By Adam Pattison, accounting senior manager, Armstrong Watson LLP
The concept of “working on your business, not in it” was popularised by American author and business consultant Michael E Gerber.
It emphasises the importance of taking a step back from daily operations and dedicating time to strategic planning, process improvement, and long-term growth. This approach can have a transformational impact on businesses of all sizes.
Working ON vs working IN your business
Working in your business involves the day-to-day tasks and activities necessary to keep it running smoothly – everything from managing operations, serving customers, handling administrative duties and ensuring the overall efficiency of the organisation.
On the other hand, working on your business focuses on the larger strategic aspects, including setting long-term goals, devising growth strategies, optimising processes and building a strong foundation for sustained success.
Both approaches are essential, but striking the right balance is the key.
Are you trapped working in your business?
Many business owners find themselves stuck in the never-ending loop of working in their businesses.
This can lead to:
- Lack of vision: You may lose sight of your long-term vision and objectives and your business could veer off course and fail to reach its full potential.
- Missed opportunities: Focusing solely on the day-to-day activities can cause you to miss opportunities for growth and improvement, which often require careful planning and strategic decision-making.
- Burnout: Constantly working in your business can take a toll on your physical and mental wellbeing, which can lead to decreased productivity and, ultimately, a negative impact on your business’s performance.
What are the benefits of working on your business?
When you allocate time and resources to work on your business and not just in it, you create a foundation for sustainable growth, improved efficiency and long-term success.
The benefits include:
- Strategic focus: Allowing you to align your actions with your long-term goals and enabling you to develop a clear roadmap for achieving success and staying ahead of the competition.
- Efficiency and effectiveness: Analysing and optimising your processes can help streamline operations, reduce waste and improve overall efficiency, leading to cost savings and increased profitability.
- Innovation and adaptation: Staying in touch with the bigger picture enables you to identify market trends and seize new opportunities. You can innovate and adapt your business to meet changing customer needs and preferences.
It is vital to embrace the concept of working on your business, not just in it.
