As an entrepreneur, you’re probably familiar with the constant juggling act of managing your business. But have you ever stopped to consider whether you’re working “in” your business or “on” it? This subtle shift in perspective can be the difference between merely surviving and truly thriving. Let’s dive into why prioritizing work “on” your business is crucial and how you can make it happen.
The 90/10 Rule: A New Perspective on Time Management
Imagine this: You’re spending 90% of your time on strategic tasks that drive your business forward, and only 10% on day-to-day operations. Sounds like a dream, right? Well, research suggests this should be your goal.
Working “on” your business means focusing on:
Planning for the future
Setting long-term goals
Developing business strategies
Automating processes
These are the tasks that require your unique expertise and vision – the stuff that can’t be easily delegated.
The Numbers Don’t Lie: Less is More
Here’s a mind-blowing fact: Companies with a maximum of three priorities are most likely to achieve above-average growth. On the flip side, when businesses have more than four core values, improvements in key performance indicators become less likely.
The message is clear: Focus is power. By honing in on what truly matters, you’re setting yourself up for success.
The Multitasking Myth and Other Pitfalls
So, why do so many of us struggle to work “on” our businesses? A few reasons:
The Multitasking Myth: We think we’re being productive by juggling multiple tasks, but in reality, we’re just spreading ourselves thin.
Lack of Clear Goals: Without a north star, it’s easy to get lost in the day-to-day grind.
Emotional Decision Making: Our fears and insecurities can lead us to make choices that don’t serve our long-term interests.
Strategies for Success: Your Action Plan
Ready to shift your focus? Here are some strategies to help you prioritize working “on” your business:
Implement OKRs (Objectives and Key Results): This framework helps you set clear, specific objectives and align your efforts towards achieving them.
Practice “Extreme Prioritization”: Be ruthless in deciding what truly deserves your attention.
Focus on Employee Experience: Happy employees lead to a thriving business. Invest in your team’s well-being and development.
Regular Self-reflection: Take time to understand your biases and decision-making patterns.
The Bottom Line
Remember, your business isn’t just about the day-to-day operations. It’s about the big picture, the long-term vision, and the strategic moves that will take you to the next level.
By prioritizing work “on” your business, you’re not just managing – you’re leading. You’re not just surviving – you’re thriving. And most importantly, you’re building a business that can stand the test of time.