It is necessary to use leverage if you want to scale your business to super growth. As a business owner especially a startup, you may think that bootstrapping means to do everything all by yourself. Yes, you bootstrap but make sure you leverage most to reach your super growth fastest. The more leverage you use the more leverage you need to use.
What is leverage?
Leverage is the ability to control a lot with just a little. It gives you the ability to utilise more than just you. Through leverage, you can affect change much faster. Leverage equals speed, or velocity. The more leverage you have, the faster your journey to super growth.
Below are the seven forms of leverage:
- OPM – Other People’s Money
This is popularly referred to as OPM. It is also known asgearing which is simply the use of debt. It is what you put in theliabilities section of your personal balance sheet. The likes ofDangote leverage on this tactic a lot. When you spend time on the Central
Bank’s website, you would notice that some companies orpeople are always being listed in every bank debt profile. That showsthat these companies or people understand how to leverageon other people’s money. If you want to scale your business easily, you would need to save hard and use money from other people to move you to your business goals faster. Just make sure that you have twice of the
loan that you want to take so that in case your plans go south, you
would not have AMCON publishing your name inNigerian newspaper . OPM lets you buy assets earlier, at a faster rate,and control a larger amount than saving the whole amount. Thesethree characteristics of financial leverage enable you to scaleyour business faster. It is generally true that “you need money to make money.” However, it doesn’t need to be your money. OPM allows you to fast track your businessgrowth faster.
2. OPT – Other People’s Time
There are numerous companies, small businesses and
3. OPW – Other People’s Work
This is like OPT, but now you employ people to leverage their time.
Bill gates
essentially allows an individual to capture the time and effort
4. OPE – Other People’s Experiences
One of the best resources or leverages available to you is
seminars, school, college, etc. there is no point learning by trial
5. OPI – Other People’s Ideas
This generally refers to learning and copying good income-
producing ideas. Franchise and networking businesses are testaments to the power of OPI – learn a proven method and replicate it yourself. The process of business growth is the ultimate use of the leverage of OPI. The system of wealth creation is the same today as it was yesterday, last week, last month, last year,
have to learn it and diligently apply it. No trial and error. No wasting
your precious time. Just OPI.
6. Scalable Production & Distribution
Can your product or service be easily scaled for production and
supply? A book can be easily scaled as it can be printed as many
times as the demand requires. Compare this to face-to-face
teaching which isn’t easily scalable. Can a book be easily supplied
anywhere? Well until the internet came along it couldn’t. Now it can
be bought and distributed easily via the post to anywhere. But
that’s nowhere near as easily produced and supplied as an e-book,
which is just bits of information that you can instantly download
from anywhere in the world.
7. Scalable Customer Base
A restaurant or a corner store doesn’t have a scalable
Let’s look at the
gave companies a
Their potential customer base was highly scalable, which is
production and distribution were not highly scalable as they still had
to deal in physical products…they were very old economy after the
“sale.” People forgot this. Those companies that dealt in non-physical products had both scalable production and distribution and a scalable customer base. These are the real new generation companies that the internet truly empowers. You probably recognise a few of them – Google, Yahoo, Konga, Jumia, Facebook, LinkedIn and so on and so forth.
With leverage, you are not alone. You can tap the strengths of all
the resources you need around you. You can vastly multiply
Those businesses which grow or are on the growth path must focus
on understanding, mastering and fully utilising leverage.
About Boma Braide
Boma Braide is the Managing Consultant of
business and financial advisory consultancy. They seek to help SMEs
and companies scale their business to 10x its original size within 5
years. They also help companies develop documentation to assist
You can reach him on 09039151191 or on info@forterun.com.
You can visit their website on https://www.forterun.com
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