Feeling overstretched by your business? You’re not alone. In fact, many business owners become too involved in day-to-day operations, and as a result, they do not focus enough time on growing their business. This infographic from 2Flow shows you how to avoid falling into this trap.
As an entrepreneur, you will find that there is no such thing as a typical workday. One day you may be attending high-powered meetings and conferences, and the next you could be scrubbing your store and manning the till. As the owner you have a duty to ensure the smooth running of daily operations, however, you must also consider your responsibility to grow the business. As such, it’s important that you figure out how to strike the right balance between working in and on your business.
What is Working IN Your Business?
Working in your business comprises all those activities that must be completed on a daily basis. This includes tasks such as dealing with customer queries or sending out invoices. These are jobs that could and should be handled by employees, as they take time away from activities that you should be doing to grow the business.
What Does It Mean to Work ON Your Business?
This refers to “big picture” activities that help you to build the best business possible. Some examples include strategizing, setting goals, and thinking about the future. For optimum success, experts recommend that business owners spend at between one to two hours every day needs to be spent working on looking at ways to move the business forward. As the owner of the business, it is up to you to provide visionary and forward-thinking leadership.
The Importance of Delegation
Just as you can over-parent, you can do the same thing to your company. I had to come to the place where I know that the staff I have is capable and then let them go because they are ready and can handle it …if you hold on too tightly, it doesn’t grow. – Hester Taylor Clark, Founder of The Hester Group
Did you know that just 50% of businesses make it to the 5-year mark? This is partly because the business owner is not investing enough time in planning ways to drive the business into the future. In order to open up more time for working on your business, it’s key that business owners master the art of effective delegation. To get it right, hire reliable and conscientious employees and work on cultivating a culture of trust. Delegation can be tricky at first, especially when you’re used to doing everything yourself, but ultimately it is a healthy activity and is vital if you’re to grow a company.
Find Out How to Manage Your Business Effectively
If you are would like to find out more about the differences between working in and on your business, why not check out the infographic below. This useful guide offers many helpful tips for business owners about how to establish boundaries and delegate tasks, so they have more time to drive their business into the future.