In the previous post we explained that there is a subtle, but important difference between working ON your business and FOR it. The difference stems partly from how the business owner is thinking about the future of his business. Is he preparing the business for long-term success or worrying about day-to-day cash flow? Great companies are created when the founders focus on long-term viability of business and lay strong foundation, even if it means sacrificing short-term gains. Just look at the examples of great companies of today – Microsoft, Dell, Facebook, Apple and so on! All of their founders worked didn’t focus on short-term gains in the early stage of their companies.
One of the great books I have come across that makes an argument for working ON your business and shows how you can do it is The E-Myth Revisited by Michael Gerber. In the book, the author gives an example of a bakery owner who loves to make cakes and thinks that, as a result, she can succeed in bakery business. However, upon starting the business she encounters the realities of running a small business and finds out that running a bakery is very different than the hobby and many times has nothing to do with her love of baking. I am sure many of you can relate to this story.
However, you don’t have to meet the fate of the bakery owner mentioned in the book. The key to success in working ON the business is to be able to take a step back and look at the forest as opposed to individual trees. You need to look at the big picture rather than getting bogged down in every minute details of the business. Now you must be thinking – “sure, it is easier said than done. Just try to spend a day in our business and you will find out how difficult it is.” We know the difficulty! We have been there! From our own experience we can tell you that while there is some truth to your argument, you can take certain steps to be able to see the forest for trees.
The first and foremost action you have to take is to think about the tasks you can delegate to others and adopt techniques that allow you do more in less time. Because most small businesses are started by one person who is a Chief Everything Officer it remains difficult for him to delegate even after the business expands. But you have to adapt as the business expands by hiring best employees and delegating tasks to them. You cannot afford to fall into busy trap once the business starts expanding.
In addition to delegating tasks, you need to learn to say NO to every customer and every type of business. You have to think about what you want to be when your business grows up and focus on those customers or actions that will get you there. If you continue to pursue every customer and business opportunity there will not be time left to think about the big picture.
What is your experience in building the business for long-term success? What other suggestions do you have to work ON the business, not FOR it?
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