Working On Your Business – Does It Really Work?

It’s one of the most common phrases in the game, but what does “working on your business” even mean? And why does every guru, mentor, or coach talk about it so much?

Can it be as important as the whole world makes it out to be?

Or is it an overused expression?

We’ve worked with over 300 different INDUSTRIES. And when you work with so many different industries, you start to notice some patterns.

We noticed that the companies that struggled or hit financial difficulties ALL had one thing in common.

Whilst those that flew out of the blocks, had exponential growth, and were successful had one thing in common too.

What was it?

Those that struggled NEVER worked ON the business.

And those that had great success, worked ON the business more often than not.

But it can’t be that simple can it?

And what does working on the business even mean?

We dug a little deeper to find out.

 

What would happen if…

The first question to ask yourself isn’t a pretty one.

What would happen if you lost your business and weren’t able to support your family?

Can you imagine how awful that would feel?

The frustration, the disappointment, and the feeling of helplessness.

The sad thing is, we’ve seen it.

And it’s heartbreaking.

Parents feeling like they’ve let their kids down.

Or their partners.

It’s not a nice thing to witness.

So it comes as no surprise that it’s one of the biggest fears that business owners live with.

Second, on the list is “What would happen if you don’t achieve your biggest goals in life?”

What if you stagnate?

That’s almost as scary as the first one right?

We’re entrepreneurs.

It’s in our nature to grow and push boundaries.

Can you imagine what it would feel like if you don’t achieve the things you KNOW you can?

Can you imagine how angry you’d feel?

So how can you avoid those fears?

How can you make sure that your business thrives so you never have to worry about supporting your family?

And how can you go after your biggest goals so that you don’t have to deal with stagnation?

 

The benefits of working on the business

The benefits of working on the business

 

 

Working On The Business

 

There is only one way that you can grow a business.

And it isn’t by “doing more stuff”.

Plenty of business owners get caught up in doing stuff.

What stuff?

Technician stuff.

Things like cutting hair.

And repeating the skill that the entry-level staff should be taking care of.

Let’s look at it this way.

If a hairdresser had a full diary, how could she grow the business?

There’s no time to do anything BUT cut hair, right?

What if she managed to move a few things around? Even delegate a task or two.

And let’s say she found 4 hours per week.

She has 2 choices.

  1. Fill the extra 4 hours with more clients that pay her an hourly wage (worth a few hundred pounds a month). But now she’s back at capacity.
  2. Work ON the business for those 4 hours. In those 4 hours, she decided to recruit someone and train them. That person could make the business owner a few thousand per month. And the best part is, she still has 4 hours to strategise and come up with other growth ideas.

Now doesn’t that seem like a better option?

But if you keep hold of all your tasks. And you carry on as a technician, you’ll still be responsible for everything.

Which means you’ve got no time to work ON the business and planning ahead will prove difficult.

 

Are you fed up with paying yourself peanuts?

You should be.

Here’s the funny thing.

If you’re still spending most of your time being a technician.

There’s a good chance that you’re still getting paid the same amount as the employed technicians in the business.

You’ve got a job.

Not a business.

But you know what the worst part of all of this is?

The vast majority of business owners stay in this mess for the lifespan of the business.

It’s soul-destroying.

It’s hard enough being a business owner without feeling stuck.

Stuck being a technician.

Not knowing how to take the business forward.

And paying yourself next to nothing.

 

The most dangerous phrase is we've always done it that way

Working On The Business

 

What can you do about it?

 

The first thing that you need to do is come to terms with something.

What do you need to come to terms with?

The fact that you can only grow a business by working on it and not in it.

 

A hairdresser never grew a business by cutting more hair.

 

You have to find the time to look at strategies. Learn how to grow a business. Then implement the strategies that you’ve learnt.

And when you get this right…

…Your business will start to work WITHOUT YOU.

That means no more dragging yourself to the office.

Or on Zoom.

It means that you don’t have to worry about the customers anymore.

And you can let someone else focus on getting more sales.

It means that you don’t have to wear pants every day.

If that’s something that you don’t like doing.

And it means that you can get the business working without you. So you can do what you want to do. When you want to do it.

And you’ll know that the business will be ok.

That’s when you’ll feel content. 

Peaceful.

As you start to live a life on your terms. So you can do what you want, when you want. 

You’ll have freedom.

Because the business will be able to run itself.

And you can’t build a business like that whilst you are still working in it.

 

The First Steps To Take To Get You Working On The Business

 

Working in the business refers to the day-to-day activities of running the business. Things like managing employees, producing goods or services, and handling customers.
 
Working on the business means focusing on growing and developing the business. Things like strategic planning, marketing, and financial management.
 
Working in the business is essential to keeping the business running. After all, inspirational quotes will only get you so far. But you should never neglect working on the business.
 
