THE BALANCE BETWEN WORKING IN AND ON YOUR BUSINESS
Since the inception of MSME’S, It has become the delight of business coaches to deliver lectures on working on your business. This is actually not a bad idea but getting so engrossed in working ‘on your business’ that you forget to ‘work in your business’ comes with adverse effect.
Entrepreneurs are likely to get carried away with the daily pressure of working on their businesses from the stage of production, administration, delivery of great customer service, marketing and final distribution but keeping your eyes steady on how to make profit from your business is also vital. A profitable business requires you working on and in the business because that’s the only time you actually make money. Just like a scale with an unbalanced load does not stay well positioned then so it applies to a business that has lost its balance.
The key is planning. You need to schedule a time that you will spend on your business every single day. You need to prioritise this time and not allow yourself to be distracted. It’s also about focus, working on your business is hard so you need to put 100% focus into it. It’s just like training if you plan then you focus you will get results.
As a business owner, it is really easy to be tempted to wear all the hats, to micromanage, to have a fear of letting go. That fear then turns into nights and weekends away from the family, never feeling like you can come up for air, and living in a constant state of being stretched too thin. But you need to be conscious of your actions.
Working in your business will push you to be a revenue-producing, product-fulfilling member of the team while working on your business means designing, planning, refining your business, but not directly producing revenue.
Whatever you do, ensure to strike a balance.