When you first start off in business, the chances are you’re managing everything yourself.
From networking with potential clients, managing your daily operations and organising your finances, you’ll know the ins and outs of your business.
While this is important at first, we often find at James Hopkins Coaching that new business owners soon find themselves stuck working in the business.
Rather than playing the role of a business owner, they are working as an employee.
So, what is the difference between working on your business vs working in the business?
When you’re working in the business, you’re playing the role of your employees.
For example, if you owned a bakery, you should be baking the goods, managing orders and interacting with clients.
This is essential in your first few months as it will guarantee you fully understand your operations.
However, issues will begin to arise when the topic of expansion comes into question.
How can you expand your business if you’re spending all your time working in it?
This is where working on your business will become extremely important.
When working on your business, you are focusing on growth and improving your internal systems.
From the way you interact with clients to the way your operations run, there is always room for continuous improvement.
At James Hopkins Coaching, we help our clients to focus working on the business to drive growth and improve profitability.
This all starts with delegating your current jobs. You must begin by hiring at least one individual who can take care of your day to day operations.
Going back to the example of the bakery, this would mean hiring a shop floor manager who would serve your customers and manage your orders.
By doing this, you free up your time to focus on the growth aspects of your business.
It’s important to note that this process also requires a mindset shift.
At James Hopkins Coaching, we focus on taking a step back from day to day operations, which will allow business owners to effectively analyse the pros and cons of their current operations.
This can be difficult as first, especially if the business owner is used to micromanaging every area of the business.
However, this shift is essential to the growth of any business.
So what does working on the business actually entail?
Now, the process of working on each area of the business begins.
You must break down your business into different sections- operations, marketing, sales etc.
Within each of these sections, you can then look at the systems you have in place.
Begin improving these internal systems. For example, improving the efficiency of your accounting system so less time is required each week.
At James Hopkins Coaching, we have found that the more efficient each of these systems is, the more success the business in question will achieve.
If you’re not sure where to begin, start by focusing on the small changes, it is often these that will make the biggest difference!