So we have all heard the term working “on” vs working “in” your business but what exactly does this mean?

Is networking to attract new customers working “on” your business?

Is organising your cash flow working “on” your business?

What about researching or designing a new product to take to market?

Or reviewing your Gross Margins and identifying ways to improve your margin?

Is it developing your business systems and processes?

Is it working on developing your existing staff?

What about Preparing your Business Plan?

Or Preparing your Marketing Plan?

How often do we prepare a budget, a business plan or a marketing plan and just leave it at that? How often do you not even prepare a budget, marketing plan or business plan because you know you won’t do anything with it?

I like to link running your own small business to that of being a marathon runner. Now in order to be a marathon runner you need to consistently train. You don’t just suddenly turn up to run the marathon. It takes preparation before you actually get to the starting line. And the preparation continues. Once you have completed your first marathon you continue training for the next ones.

So what does that mean to business? Well firstly preparation should be done before you go into business. But just as importantly, preparation needs to continuously be high on your priority list. Unfortunately a lot of small business start and continue with no preparation.

Setting aside time to work “on” your business is crucial. Remember the Marathon runner would be setting time aside each week to run.

Working “on” your business is exactly that - setting time aside each week to do all of the things mentioned above and more. Taking the time to look at how your business is performing and how you can improve. The main reasons why most Business Plans and Budgets don’t work for you is because they have no clear action plan broken down into what you need to do on a monthly and weekly basis.

Over the next few months our newsletters will look at your roles in your own businesses and what you can be doing on a weekly basis to work “on” your business. Until then, how much time have you scheduled into your diary in the next few weeks to look at how your business is performing?