one of the key benefits from reading it is that you’ll get dozens of excellent…
Here at Accountancy Extra we are huge fans of Michael Gerber and the book E Myth Revisited. So much so, that we provide new clients with a copy of the book.
In the book, one of the concepts discussed is “working on your business, rather than in it”, but what does that really mean?
Working on the business includes activities such as
- Networking meetings
- Researching a new product
- Working on your cashflow
- Putting together a business plan
- Reviewing your gross margins, or
- Systemising your business
How often do we start to do one of the above and then abandon it as a customer calls wanting something, or we need to attend to an urgent e mail from a client?
I often think about running a business a bit like preparing for the World Cup. A top class footballer doesn’t just turn up 10 minutes before kick off and expect to be brilliant on the pitch. Instead they invest years of training for their big moment, and, once they’ve made it into the international team, they continue training in between matches. If they don’t, their performance will not improve – in fact it’ll probably go backwards and their place in the team will be taken by another player.
So what does that mean for your business?
Well firstly, it’d be great if you could do your preparation before starting your business. Sadly, this is rarely possible. However, constant investment in improving your business should be high on your list of priorities, if for no other reason than to stop you slipping backwards! A lot of business owners start off with the right intentions and then let them slip as they get busier, i.e. they revert to Technician Mode.
You should set time aside each week to work on your business, think about the footballer in training each day.
Working “on” your business is exactly that – setting time aside each week to do all of the things mentioned above and more. Taking the time to look at how your business is performing and how you can improve. The main reasons why most Business Plans and Budgets don’t work for you is because they have no clear action plan broken down into what you need to do on a monthly and weekly basis (We’ll cover this area more in future posts).
How much time have you scheduled into your diary in the next few weeks to look at how your business is performing?