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How to Advance Your Career

How to Advance Your Career More Quickly

How to Advance Your Career

Advance your career by using leverage, one of the most powerful tools in your toolkit. In this post, we’ll share five ways this tool can help you reach BIGG success faster.

Leverage is the entrepreneur’s friend. It can help you do more with less.

And you can use it, even if you never plan to own a business.

Most people think of leverage with money, but that’s just part of it. We’re going to share things they don’t teach you in school.

Here are five ways to use leverage to advance your career:
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Shape Shifting Leads to Bigg Success

dog-shape-shifting.jpgLast time, we discussed the two ways to create wealth: other people’s money and other people’s labor (i.e. their time and talent). Historically, there’s been more focus on other people’s money as the lever to riches. Now, other people’s labor holds more promise.

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Today’s show extends that concept and is inspired by one of the characters from the HBO hit series, True Blood. Sam Merlotte, who owns the bar, is a shape-shifter. He can change forms – from human to dog and back.

So here’s a little behind the scenes here at Bigg Success: we often get asked how we get ideas for our shows. We’ve been thinking about this shape-shifting thing for some time as a possible fun topic. Then we saw a Harvard article about a new business strategy.

The words “a shape-shifting enterprise” leapt off the page. Voila … a show was born!

Back to the article – it discusses how many large companies are starting to outsource core activities in order to focus resources on solving customer problems.

The author postulates that the future value of companies will be the sum total of all their arrangements. Let’s emphasis that – using words we use more often here at Bigg Success – the future value of businesses, both large and small, will be in the total value of its relationships.

But a key thing to keep in mind is that businesses don’t have relationships; it’s the people in those businesses who have relationships.

You may have a relationship with a customer who has a problem. How many other customers like this customer have the same problem? With how many do you have relationships?

Once you’ve identified that, who in your network can best solve that problem? By becoming the customer’s go-to person (or company) – by delivering the right product or service at the right time for the right price, you’ll create value for your business.

The Harvard article we talked about references a Fortune article about how Chinese and Indian companies are structuring themselves. The answer: they’re positioning themselves to be shape-shifters!

Shape-shifting is a key for us, as entrepreneurs, to survive and thrive in all economic conditions. It extends well beyond outsourcing. It’s an even deeper relationship, which will create more opportunities for small businesses to work with large companies.

To become a shape-shifter:

Watch your operating leverage. The more fixed costs your business has relative to its total costs, the greater your degree of operating leverage. Just like with financial leverage, higher operating leverage can work against us if things take a downturn.

That’s one of the secrets to being able to be a shape-shifter. If you keep your fixed costs low, you can quickly maneuver your organization to take advantage of opportunities that may present themselves.

Seek out strategic alliances. Explore opportunities to collaborate or joint venture with other people and organizations. The do-it-all-yourself mindset is so yesterday. Focus on what you do best and work with people doing what they do best. This is another key to shape-shifting.

Work with anyone and everyone where it’s mutually beneficial, including your competitors. You may find ways to do more together than either of you can do on your own.

Sometimes you may take the lead; sometimes they may take it. You don’t care. You’re shape-shifting yourself to bigg success!

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We thank you so much for reading our post today. Please join us next time when we’re “getting to know you.” Until then, here’s to your bigg success!

 

Direct link to The Bigg Success Show audio file:
http://media.libsyn.com/media/biggsuccess/00417-061609.mp3

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Profitable Passions – Part 2

Career Renegade book cover

Today, we continue our conversation with Jonathan Fields, author of the great new book Career Renegade: How to Make a Great Living Doing What You Love.

Last time, Jonathan discussed why it’s so important, especially in tough times like these, to understand how to operate online because it’s an inexpensive way to swap work for money. Let’s get back to the conversation …

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Top Threats to Your Career and Finances in 2009

By Bigg Success Staff
12-17-08

caution

We’ve all heard plenty of bad news recently, but the bad news now is that there is more bad news to come. While we must think about the opportunities in front of us, it’s also important to consider the threats to our careers and our finances so we can prepare appropriately.

Recession

Consumers, businesses, non-profits, and governments, all over the developed world, are learning a hard lesson about leverage. We will climb our way out of this recession but it will take some time. Before it’s through, it will be one of the, if not the most, severe recession since the Great Depression. 

Layoffs will continue. In most recessions, layoffs occur mostly at the bottom of the earnings / education spectrum. Expect this recession to be more evenly distributed, if not hitting higher end jobs harder.

Outsourcing

Companies will continue outsourcing, but here’s the difference. Manufacturing jobs have been getting shipped overseas for some time now. As fuel prices rose, there actually seemed to be a resurgence in companies bringing manufacturing jobs back on shore.

Now more white-collar jobs are at risk thanks in part to technology that allows information to be shared instantly from any place in the world with internet access. We found a great article that discusses the characteristics of jobs that can now be easily outsourced and jobs that can’t. It also lists what you can do to make yourself less vulnerable and provides a list of jobs by their level of risk to offshoring.

Deflation

Expect deflation to continue as everybody keeps a tight lid on spending, the credit markets remain relatively tight, and inventories of everything from housing to cars remain comparatively high. The good news is lower prices will remain, but …

Inflation

Governments in the developed countries have poured money into the world economy at unprecedented rates. At some point, once the credit markets loosen up and demand returns, inflation could become a problem.

We’ve just witnessed prices on everything from gas to groceries rising quickly. We could see it again. It will take wise leadership to know when to slam on the brakes on economic stimulus without tightening so much that another recession ensues.

If this happens, that cash stash will quickly lose its value. Investments in hard assets have typically performed well in times of inflation.

Delayed retirement

A number of retirees are being forced to look for work after the freefall of their portfolios. Even more people who planned to retire soon are putting those plans on hold because they need to bulk up their assets again before they stop working. This will create even more competition in already tight job markets.

Benefits

Employers are under intense pressure to cut costs. It’s reasonable to expect them to cut benefits. Even if it’s promised now, don’t count on having health insurance provided to you as a retiree. Even while you’re working, expect to cover a greater share of the premiums.

Also don’t be surprised if your employer cuts back or eliminates the matches on your 401(k). These aren’t the only benefits at risk, but they’re two of the most significant ones.

Access to credit

It won’t show up on your personal balance sheet, but your credit score will be an incredible asset. Cash will be king as long as prices remain in a deflationary state. At some point, cash along with the ability to access credit will open doors for opportunities that most of us will never see again in our lifetimes. 

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Overstepping Stones

steppingstones We’re sure you’ve heard of stepping stones. Today we want to talk about overstepping stones.

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We’re proud residents of the State of Illinois. We’re dismayed, however, that our great state has been getting some bad press recently because of the actions of our Governor, Rod Blagojevich. While he hasn’t been convicted yet of any wrongdoing, it appears that he’s in deep trouble.

A state of dissatisfaction

It’s rumored that he felt he had reached a stalemate in his career. He wanted to make more money. He even had aspirations of running for President. But even before this scandal broke, his approval rating was incredibly low (the last number we heard was 4%). If you look at the state of our State, you can understand why.

He looked at every opportunity for a stepping stone, which culminated in what appears to be illegal activity. That got us thinking – we all need stepping stones to help us get to the next level of success.

Overstepping the bounds

But there’s a fine line between a stepping stone and what we’ll call an overstepping stone.

We abuse our stepping stones when we overstep our bounds. It appears our Governor did this on at least three levels:

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