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6 Tools the Rich and Successful Utilize

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Ever wonder why some people are more successful or richer than others? Is it because they have multiple heads? Not really. These six tools below make the difference: 


 

1. Leverage

In short, leverage is doing more with less. Successful people leverage anything they can including technology, skills, network and experiences to produce more result. Successful people leverage time by outsourcing services. They use technology to produce more. Past experiences and lessons learned are used by the successful to embark on future ventures.

Here is a scenario: You make $150 per day cleaning one house. There is a demand for your service and you have 20 potential clients per day. The issue here is that you cannot be at 25 locations in a day cleaning. Guess what? You can get 24 additional cleaners, charge them a percentage -say ten-percent for referral  and earn additional $360 per day(i.e $15 each multiplied by 24 people). In this case, you're leveraging other people's time, skills and experience. 


 

2. Debt

There is good debt and there is bad debt. Good debt is any debt that puts money in your pocket whereas bad debt is any debt that removes money from your pocket. The rich do not borrow money to spend on liabilities instead they borrow money to invest in a business and acquire assets that will pay them on a regularly basis while possibly increasing in value. For example, borrowing money at an interest rate of five-percent and making returns at a higher rate say ten-percent will be a good example of using debt to make more money.


 

3. Network

Successful people are always expanding the magnitude and quality of their network. They attend events that will expose them to people who they aspire to become. They know that to achieve outstanding result, one needs an exceptional network. Take a look at your network now. Your income is the average of five of the most people you hang around. The benefit of network is uplift -both psychologically and economically. Strive to tap into networks with the presence of people you aspire to become.

4. Systems 

Successful people set up structures that will withstand strains. They don't want to reinvent the wheel therefore, they put systems in place that will automate a process for future purposes. Another reason why the rich and successful come up with systems is for scalability purposes. Keep in mind that scalability is one of the sure ways to grow and yield higher returns.

Imagine this scenario: You are a dealer on high maintenance products; each time a customer wants to purchase your product, you have to give them a 15 to 20 mins tutorial on how to use and store the product. If you have 20 customers per day, that is equal to 300mins to 400 mins ( approximately 5 - 7hours) of your time. Since time is limited in any given day, you can only sell to a limited number of customers. What if you recorded the tutorials on a CD or other device and included the recording with the product. You will no longer be limited to how many customers you sell to. This is one of the tools the rich and successful people employ.


 

5. Sales

Another vital tool successful people utilize is sales. They know that people will not know what you have to offer until you promote it. Successful people always find avenues to engage, convince and equip others with knowledge that will make others buy their views, opinions, products, services etc.

6. Negotiation 

This is a powerful tool engaged by the rich and successful to get what they want. They know that in order to be successful you have to be a strong negotiator. Strong negotiating skills help in managing different life situations, knowing when to make an offer, withdrawing an offer and maximizing returns. 

The willingness and ability to utilize these six tools will definitely increase your likelihood of success at a geometric rate. 

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8 comments:

  1. Very well put-together. I like the articulation and the use of real life examples to pass your message across. I am definitely looking forward to your future blogs!

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  2. You should do one on how to be a successful entrepreneur when you don't have a business mindset.

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  3. This is a nice piece.great grace

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  4. Very informative and direct! I definitely will put these tools in to play day by day until it becomes 2nd nature for me. Thank you *Capri

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  5. You're welcome Capri. I'm glad you found it useful.

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