As the owner of a new business, you may often need to get involved in many tasks just to keep things afloat. During those key early years, it may feel as though you have no choice but to do the work of fifty people. At the same time, it’s crucial to also continue working on your business’ bigger picture. Without it, your business is likely to stagnate.
Striking the right balance between working in and working on your business can be hard initially. Our friends are 2Flow have designed an infographic guide to help you manage this crucial balance.
Working IN your business
Michael E. Gerber, an author and business expert once said, “If your business depends on you, you don’t own a business – you have a job. And it’s the worst job in the world because you’re working for a lunatic!”
You know that you are working in, rather than on your business if you regularly take on tasks that could be easily handled by an employee. Common examples of these tasks include cleaning, answering phones or completing admin work. As a business owner, time is one of your most precious resources. It’s important to ensure that you are building a business that can function without you. This will give you the time you need to focus on growing your business, strategizing the best way to steer it into the future.
Working ON your business
Robert Kiyosaki, a business guru, once said, “If you’re not working to get your business or investing operation to operate without you, you’re thinking too small. Think team and systems.”
As the owner of a business, it is your responsibility to provide leadership and visionary thinking. As such, you must dedicate a good portion of your time to working on your business so that it continues to grow and achieve its goals. Experts recommended that owners invest roughly 20% of their time on activities that contribute to this improving the business. This includes tasks, such as planning and strategizing, setting goals, measuring success, and automating processes.
Working IN vs ON your business – striking the right balance
If you are a business owner who is struggling to find time to focus on growing your business, the following infographic could help.