As a business owner, you’re likely familiar with the term and concept of working “in” your business and “on” your business. What is it, why is it important, and does it apply to all types of businesses?
Working in your business involves all the day-to-day tasks of managing your business as it is today. Working on your business, on the other hand, is preparing for tomorrow, by investing your time in bettering yourself, your business and in moving it forward to how you envision it to be in one, five or ten years time.
Many business owners focus most or all of their time on daily tasks – putting out “fires” (urgent issues) and attending to the “must do” activities/tasks on their plates, rather than focus on additional elements which aren’t necessarily part of your daily routine. Tasks and activities that we say we don’t have time for, or rather, that we don’t create time for. We focus on calling clients, preparing for meetings, going on meetings, production – if you’re in the product industry – and more.
Think about your daily and weekly routine. On any given day, are you working primarily in or on your business? How well do you combine the two? How often?
When first starting a business, most business owners take on everything themselves, rather than outsource, hire or delegate, to save $. While these daily tasks are important and may be the “bread & butter” of your business, it’s essential to also allocate “time out” from your daily routine, and work on the planning and long-term aspects of your business, including long-term goals and vision. Many business owners, when starting their business, are passionate, excited and emotional about what they are offering, and don’t fully plan or understand what it takes in the long run to sustain an independent business. Working “on” your business at all stages – whether before launch or once you’re up and running – will help you stay on track and grow at a pace that aligns with your goals.
Your time management today directly impacts your goals and vision tomorrow!
Pre-plan by setting aside time in your week and blocking it off in your calendar (what’s not listed doesn’t usually happen). Working “on” your business includes taking time to strategize, brainstorm, analyze and track your numbers (KPIs or Key Performance Indicators – which we will discuss in detail on another occasion), ascertain where things are headed, take stock of the day or week that was, what worked well, what could have been improved, budget, plan or write articles, create a video marketing strategy, develop new products, do research, plan your social media or seasonal/annual marketing campaign, investigate new strategic relationships, new lead sources, growing your revenue & more. Like with other priorities in your life, if you don’t set aside time to do this, you’re busy, so it’s not gonna happen automatically.
Without taking an objective step out of your business and analyzing where things are headed, you may be moving in circles, and may not even realize it. Many “in” and “on” business tasks differ according to the type of business. Yet many are the same. Leaders, managers and business consultants/coaches generally agree that to succeed in the long run, all businesses need to comprise both these activities. The idea is to find a balance – the correct one for you – between working “in” and “on” your business.
Working “in” your Business = Execution (day to day tasks & responsibilities)
Working “on” your Business = Strategy & Development
Where do you start? Analyze all the possible activities you need to perform in order to be effective and successful in your business and role. List next to each activity whether it’s a current and immediate daily task, or whether it involves an activity related to your future. Ask yourself how often you need to be doing each of these tasks in order to be “on top” of all the aspects involved in running your business. Hourly, daily, weekly, monthly, quarterly, etc.? Schedule these activities & tasks to your calendar, whether it be hourly, daily or monthly. Yes, block it off and set a meeting with yours truly, YOU!
Why is it that we are quick to schedule meetings with others, yet have a problem with, or don’t see the importance of scheduling with ourselves?
Ask yourself on any given day or week – What did I do today to work “in” my business? What did I do today to work “on” my business? Because remember… Today’s activities are tomorrow’s profits. The labor of today will bring you the fruits of tomorrow!
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