To get started, let’s define what I mean by “leveraging your expertise”.
If you look up leverage in the dictionary, there are several different meanings. But the key definition I am talking about when I refer to leverage is
“The use of something that you already have in order to achieve something new or better.”
It’s about leveraging the knowledge in your head, the expertise that you have. Taking that knowledge and leveraging it to achieve better outcomes. To achieve greater impact for more people. To achieve a better lifestyle. Working differently, not one-on-one with all your clients, and not constantly trading time for money. Reaching and impacting more people but in such a way that you’re not working as hard or as long.
It involves taking the knowledge you have and transforming it into digital learning assets. Items of value, that are going to help you to generate an income. These digital learning assets will allow you to deliver your expert information in a way that your clients can consume anytime, anywhere, with or without you.
Consider the expert information you have, that you constantly deliver to your clients. Maybe it’s base information you deliver when you start working with a new client. Maybe it’s the basic steps that all clients need to undertake so you can help them solve their problems. Or the core information that your clients need to undertake to complete your program. Now consider if that information was turned into digital learning assets – videos, audio files, templates, eBooks, or checklists – that your client consumed in their own time.
That’s leveraging your expertise.
Consider the amount of time that this could have saved you. The amount of time that was previously spent explaining the information. What would you do with that time? Work less and spend more time with friends and family? Work on the areas of the business that have been neglected because you didn’t have the time? Increase the number of clients so you can scale the business? Spend time with your ideal clients helping them to deliver the transformation (not the information) that they need to generate more business, work less or whatever problem you solve?
THE THREE KEY BENEFITS
There are three key benefits to leveraging your expertise.
The first big benefit is impactful results. Taking the information in your head and leveraging that valuable expertise through digital learning assets that can be consumed anywhere, anytime means that you can reach more people. You’re able to create a greater impact.
By not spending as much time delivering information, you can spend more time delivering transformation. And this is where the real impact can be provided. Working with your clients to solve the problems the information assets don’t solve, helping them transform and get real results.
The Pareto principle is very relevant to coaching or training situations. It states that 80% of consequences come from 20% of the causes. When helping people get results, to truly transform, we find that 80% of the results come from 20% of the training or coaching activities. If you can increase the time that you are delivering that 20% (because the other 80% is now being delivered through the leveraged digital learning assets) then you’re going to create a bigger impact. This is going to create some huge, magnificent, impactful results.
The other big benefit is scalability.
Creating digital learning assets and delivering them through an online course allows you to scale. The delivery of a face-to-face class can fit 20-30 people. If you’re doing a large event, you could potentially deliver to 100 plus people. Delivery of a workshop virtually also allows you to deliver to many. But all of these events are one point in time and require you as the key person to deliver.
Without leveraging your expertise in digital assets, then that there is a limitation. You can only scale as much as you’re physically able to deliver. Digital learning assets, delivered through an online course, give you the ability to scale across to thousands or more people and reach them in different ways. Enriching them in ways that are suitable for them and their preference for learning.
The key element to scaling is having the assets in place. You are one asset, but you need to create other assets that can share your expertise to allow for that scale to happen. Otherwise, you are limited. Without those assets, you’re not going to scale.
Now, you could scale to an extent with other physical assets. This could include upskilling other coaches to deliver your programs on your behalf. However, this is still limited physically. No coach is ever going to be available 24/7 365 days a year. In addition, while this will allow you to scale your client numbers it is not going to have a corresponding scale in your profit margin.
Digital learning assets allow for that scale to occur. People can access your information anytime, anywhere. By delivering digitally it allows for a greater profit margin. There is less outlay, less costs involved, and therefore higher profit margins.
The huge benefit of leveraging your expertise is that you will have a lifestyle business. Your signature solution that leverages your expertise will be operating at scale and generating high profits. This will allow you to work the hours that you want to work, from the location you love, and having the lifestyle that you desire.
This lifestyle can be whatever you desire. As you scale and reach more people and generate higher profits you have so many choices.
You can choose to continue to deliver your programs at a high-profit margin, which is going to allow you to live a more affluent lifestyle. However, you may also choose to live a lifestyle that gives you something back. You may choose to divert some of your profits into a social enterprise that is going to assist those less fortunate.
Alternatively, you may choose to lower your fees to provide more access to your online courses. By doing that, then you’re giving the opportunity for learning to those that are slightly disadvantaged that do not normally have the income to access that knowledge.
Leverage through the digital learning assets, that is generating a higher profit for you means you can choose to work less. You no longer must work 40 or 50 hours a week (like many business owners). So much of your information is being delivered and consumed when you’re doing other things. This is going to allow you to spend more time with family, friends, and loved ones, and not be so consumed with the work that you’re doing.
This is an extract from Matthew’s soon-to-be-launched book “Leverage Your Expertise”.