Focusing only on day-to-day operations can stop the owner from seeing the big picture. It keeps them where they are. And it can also stop them from making strategic decisions. That’s a disaster. Strategic decisions can help their business grow and succeed in the long term.
 
Working on the business involves setting goals.
 
And developing strategies.
 
Not to mention looking for and identifying areas for improvement.
 
It takes a willingness to step back from day-to-day operations. It’s about taking a more holistic view of the business.
Focusing on what’s IMPORTANT.
Over what’s URGENT.
 
By working on the business, business owners can identify new opportunities. They can stay ahead of the competition, and create a strong foundation for growth and success.
Why you do it is important

Putting it in motion

 

Here are some of the first steps to take when starting to work on the business:

 
Get Clear On Your Business Goals
The first step to take when working on the business is to identify your goals.
 
What do you want to achieve?
 
Do you want to grow your business, expand into new markets, or increase profitability?
 
By setting clear goals, you can focus your efforts and develop a plan to achieve them.
 
Measure Your Time
Next up, measure your time. How much time are you spending working on the business and how much time working in?
 
Then you can rate each task that you complete.
 
And work out how much each one would cost if you had someone cover it.
 
When you first do this exercise, you’ll notice something scary. That you are completing tasks you could pay someone minimum wage to do.
 
Then you can either delegate or delete some of your tasks. That will give you plenty of time to start working ON the business.
 
Develop a Strategic Plan
This is the big one. By working on strategy instead of “cutting hair” you are finally starting to work on the business.
 
So once you have done both of the things above, it’s time to develop a strategic plan.
 
This plan should move you toward your goals. It should also outline your strategies. You might also include financial projections, marketing plans, and timelines for implementation.
 
Build a Strong Team
Working on the business requires a strong team to support you. It involves hiring talented employees and developing effective communication channels. You can also look at creating a culture that fosters collaboration and innovation.
 
By building a strong team, you can achieve your business goals easier.
 
Establish Key Performance Indicators
To measure the success of your strategic plan, it’s important to establish KPIs. Otherwise known as key performance indicators (KPIs).
 
KPIs are metrics that allow you to track your progress and adjust your strategy as needed. It’s a simple way of measuring the result.
 
Then you can see whether it’s working or not.
 
KPIs could include revenue growth, customer retention rates, or employee satisfaction.
How to work smarter - Working on the business

How to work smarter – Working on the business

A Story About Working On The Business

 

Two twins lived in a rural town in the heart of the countryside.

Being twins brought up in the same house, they were similar in lots of ways.

They had the same IQ, shared the same environment, and had the same opportunities.

At age 18 they both left college. They had to figure out what they were going to do now.

One of them starts reading a book a week on marketing. The other plodded on with a job at the local pub.

Then after a year a new modern company moves into the closest town. They have a job vacancy for a marketing assistant.

They offer a good salary, with a company car. And both twins think it looks like a really cool job.

Both applied.

They got their job interviews. And the twin who had worked in a bar went to the interview. He said all the standard things people say in interviews. He talked about “how good he is in a team and how good he is at working on his own”.

The other twin went for the interview too.

But he’d been reading a book a week on marketing.

He sat in the interview and taught the interviewer a whole bunch of things about marketing. 

And he got the job.

Then the twin switched it up after getting the job. He firmly believed in “working on himself”. So he started reading management books. That was the next step on the career ladder for him.

After another year of reading management books a management job came up.

The same thing happened again. He taught the interviewer a thing or two about management.

Whilst the other applicants talked about how they were great marketers.

The second twin got the job. 

Then he spent a year reading finance books. And he started to invest in index funds.

After that, he spent a year reading books on “how to start a business”.

He saved up enough cash to live on for a year or two and boldly started his own business.

Then he read lots of books on growing a business. He even hired a business coach.

Within a few years, he’d grown his business. And in doing so he became a multi-millionaire.

And then he started to read books on how to be happy.

Now he’s a happy millionaire.

But what about his twin brother?

Who had a similar IQ. Grew up in the same environment. And had the same opportunities.

Well, his twin brother still works in the bar. He’s now a supervisor. And he spends most of his day talking about how the other twin is lucky.

 

 

Summary

Like the second twin, working on yourself and working on the business can take you a long way.

It won’t always be easy.

And you’ll still have challenges.

But when you put the steps in place that we outlined above.

And start working on the business.

You’ll:

Feel content.

Peaceful.

As you start to live a life on your terms. Where you can do what you want, when you want.

You’ll have freedom.

Because the business will be able to run itself.

Or you can choose to continue as you are.

Working IN the business.

Worrying about money.

Not sure whether you’ll survive.

And stressing about closing the business and failing to support your business.

There’s a clear winner there.

So remember, the ONLY way to grow a business…

…is by working ON it.