As a small business owner, the answer is likely “Yes” to both. Emphasizing the work ON the business is essential to ensure the business’s continuing success. Below are some strategies to help you:
1. Effective Time Management Is Essential
a. Categorize your business tasks into 2 groups: (i) operational tasks (working IN your business); and (ii) strategic tasks (working ON your business).
b. Set specific times for each group of tasks to help you stick to a schedule: e.g. – early mornings: operational tasks (e.g. customer interactions, fill orders, supervise staff) -balance of the mornings and afternoon: strategic tasks (e.g. marketing planning, financial analysis, business development).
2. Delegate
Identify key employees to take on many of your operational tasks; train them and give them the authority to make decisions. This will give you more time to focus on strategic tasks, plus it helps to build more capable and motivated employees.
3. Implement Systems & Processes
Standardize your business processes, develop clear procedures and put these procedures in writing so they’re easy to follow. Use technology to automate where possible e.g. accounting software, CRM systems, project management tools. Using processes, procedures and technology can ensure that your business runs efficiently and reduces the time you spend on operational tasks.
4. Review & Adjust Your Strategy
(i) Working ON your business also means you need to regularly review and adjust your strategy. At least once a month, set aside time, to do an analysis: look at your business’s performance, trends in the market, the competitive landscape. Then, you can make more informed decisions about where to invest your time and money. (ii) Analyze your operational tasks based on what’s working and what isn’t working. Fix the tasks that are not working.
5. High-Impact Activities
Focus your efforts on the activities that have the highest impact on business growth (e.g. develop new products/services, expand your market, improve customer satisfaction, optimize your supply chain). This will help you make meaningful progress in your business’s development and avoid getting bogged down on less critical tasks.
6. External Support & Advice
Seek external support. Engage with business mentors, like ASE, join local business groups, hire consultants. They will provide new insights and strategies that can help refine how you carry on your business.
7. Work-Life Balance
You need to be healthy for business success. Take time for personal activities and rest. Overwork can lead to burnout, which reduces your productivity and decision making ability. Having a well-balanced life will ensure you can handle the strategic tasks as well as the operational tasks of your business.
Author: Mary Ruijs