

3. Details about what you’ve been up to and how you’re serving clients now.

4. Featured event of the month and turn this into a reason why your prospect should return and buy now.

5. What the trends are…what types of products are popular and what they may not have considered as they have been searching for what you sell.

6. Answers to questions from prospects and clients

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