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Marketing, Business Strategy, Business Development

Key Business Growth – Working on Your Business

One of the biggest threats to my business is trying to hold onto activity or jobs that other people in my team can do better. If you want key business growth, working on your business is a must – and the biggest preventer to this is too much work IN the business.

It’s a constant struggle. It kind of feels easier to just do it myself. But if I am working IN the business, who is working ON the business?

One of the important tasks I carried out three weeks ago was to write down every single task my business needs to do to grow, and meet my targets. I then turned this into a diagram, and began to be more focussed in outsourcing to my team, the areas are less end value to the business if I am doing them instead.

Here are some things you need to find time for to create key business growth and start working on your business. Who is doing them in your business? Have you made time for them this week?

1.Your strategic planning – Make a plan, and then refer to it. You need time to come back and check in with your plan and your progress. A plan is only as good as our use of it. If it’s not working, change it , tweak it, but whatever you do, make sure you allocate time to plan! (We help people create their plans – one tip: it doesn’t need to look beautiful It just needs to be used.)

2. Your own marketing – If you are in business you need people to know about it. If it’s using social platforms, often it’s a time heavy need. So what time allocation have you given it to?  There is a direct relationship between effective, targetted activity and sales. If you aren’t doing it, then you need someone who will own it for you. We run a virtual marketing service – the first thing I outsourced was much of my marketing to my own team. Why wouldn’t I use our best for me too?

3. Your sales – Who and when and how will you sell? How much time and what targets do you have in place EVERY WEEK? Have you worked out how much time and effort it takes for each sale and factored that time in somewhere? You need to keep on creating new opportunity – if you are the driver of the business this is the second most important thing for you to spend your time on  (the first is the overall strategy).

4. Your paperwork. Have you go this all in order? – are you invoicing people, keeping track of work in progress, communicating with your people, staying on top of the admin? This is likely to be one of first things you have someone else do, but you still need to know what is going on and where.

In my business, for instance there are a few things above that I have already outsourced to my team to run. Our goal is to work 20% every week on our business, and 80% on our clients, long term, but currently it’s more of a 40/60 split as we grow our name, profile and offering. This is a long term strategy for growth, that may eventually see some of our team just working ON the business, and some working IN the business.

For those of you running your own business, I suggest you take a look at how much time and effort and resources you place on working on your own business – and perhaps refresh your strategy around it. It’s likely you are not spending enough time, and have fallen into the “doing” a little heavily, which works well for today, but will not benefit you long term.

Work on your business. And find others to do so too – so the doing part of your business can continue to grow.

Rachel Goodchild is managing director of Identify.

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