How to Work ON Your Business (Not Just IN It): 5 Essential Strategies for Small Business Owners

Bookkeeper helping small business owner

As a small business owner, I’m sure you’ve heard about the need to work ‘on’ your business as well as working ‘in’ your business. But have you ever stopped to think what exactly you should be doing?

In this post, we’ll break down the key differences between working on your business versus working in it and share five powerful strategies to help you grow, scale, and succeed.

What’s the Difference?

5 High Impact Activities to Work ON Your Business

1. Create and Update Your Business Plan Annually

Set aside time at the end or beginning of your financial year to review and revise your business plan. This ensures your goals, strategies, and vision stay aligned with your current market and business environment. Ideally, take 1-2 days away from the business and your usual daily grind to focus.

2. Build a 12-Month Budget and Forecast

Alongside your business plan, prepare a detailed budget and financial forecast. This helps you anticipate cash flow, manage expenses, and make informed decisions throughout the year.

3. Track and Report Monthly Progress

Use your plan and budgets as benchmarks. Review your performance monthly to identify trends, spot issues early and stay on track.

4. Communicate With Your Team

Share your business goals and results with your team. Transparency builds trust and keeps everyone aligned and motivated.

5. Hold Monthly Strategy Meetings

Dedicate 1-2 hours each month to review your numbers, assess risks and opportunities, and adjust your strategy. This is your time to think big and make proactive decisions.

How Much Time Should You Spend Working ON Your Business?

Working on the business is by no means a full-time role. Here is a simple time breakdown:

• 1-2 hours per week for strategic thinking and planning
• Half a day per month for review and accountability meetings
• 1-2 days per year off-site to refresh your business plan and structure

Pro Tip: Get an Accountability Partner

Working with an independent advisor or coach, like us here at Small Biz HQ, can help you stay disciplined, focused, and accountable. They can offer fresh perspectives and keep you on track to achieve your goals.

What do you need to change to work more effectively ‘on’ your business?

Contact Us