7 Steps to Greatness - How to Start Working 'On' Your Business

Over there years, I've encountered many entrepreneurs and business owners who are tirelessly working "in" their business but struggling to achieve sustainable growth and long-term success. There’s no doubt business owners are hard workers, this goes without saying, but generally they can get caught up in the day-to-day tasks of the business and fail to invest time to focus on the future of the business. The problem with this is it generally leads to substandard performance and burnout.

So how do you make the critical shift towards a more strategic focus, while keeping the operations running at an optimal level?

In this month’s newsletter, I answer this for you by:

• Breaking down the difference between working ‘in’ v working ‘on’ your business
• Highlighting the benefits of working "on" the business
• Providing the ‘7-Steps to Greatness’ to help you make this transition
• Identifying key strategic areas within your business to focus on
• Delivering actionable steps to implement today

Let’s get into it.

Working 'In' vs. Working 'On' Your Business

Every advisor you meet is always ready to impart their knowledge on you (like I’m doing now! 😉) and its likely after a short conversation they will manage to tell you in one way or another, that you should be working ‘on’ your business! But what does that actually mean? Is running your business and making sure clients are looked after, staff paid, and the lights still on, not working ‘on’ your business? Not quite.

While these are all important aspects of running a successful business, to truly grow and evolve, you need to invest time to look at where the business was, where it is now and where it is heading (check out my last newsletter for more on this - Three Essential Areas to Refocus Your Business for the New Financial Year).

From there, you can identify strategic priorities, which can be communicated to your staff and actioned on a daily basis. And let’s be clear, working ‘on’ your business isn’t just about bringing in more revenue; it’s improving all aspects of your business to build a great company - revenue is merely one facet of it.

Below I have outlined the key differences between working ‘in’ v ‘on’ your business - see if you can recognise where you fit best.

Working 'In' Your Business

• Hands-on tasks: Involves managing day-to-day operational tasks, such as production, customer service, and administrative work.
• Immediate problem solving: Spending your day dealing with issues as they arise.
• Limited delegation: Overloaded with small menial tasks because you need to be in control of every aspect of the business.
• Over prioritises efficiency: Just because you’re efficient, doesn't mean your effective.
• Owner-centric: The business’ success depends heavily on the owner’s presence and involvement - if you're not there, the business cannot run.
• Burnout: Due to the high demands and stress of daily operations, owners can become burnt out, whereby they and the business suffer.

Working 'On' Your Business

• Strategic planning: Allocates time to setting long-term goals, developing a vision and setting the future direction.
• Proactive problem solving: Focuses on anticipating and addressing challenges before they become critical issues.
• Team Development: Invests in building a skilled and motivated team capable of executing the business’s vision.
• Delegation & empowerment: Delegates tasks and responsibilities as much as possible to empower their team.
• Process Optimisation: Seeks to improve and streamline processes to enhance overall efficiency and effectiveness.
• Business-centric: The team, systems and processes put in place allow the business to operate effectively without the day-to-day involvement of the owner.

Benefits of Working 'On' Your Business

OK, so now we're across the difference between working ‘in’ v ‘on’ your business, but what are the benefits? Are they really that worthwhile? Yes.

By moving to a more focused approach and consistently working on the strategic direction of the business, you will start to see the following benefits arise:

Sustainable Growth

• Focusing on long-term strategies allow you to create a scalable business that can grow sustainably without your constant involvement.

Improved Efficiency

• Implementing streamlined processes and delegation allows your business to operate more efficiently, reducing costs and enhancing productivity and overall output.

Enhanced Innovation

• When investing the time to focus on strategic thinking, opens the door to innovation, helping you stay competitive and adapt to changing market conditions.

Improved Culture

• Reducing your day-to-day involvement in operational tasks and empowering your staff to execute on the strategy and vision of the company, will lead to greater engagement and culture.

Increased Value

• A business that operates effectively without its owner's constant presence is more attractive to potential investors or buyers and will generally attract a greater multiple when it is valued.

