Most business owners still ‘Work in’ their businesses when instead they should be aiming towards ‘Working on’ them.
So what is ‘Working In’ a business?
‘Working In’ a business is when the owner is doing the day-to-day stuff that the staff should be doing, or put another way, if the staff are not doing it or do not have the time then they should be or higher more staff.
If you are getting involved in speaking with customers, answering the telephone, raising the invoices, paying the bills and other work within the business then you are not being efficient with your time.
What is ‘Working On’ a business?
‘Working On’ a business is when you get involved in the business planning and strategy behind what your company is all about. It is about planning where the company is heading and essentially relates to the ‘Bigger Picture’. As a business owner you should be looking at whether or not you expand the business organically or by acquisition; How you go about increasing business value; and on the overall business strategy for growth.
Creating business value
Where business owners stop working in the business and focus on the strategy, the business will become more valuable as a result. A business that is less dependent upon the owner for the day-to-day operations is far more attractive to investors and more likely to sell; you will have more potential business buyers interested in your company.
Very well put. I think that too many new business owner are not aware of this distinction and are really missing out on the real sense of accomplishment that comes with Running a business instead of just working at one.