Using something already present to gain an advantage is my understanding and use of leverage as I could not find a suitable definition. Small businesses need to think like large companies in many areas and the first is the use of leveraging existing assets to grow another profit stream. Some simple ways this can be done:
- Leverage empty office space by renting it to another company preferably one that can compliment your business with a client base that needs what you offer.
- Leverage your expertise as a consulting firm within your industry. Yes you can consult in anything you have become an expert at and people/ companies will pay for this knowledge if it is presented and packaged correctly.
- Leverage your parking lot- yes many businesses have valuable zoning that may allow for cranes or even truck/ fleets to be parked at their property. A company that that is located far from their work area may find this extremely valuable with the cost of fuel not to mention the lowering of labor costs due to less travel.
- Leverage your staff by assessing if they are at maximum production to see if you can provide trained labor/ expertise/ skill to other companies who have a need. This can be as simple as providing phone answering service because you have mastered (this is what you market) handling difficult customer service calls that only a company in the this industry can handle.
I hope your getting the idea so carefully assess all you assets that can be leveraged for additional profit.