Sometimes the best strategy is to give someone a slice of your business….
Do you ever feel as though you never have enough time, money, or resources to make your business as successful as you know it could be? As a small-business owner myself, I struggle with this dilemma frequently.
Although I could take out business loans and hire employees or contractors, I would rather not take on the extra burden of having people to manage and additional bills to pay. A solution to this conundrum comes from an expression I heard many years back while speaking in Malaysia:
Before you can multiply, you must first learn to divide.
This simple expression has become a mantra of mine when it comes to scaling my business.
The idea is that if you want to grow (multiply) your business, you must learn to partner with others and give them a slice (divide). This means you take a smaller slice of a bigger pie. The added advantage is this philosophy allows you, the business owner, to focus on what matters most and what you do best. Partner with others for nearly everything else.
In my role as a professional speaker, “dividing” is a standard arrangement with speakers bureaus. They take a percentage of my speaking fee in exchange for handling everything from negotiating, contracting, logistics, travel, and invoicing. In the long run, I make more money through this arrangement while working less. They do what they do best (selling and client relationship) and I do what I do best (speaking).
I’ve used this model several times to develop products and services that I otherwise would not have created.