From the beginning, owners of small businesses are placed in the best position to work in the day-to-day running of their business. The business owner is the one who understands every in and out – better than anyone else, and knows exactly how their business operates on a daily basis. But if too much focus is on running the business, owners often see plateaued growth, or continue with processes which could be costing time, and money.
Working too closely in your business can be detrimental to it’s overall health, so here’s four ways you can starting working on your business, and not in it.
1. Your team
One of the initial, and most important considerations of being able to work on the growth of your business, is by surrounding yourself with the perfect team. The ideal team will allow you (with confidence) to position yourself away from the day to day operations, and ins and outs of the business to truly focus on what is best for your business – it’s growth and health.
Having a consistent stream of useful feedback will allow constant change and improvement of processes, adapting to what assists the business perform at its peak. It’s vital to ensure an effective feedback system is in place, and that teams are comfortable delivering open and constructive feedback.
3. Perfecting your systems
Having internal systems to support your journey is important, and making sure they are functional (yet flexible), will allow these changes to adapt as the business changes. Outsourcing certain aspects of your business could also be another area of opportunity to lift yourself out of “doing”. Find out more about outsourcing, in a recent article we published.
4. Your mindset
When business owners finally take a step back from the daily operational aspect of their business, it will feel unknown to them. It may be daunting, but working on the sustainability and profitability of the business should be the primary focus for business owners. This may even require a shift in mindset for some business owners who are stuck in an employee mentality.
5. It will allow you to be flexible and scalable
Flexibility is a key requirement for businesses wishing to scale, and outsourcing promotes just this. For tasks which do not require a full time or even part time staff member, outsourcing will allow your business to pick specific parts of the business that you need help with, and work on building outsourcing teams around potential process gaps, or even weaknesses, in turn making your business stronger. Flexible hiring is a key benefit of outsourcing, and contributes to your entire businesses scaling process.
By working on your business, rather than in your business, you are doing your business a service. Positioning yourself outside of the day to day allows you to focus on business health, which also includes your financial position. Here at Minnik, we’ve been helping businesses for over 10 years, and use XERO accounting software to allow you to work ON your business and not IN it. If you’re interested in learning more about how XERO can revolutionise your business financials, you can reach out to us here.
Minnik Integrated Financial Solutions are specialists in business advisory and personal wealth management. Contact us today to discuss your financial needs, and embrace your journey to wealth. www.minnik.com.au