As a business owner, do you ever feel you are on a hamster wheel, constantly running, but failing to make progress? Sometimes this is caused by working in your business as opposed to on your business. You might think this is semantics, but experience has shown that those that appreciate the difference are more likely to get off the wheel, back in control, achieving objectives.
Prior to owning a business, manyowners have literally undertaken the practical work themselves, gaining hands on experience in their field. Take for example an electrician. More often than not, electricians have worked for someone else, gaining on the job experience and qualifications. As electricians, they become proficient in their work, even specializing in their field. During the course of their careers some electricians may choose to establish their own business, employing staff and working for themselves. Often people find a transition of this sort challenging. This is because the skills needed to work in a business differ widely from those required to work on a business. The first state is operational related. The latter points to strategy setting and long-term vision building. Implementing verses planning, doing versus being, in other words. The table below encapsulates this perfectly.
Some business owners never consider the distinction between working in and working on their businesses. Once they identify the activities they spend their time on however, the different states and the space they inhabit become clear.
Sometimes the issue doesn’t lie in a failure to understand the difference between on and in. Rather, it relates to the time available. An owner can be so busy literally doing the work themselves, they have no time for working on the activities that will permit them to get off the hamster wheel. Therein lies the dilemma. If zero time is spent working on a business, an owner remains trapped, treading the wheel.
The first step to overcoming any challenge is to shift your mind. You may also need to learn new skills, establish a supporting team in and outside the business, and relinquish control to others so you gain back much-needed time to focus on your business.
Subsequent steps may include working with your accountant to prepare a business plan which provides a road map of where the business is going and how it is going to get there.
Budgets and forecasts should be set too, enabling measurement and where appropriate, change, so the business continues to work towards achieving its goals.
Finally, communicating the plan and goals to all employees enables staff to understand and appreciate the part they play in making the business successful.
The matters above don’t need to take hours of time. After the initial plan and objective are set, an owner often doesn’t need to spend more than a couple of hours a week working on the business, reviewing and assessing the business’ progress. These hours are vital because they permit an owner to take action when the business isn’t heading towards goal achievement.
The majority of business owners don’t get off the hamster wheel without making a concerted effort. At Greenlion, we can assist in that respect through the advisory work we undertake. Having us by your side can help you identify opportunities and challenges and the steps you need to take to make the transition. If you and your business are ready for change, contact Greenlion and we'll gladly assist in halting the wheel.
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