The Power of Leveraging

July 2008, by Lynn Grodzki, LCSW, MCC (Master Certified Coach)
www.privatepracticesuccess.com

Today, many small business owners are worried about the economy, with good reason. It's scary out there. A recessionary economy means that clients may back on therapy, healing, and other personal needs. Unfortunately, the expenses of operating a small business seem to stay fixed, unless we can be very creative. Here is where the power of leveraging comes in.

Leveraging is the ability of a small business to increase its influence. You multiply your efforts without increasing your expenses. Leverage means using fewer resources while generating more returns: doing a lot with a little.

In business, you may hear this term used when talking about finances, especially loans and credit. But this is not the time for you to go into debt. Instead, consider 3 other ways to experience the power of leveraging. Learn to leverage your marketing, business infrastructure, and your time. In this month's newsletter, I will show you how.

One quick note: I am taking my advice literally. To leverage my time on this month’s newsletter, I have borrowed good ideas about leveraging from a number of websites. (It’s summer and I am in vacation mode!) Please see my citations at the end of this article peruse for more ideas and tips. Ok, let's get started.

“A little help at the right time is better than a lot of help at the wrong time.” (Anonymous)

First up, leverage your marketing. Its important to do a lot with a little when it comes to marketing, because all forms of marketing are expensive in terms of time, effort, and often money. As a small business owner, I want you to spend most of your resources delivering services rather than drumming up new business. Consider these strategies:

1) Know how to car-pool? How about a market-pool: Maybe we don’t need one website or one ad or one direct mail campaign per professional business. Can you find others to share your marketing? Pool resources and share a website, a yellow-page ad, a direct-mail campaign, cold-calling, networking at meetings (carry your cards and those of your market-pool.) This works well if you are pooling with complimentary businesses or like-minded professionals.

2) Have a voice: Can your business mission be found on the internet? Tap into social media by having a blog -- your business’ voice on the Internet. Check out Wordpress.com or MovableType.com. A blog can work for you while you sip ice tea on your deck.

3) Create a buzz: Your friends and family are the easiest network you can leverage since you are already a part of it. The best way to do this is make sure everyone knows what line of work you are in. Talk about the good services you provide, what exactly it is you do, and let others who care about you help carry your message. Don't assume, directly ask those who support you to spread the word when they can. It’s amazing how the word of mouth grapevine can bring you work.

“Luck can often mean simply taking advantage of a situation at the right moment, It is possible to 'make' your luck by being always prepared.“ (Michael Korda)

Next, leverage your infrastructure – your business systems. Much of this can be done with help from the Internet.

1) Automate: Add a simple shopping cart feature to your website and take orders online. A couple of popular options include PrestoCart.com and MyCart.com. Sending invoices over the internet is fast becoming accepted practice for many small businesses. It's easy and cheap. No money spent on postage. The two primary methods include creating your invoice in a standard document and sending it that way as an e-mail attachment; or create the invoice in any software format and convert it to a PDF file that anyone can read.

2) Capture feedback: Use simple pre- and post- measures to know how effective your work is and to be able to claim your results. Customized online surveys (developed and managed with minimal investment) can also identify customer benefits and competitive advantages for what would otherwise be similar services. See hockeymonkey.com or eSurveys.com.

3) Solve problems once and for all: Questions to ask yourself when solving a problem are: How can I resolve this issue so that I never have to think about it again? What system, structure, or protocol can I put in place to ensure that I never have to deal with this issue again? How can I make my work a problem-free zone, now and forever?

“Personal law is simply the thought that controls your mind and your life more than any other thought… It is like the leverage on personal change. It enables you to change very efficiently.” (Leonard Orr)

And finally, the big one. Leverage your time. It’s one of the two top commodities today for the busy professional.

1) Delegate: Notice how you spend the time you have. Find someone to do whatever you are not good. Hire someone to do tasks that you spend time doing for less than your hourly rate, like house cleaning, auto mechanics, admin, data processing, unless you like these tasks. Above all, learn to ask for help when you need it.

2. Capture your good ideas: Carry a notebook, or tape recorder and use your driving time, standing in line time to plan and think. Refer to your notebook daily. Keep a clearly defined calendar. Plan your time – let your calendar give your life structure. When you have a big task, chunk down. Break all tasks into small bits. Every small step counts towards moving forward.

3) Learn to say no. Sometimes, the only time you may find is by freeing it up. Let go of some of what you currently do. Treat time well. Don’t waste it. Ruthlessly eliminate things that pull you off track.

Thanks to:

www.randaclay.com / www.smallbusiness.yahoo.com / www.stoneig.com
www.toolkit.com / www.askjim.biz

Upcoming Teleclasses

Teleclasses won't start up until Fall, but if you want an individual session or two to help you through the Summer doldrums, I am doing some short-term, strong-start coaching in person and by phone.

LYNN'S NEW eBOOK is on sale now! Only $19.95! Order at the website or click on the book:

Private Practice SOS: Solutions and Strategies for an Up and Down Market. An eBook By Lynn Grodzki It's a tough market out there! You don't need to face the future of private practice alone. Here is a lifeline -- my solutions to the difficult economic challenges we all must respond to today. This eBook is my newest thinking and offers you specific tips and ideas to help you create demand for your services while you minimize your costs. Learn the strategies to higher profits in today's recessionary market. Click on the eBook, order it, and get an immediate download to read on your computer or print out.

Books by Lynn Grodzki, published by WW Norton. To order, click on each book.

	The Business and Practice of Coaching By Lynn Grodzki and Wendy Allen (2005) Reviewed by author Richard Leider as "Nothing less than a radical rethinking of the essentials of building a coaching practice. A must read for all coaches, master and novice alike."
	Building Your Ideal Private Practice By Lynn Grodzki (2000) The best-selling guide to what you need to do and who you need to be in order to have a highly profitable, personally satisfying private practice. Often called the "private practice bible" this book has become a resource for tens of thousands of your colleagues.
	The New Private Practice:Therapist-Coaches Share Stories, Strategies and Advice Edited by Lynn Grodzki (2002) A groundbreaking look at the profession of coaching through the eyes of 16 successful therapist-coaches who tell you how to become a coach, what to charge, and show you how they coach their clients.
	12 Months to Your Ideal Private Practice: A Workbook By Lynn Grodzki (2003) This planned, motivational workbook will help you build the practice you desire. The workbook incorporates fresh ideas, new exercises, further skill sets and much more to give you a direct experience of being carefully coached by Lynn, month-by-month, for a full year.

More next time,

lynn@privatepracticesuccess.com
See the website for additional articles, information about individual coaching, and upcoming classes.