Greetings entrepreneurs! We are in the last month of our first quarter and I must say this has been an eventful decade so far. From experiencing political melee, mourning the loss of an iconic figure to dealing with epidemic outbreaks, it is safe to say 2020 is “oaring”. But enough about that, let’s make sure you are closing out your first quarter strong and working on your business. Okay, let’s pause and revisit what I just said. “Working on our business”, when I say this I do not mean carrying out the actual service for your clients but actually working on the structure of your company.
Working On Your Business vs. Working In Your Business
There is a clear difference between working on your business versus in your business. You should not be working in your business because that is what employees are for and you are holding up job positions. As an owner, your priority is to focus on scaling your business. However, do not get me wrong I understand this is difficult to do at times because as a small business owner you find yourself constantly putting out fires that force you to “work in the business”. Again, I 100% understand but this is what you need to understand, constantly working IN your business can actually harm it. I know you may be saying to yourself “ but I am doing a lot to keep my company running”, but the problem lies in what you are not doing for your company. You should be doing these things:
As an owner, one of your primary focuses should be creating intentional relationships in your community. While your business is operating at its normal hour you should be making contact with small business owners to absorb new ideas. Also, join industry associations or local associations like the Chamber of Commerce, Lion’s Club and Rotary Club. The purpose of this is to expand your circle of associates and friends outside of your industry. Remember, your network equals your net worth.
Developing a Standard
In dating, we set standards when it comes to choosing a mate, so the business is no different. As a company, your standards should not be set by your customers. Standards should be thought out and communicated to the world with force giving power to your company’s mission statement. Rather the standard is good response time, turn around time, product quality, customer service, there are many things that can define your company.
Proper Systems and Procedures
Experience has always been our best teacher, but that does not mean that mistakes have to always serve as the experience. Mistakes happen, but they occur repeatedly when we do not plan accordingly or have a standard operating procedure. Standard operating procedures allow will literally walk you through making a peanut butter and jelly sandwich step by step. However, in the ever-changing technological advancing world some procedures to evolve to keep up with the competition. If you are constantly working in your business you can be beaten out in a competitive market.
The last and one of the most important aspects of working on your business is to create the space and time to receive feedback. Sure your business may be good but wouldn’t you like it to be great? There is always something we can do to improve customer and client experience. The people we serve are essentially always right. When you are stuck working in your business do not have the bandwidth or the patience to go through customer reviews because you are flustered with tasks you hired employees to complete. Get to a place where your business can be seen at a satellite view. You want to be able to see everything so your business grows. The end of the quarter is approaching, good luck!