Ever wondered what it actually means to work ‘on’ your business as well as working ‘in’ your business? You’re not the only one, so let’s break it down.
First, here are some practical distinctions to compare working ‘on’ and working ‘in’.
Now that the key differences have been explained, here are the five most important activities you should be doing with your business to drive success:
- Prepare a business plan and update it annually. Tip : Do this in the last month of your financial year or the first month of the new financial year. This plan should tie directly to your business goals and these business goals should directly support your personal goals.
- Prepare a budget and forecast for the upcoming 12 months. Tip : Do this in conjunction with your business plan and review it annually.
- Report against that plan and budget monthly
- Communicate the plan and the results to the owners and your team
- Meet monthly for 1 to 2 hours to review your progress, your numbers, your business structure and any risks and opportunities that exist to improve the business
How much time should you set aside to work on your business?
Working on the business doesn’t need to be a full-time task, but you should make sure you’re allocating sufficient time each week to focus on it.
A good objective is to be working on your business 1 to 2 hours each week, while allowing for a half-day progress check in each month to make sure you’re on track.
Also, set aside 1 to 2 days each year to go off-site and update your business plan and structure with your leadership team. It is helpful to get someone independent of your business to help you establish and maintain these regular rhythms and hold you to account to really improve your business.
What do you need to change to work more effectively ‘on’ your business?
If you need our help, please connect with us.