Many small business owners seem to think that working on your business is a luxury.
Working on your business is not a luxury; it is a need. If you choose to go into business for yourself, then you must work on your business.
So let’s explore the difference between working ON versus working IN your business:
1) Working ON your business
Working on your business is improving your business. It is working on the things that are going to take your business forward. It is helping you to run it more effectively. This includes managing your supply chain, working on marketing strategies, planning out your finances and accounting, managing your inventory, so on and so forth.
2) Working IN your business
Working in your business is essentially the routine process of your daily business operations. This includes sales, daily tasks, dealing with customers and what not. For example, an electrician works in a business by going to different locations daily to fix their clients’ electrical issues.
Working on your business is about investing time in your business for a better business tomorrow. It is about the long-term. Just like when you take part in investments – if you invest 10% of your income, in the future you will be taken care of. This is the same for you and your business. If you invest 10% of your time right now on your business, you will have a clear (and a more positive) view of what the future holds for your business.
Working on your business is not a luxury; it is a necessity.
The key here is to set time aside to work on your business. Spend at least 10% of your time. If you are working a 40-50 hour week, that is 4-5 hours a week that you should work on your business. Make it the thing that you first do in your day or your week; make it a priority.