Working on your business means focusing on the big picture and developing strategies to help your company grow. This includes things like planning marketing campaigns, setting up new products, and creating budgets.
In contrast, working in your business means dealing with day-to-day tasks like answering emails, scheduling appointments, and handling customer service inquiries. While these activities are essential, they won't help you achieve your long-term goals.
A lot of business owners fail to grow their businesses because they get bogged down with doing tasks that, while still crucial in running the business, do not contribute to growth. It’s hard to grow a business when you spend the first few hours of your day answering emails, right?
To be successful, you need to find a way to remove yourself from the daily goings-on of the business and do stuff on the business. This can be difficult, but it's essential if you want your company to thrive.
7 Ways You Can Work On Your Business and Not In It
Here are some tips for working on your business, not in your business:
- Delegate tasks wisely - Don't just delegate tasks because you're busy or because you don't know how to do them yourself. Delegate tasks that are appropriate for your employees' skills and experience. This will help them grow and learn and free up their time to focus on other things.
- Document your processes - Having well-documented processes will make it easier to delegate tasks and train new employees. When you have a system, it's easier to hand off functions without explaining everything from scratch each time. Outsource when possible - If there are specific tasks you don't have time for or are not good at, consider outsourcing them. This can be a great way to free up your time and focus on the things you're good at.
- Learn financial forecasting - This will help you better allocate your resources. Having a good understanding of your financials will also help you spot problems early on to take corrective action.
- Set goals and track progress - It's hard to stay focused on the future if you don't have any plans. As the boss, it's up to you to set goals for your business and track progress along the way. This will help you stay on track and ensure that your business is moving in the right direction.
- Allot some time for brainstorming - When you're bogged down in the day-to-day details of running a business, it's hard to think about the future. But as the leader, you need to brainstorm and think about what you want your business to achieve. Spending a few hours a week brainstorming with your leadership team will help you direct your business toward the goal you have set for yourself.
- Stay up-to-date on industry trends - As the leader of your business, you need to stay up-to-date on industry trends. This will help you decide better where your business should go next.
- Hire a Business Coach - A business coach can help you focus on the critical things for growing your business. Business coaches often provide a point of view that can be vital if you want to grow your business. They can also give you unbiased feedback and help hold you accountable.
Working on your business, not in it, is essential for long-term success. By following these tips, you can ensure that you're spending your time wisely and growing your business correctly.