Business Leverage: Creating Value From The Ether

This is article 6 in the series of articles on business leverage – designed to add rocket fuel to your business growth.

In this article you will be given some key ideas for creating value out of ‘thin air’ by using your innate powers of creativity and that of others.

The 20 Idea Method

Realise that there are 20 ways of responding to every challenge, opportunity or threat.  There are 20 solutions to every problem.  There are 20 ways of achieving any desired result or goal.

Make a list by yourself, or with others, and don’t stop until you have 20 possibilities on your list – don’t stop to evaluate them.  Watch out for idea #17.

This method stretches your creativity.  Get out of that lazy way of thinking!

Finish The Statement

Finish these statements:

• We could double our sales over the next 12 months if…
• We could reduce our overhead costs by 15% if …
• We could double our profits next year if …
• We could reduce our delivery times by 20% if …
• We could double our leads if …
• We could get 50% more output from our existing facilities if …

Write your own statement and then challenge yourself to finish the statement.

Try A Different Approach

These methods are  otherwise known as lateral thinking:

• Reversal i.e. turn a problem into an opportunity
• Random Association e.g. our business is like a tree, bicycle, helicopter …
• Shift the dominant idea e.g. turn the question from ‘how can we achieve 10% market share?’ into ‘why should 90% not buy our product?’
• Try arguing the case for the opposition lawyers.
• Fantasise – If I could wave a magic wand ….

Remember the law of reversibility – every problem can be changed into an opportunity.

I challenge you to redefine the problem!

Ask Better Questions

• If our customers buy A,B and C, which D,E and F products can we add?
• Which additional benefits can we provide for our existing customers?
• Where can we find additional customers for our existing products/services?
• Can we put our existing products/services to other uses?
• How can we creatively imitate our competitors ?
• Can we develop our product/service to make it more attractive?
• Can we reduce our product to make it more attractive?
• Can we make a substitute?
• Can we combine our product with another product?
• Which additional products do our competitors sell?

What is a better question for your business?

To Conclude

I have listed four solid methods for creating more value in your business that involve no expense to you.  It is said that people do not value that which they do not pay for.  I hope you are the exception to the rule!

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