7 Steps to Greatness!

By now you are aware of the key differences between working ‘in’ v ‘on’ your business and you can agree with the benefits of making the shift to a more strategic, long-term focus. However, most people will stop here as the excuses start flooding in. “I’m too busy”, “I don’t have the time”, “I’m not skilled enough”, “I wouldn’t know where to begin” etc.

Luckily, I have heard them all and many more and I’m here to say anyone can do it, you just have to take the first step and commit to improving your business - not for you, but for your staff, your clients, your suppliers - all of the stakeholders who rely on your business not just surviving but thriving!

To help you make that transition, I have outlined a 7-step process that anyone can follow.

Step 1: Self-Assessment

• Reflect on your current role in the business and identify tasks that can be delegated or automated.
• Determine your strengths and weaknesses as a leader and prioritise areas for improvement. We all know what we are good and bad at, we just fail to admit it to ourselves. Take this opportunity to be honest with yourself, so that you can grow into the leader the business needs.

Step 2: Define Your Vision

• Clearly articulate your long-term vision for the business, including growth goals, market expansion, and financial targets.
• Ensure your vision aligns with your values and mission statement.
• For more help with this, check out my last newsletter - Three Essential Areas to Refocus Your Business for the New Financial Year

Step 3: Delegate and Empower

• Identify key team members or hire individuals who can take over operational responsibilities.
• Provide clear guidelines, training, and support to enable your team to excel in their roles.
• Empower your team to make decisions and take ownership of their areas.
• Communication is key! Don’t assume your team know what you are thinking. Be clear on expectations for them, the business and yourself.

Step 4: Develop Systems and Processes

• Create standardised processes for various aspects of your business, from sales and marketing to operations and customer service.
• Document procedures, workflows, and best practices to ensure consistency and efficiency.
• Scalability and growth can only be achieved in the long-term where systems and processes are put in place. This is one area you cannot neglect.

Step 5: Set Key Performance Indicators (KPIs)

• Define measurable KPIs that align with your business goals and vision.
• Regularly monitor and analyse these metrics to track progress and make informed decisions.
• Align team bonuses and rewards with KPIs where possible. The targets you set should stretch your team, but not be unachievable.

Step 6: Schedule Strategy Time

• Dedicate time on a regular basis to work on strategic planning and business development. This should be done weekly/monthly/quarterly to keep track of short-term strategic priorities and at least six-monthly/annually for longer-term review to ensure the business stays on track.
• Use this time to brainstorm new ideas, assess market trends, and adjust your business strategies accordingly.

Step 7: Invest in a Professional

• Transitioning to a more strategic focus can be a big change for many business owners. But you don’t have to do it alone.
• To help you along the journey and keep you accountable, consider hiring a business/performance coach or a Virtual CFO to provide valuable insights, and guidance as you transform your business. And remember, these sorts of services are an investment, not a cost to your business.

Key Areas to Work 'On' Your Business

Congratulations! By implementing the 7-Steps to Greatness you are now ready to grow and improve your business. But where to start?

In the following table I have outlined the key areas you should pay attention to. Each area will be in a different state of health, so best to take a step back and undertake an assessment of each prior to jumping in, and then tackle them in order of priority i.e., which area needs working ‘on’ the most to achieve your strategic priorities?

Time to Get to Work!

We all get stuck in the day-to-day task mentality. While it feels like you are accomplishing many things, the fact is, they’re short-term menial tasks that are stopping you from focusing on the more important task of growing your business. Making a commitment to transition from working "in" your business to working "on" your business is a pivotal step toward achieving sustainable growth and long-term success. By following the 7-Steps to Greatness, you can start making this transformation.

Now it’s time to get to work! As soon as you finish reading, do this:

1. Open up your calendar and block out 1 hour on a day next week that works for you, for ‘Strategy Time’ and make it a weekly recurring event.
2. Start working through the 7-Steps to Greatness and begin your transformation.
3. Contact me for a free 30-minute online session if you get stuck.

Remember, the journey of working "on" your business is an ongoing process. It requires continuous adaptation, learning, and commitment. By making this shift, you position your business for long-term success and fulfilment as a business owner and human! Good luck!