By Patrick Cahillane – Life, Executive & Business Coach with One Source International Coaching and Training & Founder of The One Source Business Development Network
As a business coach, I often see entrepreneurs and small business owners who are so focused on the day-to-day operations of their businesses that they forget to work on the bigger picture. It’s understandable – after all, when you’re responsible for everything from sales to customer service to product development, it can be hard to find time to think about strategy and growth. However, if you want your business to succeed in the long term, it’s crucial that you prioritize working on your business, not just in it.
So what does “working on your business” mean, exactly? Essentially, it means taking a step back from the day-to-day tasks and focusing on the bigger picture. This could involve things like developing a long-term strategy, creating a marketing plan, analyzing financials, or building systems and processes that will help your business run more efficiently. When you work on your business, you’re taking a proactive approach to growth and sustainability, rather than simply reacting to the needs of the moment.
Why is this so important? Well, for starters, working on your business allows you to identify and address potential problems before they become crises. When you’re constantly in the weeds, it’s easy to overlook issues like cash flow problems, market changes, or customer dissatisfaction. By taking a step back and looking at the bigger picture, you can spot these issues early on and develop a plan to address them. This can save you a lot of stress, time, and money in the long run.
In addition, working on your business allows you to be more strategic about your growth. When you’re solely focused on the day-to-day operations, it’s easy to get stuck in a rut and miss opportunities for expansion or innovation. By dedicating time to developing a long-term plan, you can identify areas where your business could grow or change, and develop strategies to make that happen. This could involve things like expanding into new markets, developing new products or services, or building partnerships with other businesses.
Finally, working on your business can help you build a more sustainable, efficient business model. By analyzing your financials, creating systems and processes, and developing a strategic plan, you can identify areas where you can cut costs or streamline operations. This not only saves you time and money, but it also helps ensure that your business is more resilient and able to weather any storms that may come its way.
Of course, none of this is to say that working in your business isn’t important – it absolutely is. After all, if you don’t have a solid foundation of day-to-day operations, your business won’t be able to function at all. However, it’s important to strike a balance between working in your business and working on your business. As a general rule, I recommend that entrepreneurs and small business owners spend at least 10% of their time working on their business. This could mean setting aside a few hours each week for strategic planning, or dedicating a specific day each month to analyzing financials and developing growth strategies.
At the end of the day, working on your business is a crucial part of building a successful, sustainable business. By taking a step back from the day-to-day operations and focusing on the bigger picture, you can identify potential problems early on, be more strategic about your growth, and build a more efficient, resilient business model. So if you’re an entrepreneur or small business owner, I encourage you to make time for working on your business – your future self will thank you for it.