Are You Working In or On Your Business?
I want you to really think about this important question, are you truly working on your business or are you truly working in your business? There’s a huge difference! Many clients I work with that are in the second, third, fourth year of business are still working in their business. There are multiple signs that I pay attention to when I know that someone is working in their business instead of on their business. They’ll make comments like, “I don’t have any more hours in the day,” and I will say, “Well, how many hours are you working? They’ll say something like, “50, 60, or 70 hours a week,” and how they’re not taking care of their health or family. Instead, they just work, work, work. They won’t delegate work to others usually because “nobody knows the business the way I know my business.” Or they’ll be frazzled with ideas going in every direction. They only way to strengthen your company and not feel prisoner to your own business is to realize that you must stop working in your business and start working on or for your business.
How to work on your business NOT in your business:
- Create a time journal. A two-week time journal where you’re going to document every single thing that you are working on. It’s a lot of work but it’s important in providing a snapshot of what’s going on in your company.
- Follow the 70/30 Rule. Spend 70% of your time focused on sales coming into your company. Spend 30% of your time taking care of other tasks.
- Your time is valuable. If you were worth $100 an hour and you are doing the work of someone you could pay $20 an hour, that’s a position you’ll want to outsource. This will free you up so you can be the most effective business owner you can be.
Kedma Ough is a nationally recognized small business funding expert and author of Target Funding, a book that helps you discover a proven system to get the money & resources you need now in order to grow your business.