Business Development: Working ON Your Business

Filed in archive Management on July 31, 2006

One of the great advantages of owning a small business is being able to adapt to meet your customers needs, respond to market opportunities, and changes. Therein lies the $64,000 question - how do you maintain control in a growing business and have a life too?

By beginning to work ON the business with the same intensity and focus as you do working IN the business.

Working IN the Business

Working IN the business is defined as anything you do to deliver your product or service to the customer. This can include taking orders, answering the telephone, packing and shipping, placing orders with suppliers, delivering a service, and making the bank deposit.

Working ON the Business

Working ON the business involves activities like planning, development, or preparation that improves the business. Areas can range from writing job descriptions, reviewing financial statements, writing a business plan, developing a new brochure, to creating new products or services.

The 80/20 Rule

I suggest to my coaching clients that they need to spend 80% of their time working IN the business and 20% working ON the business. If you are feeling like you are on the treadmill of working IN the business and that the business needs some tender loving care create a plan to start working ON the business.

It could be as simple as spending one-hour per day working ON the business or devoting an entire day each week to improving any of the following areas marketing, sales, customer service, financial management, increasing profits, human resources, systematizing your company, or strategic planning.

Pick one important project from the list and make that your sole focus during the time you spend working ON the business. Let your staff know that you do not want to be interrupted or find some quiet time at the beginning or end of the day where you can work quietly without interruption.

I have been known to go to a park on a sunny day with a notebook in hand. You do not have to go to a park but it can be as simple as sitting in your favorite chair with your favorite beverage - the key is to make it enjoyable and relaxing. The more you enjoy doing it the more likely you are to make sure that you do it on a regular basis.