The power of OPM—Other People’s Money: part 2
Editor’s note: this is the second of two parts. Read part 1.
Here are some other examples of the OP factor, and how they can help your business:
Other People’s Knowledge-OPK
The car is giving you problems so you lift up the hood and stare. You touch a few things, squint, check the oil, move the fan belt and jiggle a few more things. You don’t have the knowledge to actually fix the car, and staring at it is not going to get the job done. Hire a mechanic to fix the problem. Seek others in areas that you’re not good at to save you time and frustration.
Other People’s Leadership-OPL
Any business is only as strong as the leadership. If you are the leader in your business you have a responsibility to your employees. That means the ability to make decisions, guide through procedures and to know when you need support from others. True leaders seek out the talents of others to help make their business stronger. That may mean taking part in coaching for yourself, looking to your superiors for advice and sometimes asking for assistance. There is no such thing as a single-handed success. When you include and acknowledge those in your corner, you propel yourself, your teammates and your supporters to greater heights.
Other People’s Wisdom-POW
Being a good leader also means looking to others for wisdom. Look to those in your life that have already experienced the life lessons you may be going through now. Wisdom comes through many sources….books, conferences, networking groups….but also through experiences that may be outside business. Older family members, friends and business associates have already lived through a number of life lessons and may be the best sounding boards for whatever challenges and failures you may be facing right now.
Other People’s Expertise-OPX
“The E-Myth”, by Michael Gerber, refers to the idea that most businesses fail because the founders are “technicians” that were inspired to start a business without knowledge of how successful businesses run. The technician then tries to run every facet of their business: marketing, HR, accounting, etc. Bringing in experts who are great at what they do will allow you to do the things that you are best at. Sales professionals love the game of prospecting and closing the deal, but need experts for systems and operations or they won’t be able to deliver what was promised. Use OPX to concentrate on areas that your strength and learn to rely on Other People’s Expertise to build your business stronger.
Utilizing the OP Factor will help strengthen your business, create better leads and provide the leadership and expertise to bring any business great success. The basis for the OP Factor is dependent on giving up on the idea that you can do it all and finding the people and resources to become the backbone of your business. How you run your business, treat your employees and treat those around you measures the true success of every individual. Use the OP Factors to elevate you and your business to success.