How much time are you spending on your business, instead of in your business?
It is important to invest some time every day to work on your business so that you can improve it and maximise your profitability.
A lot of business owners often occupy most of their time working in their business that they forget to work on their business.
Think of working on your business as an investment. For example, if you invest financially into something, you will eventually get your returns in the long run and the interest that comes with it.
The same goes for working on your business. If you invest some of your time on your business, you will see growth in your business in the areas that you worked on. When you invest that time on your business, you end up getting time back down the track.
Spend ten to twenty minutes a day to work on systems that automate some of your operations to improve efficiency and save your business more time in the long run.
Examples of working on your business can be as simple as reviewing your financial performance of your business to ensure that they are on track. It is about allocating time to have a big picture view of the business – enabling you to identify opportunities to improve profitability, cash flow, marketing, sales and other areas of the business that you don’t usually think about when you are working in your business.
Here is a to-do list for today: decide on the amount of time you are going to work on your business and make it non-negotiable. Set up a regular time for this – it may take place before lunch, or before you leave for home – and stick to it.
The key here is to put some regular time aside to work on your business so that you can get more things under control for when you’re working in the business.