What separates an average business from a successful one?
There are a number of things, but one that stands out is: successful business owners will work ‘ON’ their business.
See, most small business owners are really good at their profession or trade, so they spend far too much time working ‘IN’ their business. This is fine to start with but when the business starts growing things start to change. As Michael Gerber says, we need to learn the the three stages of business:
- the technician
- the manager, and
- the owner.
When you start to hire staff and are dealing with more customers, you need to change the way you do things. For things to progress and for your business to keep growing you’re going to have to work on your business.
This is something that really needs to be thought about by all business owners.
Unfortunately, not all business owners take this advice on board. In fact, most won’t, but if you’re one of the ones who does it could change the way you run your business, and your business success, forever.
The key difference between businesses that are successful and businesses that are not, is that successful businesses work on their business.
What does working on your business mean?
Quote simply working ‘ON’ your business is taking the time to make your business better rather than keeping on doing the same things all the time. Generally, working ‘ON’ your business will help:
- Add profit;
- Increase sales;
- Makes things more efficient;
- Build capacity.
They are often things that are important but not urgent and that is why there is a tendency for some business owners to put this off at the expense of just keeping up with the day to day.
How much time should you work on your business?
So how much should you work on your business? We suggest 10 percent. 10 percent of your time should be working on your business. If you are doing a 40 hour week then invest at least four hours every week working on your business. This is what it will take to make a difference.
What should you work on?
Now, what should you work on? Well, things that are going to improve your business. Things that are going to help move your business from chaos and get it under control. This could be things like:
- putting systems in place…
- understanding your finances…
- training your team… and so on
There are just so many things that you could be doing which are ‘ON’, not ‘IN’. They improve how the business functions and business performs, and it allows you to grow it successfully.
So, really take this on board. Be one of the few small business owners who chooses to work ‘ON’ their business. Dare to change from working where it’s comfortable on the tools, to working on your business. Take this on board and you are well on your way to building a successful business.