Work ON Your Business not IN Your Business
This is an age old saying that many business owners would have heard but many are guilty of not following.
Sometimes it can be hard to know the difference or sometimes when a business is “your baby” it can be difficult to take a step back and let others do the small things.
What is working ON my business?
- Creating business plans
- Creating marketing plans
- Preparation for sale
- Preparation for generational transition or retirement
- Working on ways to streamline production
- Looking at ways to reduce costs
- Bringing on new clients
- Negotiating with suppliers
- Expanding into new regions
- Employing new staff
What is working IN my business?
- Working on the production line
- Dealing with existing clients
- Doing time consuming tasks that you could train others to do such as ordering stock
- Making sales in existing target markets
The major difference between these two categories is the fact that the tasks you are doing within your business are tasks that you could train others to do for you. In contrast, the tasks in the “working ON your business” category are much bigger picture and things that only you as the owner of the business can make decisions about.
Employ a Good Manager
The best way to make sure you are working ON your business instead of IN it is to employ good managers.
A good manager will report to you frequently and come to you with issues that they feel are worth your time, but they will not come to you with issues that they can solve themselves.
A good manager is someone you can trust to uphold standards you have set. Obviously, it is also helpful to set targets for managers to meet so that they are accountable to you and motivated to inspire their team. This will free up your time to focus on the bigger picture and therefore grow the business.
This takes capital but should pay dividends. Invoice Factoring can help you release the capital you currently have tied up in debtors, in unpaid sales invoices.