In my past blog, I talked about building a business that can bring you revenue with very little of your involvement. One important aspect of this is to start working “ON” your business. Although you may have heard that before but what does it really mean?
Finding Your Path Through the Jungle
Imagine a dense, uncharted jungle where a group of explorers is desperately trying to find their way out. The captain, engrossed in navigating the immediate path, is not able to lead his group through the thickets. No matter how hard he tries, he finds himself going in circles and coming back to the same place. Then suddenly, he sees a mythical old man in the forest who tells him to go and climb the tallest tree so that he can scout the terrain from a higher perspective. The captain does this and is able to see past the thick jungle and see where he needs to lead his people.
In this analogy, the captain represents the business owner, while the old man symbolizes the act of working “ON” the business – gaining clarity and strategic insight to navigate through the complexities of entrepreneurship. To summarize, working “on” the business is anything that is high level and strategic. These are tasks that will guide the business like Marketing strategies, sales strategies, product development, research and visioning. This is different from working “in” the business which is anything that keeps the business going day to day, including not only the Technician work but also the execution and management of the work.
Side Effects of Working Too Much In Your Business
Before I share with you some tips for working effectively “ON” your business, let’s give you some reasons to not always be working “IN” your business:
1. Burnout and Stagnation:
- Constantly being immersed in daily operations can lead to burnout and hinder your ability to see the bigger picture. This can result in stagnation and missed growth opportunities.
- Remember: Working “on” the business rejuvenates your perspective and can reignite your passion for your venture.
2. Limited Innovation:
- Focusing solely on day-to-day tasks leaves little room for innovation. Businesses that neglect innovation risk falling behind in a rapidly changing marketplace.
- Remember: Innovation is often the driving force behind long-term success.
3. Missed Opportunities:
- When you’re buried in the minutiae, you may miss crucial opportunities or fail to adapt to market shifts.
- Remember: Working “on” the business helps you stay agile and seize opportunities as they arise.
4. Reduced Resilience:
- A business that relies solely on the owner for decision-making and operations is vulnerable. Working “on” the business empowers your team and builds resilience.
- Remember: A well-prepared team can navigate challenges even when you’re not present.
Benefits of Working On Your Business and How to do it Effectively
Here’s the benefits of working “ON” your business and how you can do it effectively:
1. Strategic Clarity:
- When you’re mired in the daily operations, it’s easy to lose sight of the bigger picture. Working “on” the business gives you the opportunity to reassess your goals, refine your strategies, and ensure that every action aligns with your long-term vision.
- Action Point: Schedule dedicated strategy sessions where you evaluate your business’s direction, set long-term goals, and establish actionable steps to achieve them.
2. Problem Prevention:
- In the jungle, the captain might lead his group into traps or dangerous territory without realizing it. Similarly, by constantly working “in” the business, you risk overlooking potential problems or opportunities that could make or break your company.
- Action Point: Make a habit of conducting regular risk assessments to identify potential issues and devise proactive solutions.
3. Innovation and Growth:
- Innovation is the key to staying competitive in today’s rapidly evolving business landscape. Working “on” the business creates space for creativity and innovation. You can explore new ideas, technologies, and markets, paving the way for sustainable growth.
- Action Point: Foster a culture of innovation within your organization. Encourage your team to brainstorm new ideas and allocate resources for research and development.
4. Efficiency and Streamlining:
- Sometimes, you’re so deep in the jungle that you miss the shorter, more efficient paths. Working “on” the business allows you to identify areas where processes can be streamlined, costs can be reduced, and resources can be optimized.
- Action Point: Regularly review your business processes and workflows. Seek feedback from your team to uncover bottlenecks and inefficiencies.
5. Empowering Your Team:
- Delegating responsibilities and empowering your team to make decisions is crucial. By working “on” the business, you can develop and refine systems that enable your team to operate more effectively, reducing your workload and enhancing overall productivity.
- Action Point: Invest in leadership development for your team members and establish clear delegation protocols. Trust your team to take ownership of their roles.
6. Self-Improvement:
- Consider seeking guidance from mentors or business coaches who can help you gain fresh perspectives and refine your business strategies.
- Action Point: Explore mentorship programs or join business networks to connect with experienced entrepreneurs who can provide valuable insights.
7. Staying Informed:
- Keep up with industry trends and market developments. Continuous learning ensures you’re well-prepared to make informed decisions.
- Action Point: Set aside time for industry research and professional development. Attend conferences, webinars, and seminars to stay updated.
In conclusion, just like the old man in the forest, taking time to work “on” the business is not a luxury—it’s a necessity for long-term success. By gaining a higher perspective, you can lead your business out of the jungle and towards a brighter future while avoiding burnout and stagnation.
If you’ve come to realize that you don’t know how to get out of the “jungle” that you’re lost in, reach out to me for a free consultation.
