Amplify Your Holdings Part 1
Our next set of lessons will have you looking at the holdings you current have, and how you can get more out of them. Learning how to amplify your holdings can help your capital stretch further and help to boost your profit margin.
In this lesson, we’re going to go over some ways that you can amplify the holdings that you already have in your possession. These tips include:
- See the noticeable
- Unorthodox ideas
- Be realistic
See the Noticeable
Often, a person that’s involved in a situation may have a hard time seeing the forest for the trees. It can be difficult to take a big-picture approach when you can’t see it. One of the first things that you need to do is to see the noticeable. You need to look at your current holdings carefully. There are plenty of opportunities for success surrounding you, your career, and your business. It’s just about being able to see them.
The next tip is not to ignore unorthodox ideas. You can’t wait for your next breakthrough to happen. You have to make it happen by creating it. Breakthroughs in your business are just ways to adapt to new methodologies or finding new things. Brainstorming sessions should be the norm in your company. You and your team should always be working on new ideas, and encourage your staff to come forward whenever they have them.
Examples of breakthroughs:
- Play-Doh was originally invented to clean wallpaper before it became the toy sensation it is today.
- The idea for roll-on deodorant came from ballpoint
- Nike’s founder used a waffle iron and rubber for his innovations with running shoes.
There are a few objectives that you need to keep in mind when going through a brainstorming session. These objectives include:
- Identify any hidden opportunities as you may be able to turn a negative into a positive.
- Every three months, you should be trying to find a cash windfall for your business.
- Your innovations will have more value to you when they add more value to your clients.
- Work on more than one breakthrough at a time to find the best innovations.
- The best innovations for your business will eliminate resistance and risk.
Innovations and breakthroughs can be beneficial for your business, but before they can be put into place, it’s essential to be realistic. It’s important to determine which of your systems and process aren’t working, and then find the best way to fix them. The best way to handle this is through a system analysis. It’s important to list your strengths and weaknesses to get a good grip on your current business standings. It’s also beneficial to then compare this list to your competitors. Think of it as a mini SWOT analysis.
Some questions for you and your team to ponder now includes:
- What was my reasons for starting my business, and why in this industry?
- What were my products and services? Which were popular?
- Why do my clients come to me for my service now?
- How was I getting new clients in the past?
- What marketing efforts offer the best results?
These answers can help you to shore up your weakness and improve upon your strengths.
These three tips are just the tipping point of how you’re able to amplify your holdings to get the most out of them. The next lessons will continue to grow your knowledge on this topic.
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