How to get business leverage playing games you can win
I learned something REALLY important about gambling that totally applies to business leverage…
I’m not a gambler…
But I’m a true entrepreneur…
Which means I’m ALWAYS looking at other “industries” to see how they’re “secrets” can get me more business leverage.
The lesson I learned was: “Play games you can win.”
Sounds obvious, but it goes deeper than that.
Professional gamblers play PEOPLE they know they can beat – the “mark”.
I don’t like being a “mark”.
And I would guess you don’t either.
I want to be on the other side.
So what does this have to do with our business leverage?
We need to play the games in our business we can win.
And for the most part – I’ve witnessed enough entrepreneurs playing “games” they WILL NEVER win.
- Trying to build multiple pieces of their business at once.
- Trying to “sell” to “everyone” rather than a particular niche
- Avoiding the hiring of professionals because they think it’s more expensive than doing it ALL themselves.
And that’s just off the top of my head.
They’re the “mark”.
They’re losing business leverage every day.
The point is – we need to work less and make more.
“Sounds great Joey, but HOW do I do that?”
This is the question I get all the time.
And for the most part, the answer is focus.
The answer is to focus on the 20% that delivers the 80%.
And that’s where people freak out.
Because focusing on the 20% means “letting go” of 80%…or at least MINIMIZING the involvement you have with it.
I’ll give you an example:
In every business, bookkeeping is a must – right?
Some like it,some hate it and still, some are “ok” with it. Which really means they’ll “put up with it” when they have to.
That’s where I sat.
When the time came, I just HAD to deal with it.
Rather than spending the money on a bookkeeper, I’ll “do it myself.”
That ended up being weeks of my life spent doing something I totally hated, but needed to do because I thought the expense of a bookkeeper would cost me more.
I’m not the only one with this theory.
And it’s not the only area in our businesses the theory fits…
However, when I focus on the 20% of stuff I’m REALLY good at, my business leverage takes off.
I’m able to PAY for those professionals so I can keep doing the 20% I’m good at.
I CAN HEAR THE NEXT OBJECTION ALREADY
“yea, but Joey, I need to MAKE MONEY FIRST before I can hire those people…”
True – but not true.
I agree that when you’re first starting out, money can be tight.
But, if you’re like me, you could spend decades “trying to make money”. I would argue that you’re really just “comfortable” with YOU doing it all.
That’s a business leverage game you can’t win.
When you believe “no-one can do it like me”, you’re absolutely right.
And for the 20% you do well – you don’t WANT anyone doing it.
However, for 80% you do “ok”, you’re throwing away the time and effort you could be putting into your 20% that MAKES YOU THAT MONEY.
Play the business leverage games you can WIN!
Let's start a conversation below…what do YOU think?