Are you stuck in the daily grind of your business? Discover how shifting your focus from operations to strategy can unlock growth, clarity, and freedom. Learn the five essential activities that will help you work on your business—not just in it.
Are you working on your business or just in it?
You’ve probably heard the advice to work on your business—not just in it. But what does that actually mean? And more importantly, what should you be doing when you’re working on your business?
Let’s start by clarifying the difference.
Working in vs. Working on your business
Here’s a simple breakdown:
Working in your business is about the day-to-day operations:
Serving customers
Managing staff
Processing transactions
Solving immediate problems
Delivering products or services
Working on your business is about long-term growth and strategy:
Setting direction and goals
Planning for the future
Reviewing performance
Improving systems and structure
Identifying risks and opportunities
The 5 most important activities when working on your business
To truly make progress, here are five key actions you should take:
Prepare a business plan and update it annually. Ideally, do this in the last month of your financial year or the first month of the new one.
Create a budget and forecast for the next 12 months at the same time you prepare your business plan. Review this annually as well.
Report monthly against your plan and budget to track progress.
Communicate your plan and results to both the owners and your team.
Hold a monthly review meeting (1 to 2 hours) to assess your progress, financials, business structure, and any risks or opportunities for improvement.
How much time should you spend?
Working on your business doesn’t require a full-time commitment. A good rhythm looks like this:
1 to 2 hours per week for strategic thinking and planning
Half a day per month to review data and hold your monthly meeting
1 to 2 days per year off-site to refresh your business plan and structure
Get support and stay accountable
The best way to stay consistent is to get someone independent to help you establish these habits and hold you accountable. This external perspective can make a big difference in how effectively you improve your business.
Final thought
What do you need to change to work more effectively on your business?
If you’re ready to shift gears and start working on your business more effectively, talk to us—we’ll help you build the structure, strategy, and accountability you need to thrive.
About Pathfinder Solutions
Pathfinder Solutions advisory team members have either owned or managed businesses, or are investors themselves, so we know first-hand the challenges you face in your world.
Sure we’re Accountants, but the best solutions in business come from focusing on more than just the numbers. Our real-world business experience delivers just that.
