{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"Working ON Your Business Instead of IN Your Business","description":"Welcome to Episode 8 of Grow For It!  This is a podcast for small business owners, operators and professionals.  I\u2019m Jim and my goal is to work in the space between your ears \u2013 you know, on your mindset \u2013 to keep you focused on the activities that will move you closer to your Vision. Today\u2019s episode focuses on the importance of taking time to work \u201cON\u201d your business, instead of \u201cIN\u201d your business. Before we get going, let\u2019s review where we\u2019ve been.  In Episode 7, we discussed Cultivating Your Brand and tips to begin influencing how the market receives and perceives your brand. Today, our discussion will cover important activities a small business owner must do to be successful over the long-term.  If you\u2019re ready, LET\u2019S GROW FOR IT! I\u2019m going to be very transparent in today\u2019s discussion.  Like most of you, I\u2019m a small business owner.  An extremely common challenge for most of us is carving out enough time in the day to handle everything we need to accomplish.  This may include: Working on current client commitments Developing relationships for new business opportunities Managing vendors and tasks we\u2019ve assigned to them Paying bills and handling internal administrative issues Resolving computer or system-related fire drills when they happen (because these nightmares are always pre-scheduled) Allocating family-time and social activities so you have a reason to avoid working 20-hours a day And then there\u2019s that often-neglected topic of marketing for your business All of us battle these challenges each day.  It\u2019s part of this adventure called entrepreneurship. We\u2019re all trying to do more with less.  Many times, that means we run our businesses with the absolute minimum number of employees \u2013 if we have any at all.  It\u2019s a generally accepted fact that full-time employees (FTEs) are the most expensive cost to a business.  Now, I realize HR professionals are going to argue \u201cgood employees contribute added value.  You\u2019re investing in talent.\u201d  This may be absolutely true.  But in the early years, especially, it might not be possible to make those investments, even if you have them under a 1099-status.  What this means is your dream, your Vision, rests fully on your shoulders.  This responsibility and the pressure that comes with it constantly temps us to work on tactics, when we really need to be focused on strategy.  It\u2019s what I mean when I say, \u201cworking ON your business, instead of working IN your business.\u201d Blocking out time to do this takes discipline.  Large companies or law firms may have the luxury of taking executive-level retreats.  Sure, you can get a lot done, especially when someone else is covering the cost of your time, others are handling the phone calls and unending stream of emergencies and client requests.  However, for most of us, myself included, that\u2019s simply not our reality.  If we\u2019re not at the wheel, the bus might run off the road.  Does this sound familiar? So how do we address this, with the least bit of disruption to our workflow and deadlines?  The most important recommendation I can make is to remember something we discussed in Episode 1.  Do you recall how I described The Sisyphus Effect? If you don\u2019t, please pause this podcast.  Go back and listen to that section of Episode 1.  This is about aligning our activities with our visions.  It\u2019s worth the few minutes it\u2019ll take to remind yourself who and what Sisyphus represents. By the way, if you\u2019re not sure how to get back to the first episode, you can access it on the podcast page on my website:  JimRayConsultingServices.com.  I\u2019ve pinned Episode 1 to the top of the right side of the page, just above those black buttons.  Now that we\u2019re on the same page about Sisyphus, doing the same thing each day doesn\u2019t usually lead to different results.  We have to remember to get beyond the day-to-day habits.  We have to be on guard so we\u2019re not just busy, we\u2019re productive.   Running a small business requires having the proper mindset.  Namely this:  Net profit gives us options. With net profit on the books, we can expand.  We can hire.  We can pay bills.  We can take a vacation or make that donation.  Most importantly, net profit gives us the \u201cprivilege\u201d of coming back to fight another day.  Remember friends, it truly is a privilege.  Just think about how many of your family members, friends and colleagues will never get the freedom to pursue their visions.  It\u2019s truly a gift.  The day we refuse to admit this to ourselves, is the day we need to change course and do something else. I said earlier, it\u2019s a discipline.  Let\u2019s break down a few ways you can begin making progress in this area.  So as usual, I want you to take out a sheet of paper! We have to structure time to review the business.  Big companies do it, because it works.  From a pure business fundamentals standpoint, the numbers don\u2019t lie.  Reviewing your metrics, assessing and reassessing your performance verses plan is just smart business.  Let\u2019s list some key activities we should have already scheduled in our calendars: Revenue and Expense Reviews \u2013 you need to be tracking these monthly and quarterly. Not realizing you\u2019re off the numbers until August is probably too late. Schedule time to do end-of-month summaries. Break it down by service or product.  Early on, I didn\u2019t do this as thoroughly as I should have in my own business. A simple program such as QuickBooks can make your reporting incredibly easy and efficient. Marketing and Advertising \u2013 even if you don\u2019t believe in these tactics, your current and prospective clients do. More importantly, so does your competition. I heard a great statement in a recent Gary Vaynerchuk podcast. He said, \u201cDo you know how scary it is to me that some many of you haven\u2019t done this because of your personal opinion about Facebook?  To run your business with your personal romance of how things should be, versus how they are, is literally the great vulnerability of business.\u201d If you haven\u2019t launched a social media channel, namely Facebook and\/or LinkedIn, it\u2019s time to schedule it. If you need help, find someone who knows what they\u2019re doing and ask for help.  Social media can work for you 24\/7.  You\u2019ve got to sleep some time, but that\u2019s not the same for your marketing. Friends, this isn\u2019t one of those, \u201cI\u2019ll get around to it\u201d activities. Seriously, set a date in your calendar.  Make it happen! Competitive Reviews \u2013 when was the last time you actively noticed what your competition is doing in the marketplace? How are they messaging?  Are they focusing on certain issues or geography?  Have you visited their Facebook page or website?  They may be sneaking up and stealing market share you haven\u2019t realized yet.  Look, I was in sales and sales management for over 20 years. There was nothing I loved better than sending a simple message to one of my competitors with 2 words:  \u201cThank You.\u201d Oh, and full disclosure, I received one too. It\u2019s a reminder not to take my eye off the ball. Key Vendor Discussions \u2013 I mentioned this in Episode 4. There may be new products, programs or other opportunities just sitting there.  If we\u2019re not actively asking about them, we\u2019re leaving money \u2013 and margin dollars \u2013 on the table.  Margin dollars enable the net profit I commented about earlier in this episode.  List your key vendors and contact them this week. You don\u2019t have to wait.  You may already be behind.    Exercise and Checkups \u2013 Yes, I\u2019m actually including these as important activities. It\u2019s easy to run ourselves into ground.  It took a long time for me to realize how much better I was able to perform and how more clearly I was able to think, once I began exercising. Look, you don\u2019t have to go join a gym, although it\u2019s a good idea. Even if you simply take an evening walk after dinner, you\u2019re exercising.  You\u2019ll have time to process what went on during the day and clear your head so you can actually get a good night\u2019s rest. These things can have significant benefits for you, and those who depend on you. Haven\u2019t spent enough time with your spouse or kiddo?  How about taking them for a walk with you? Then there\u2019s medical checkups. If you don\u2019t want to go to a doctor\u2019s office, there are many small clinics, even in grocery stores these days.  Go in and get a basic work up and maybe some blood work.  Guys, this is real life.  Your health matters, if not to you, then to your family.  Take care of yourself so you can enjoy those things for which you\u2019ve been working so hard.  If it means you have to actually schedule it on your calendar, do it!  It takes 21 days to form a habit.  Trust me, it\u2019ll take less than that to drop a few pounds and generate some added energy. Before we wrap up, please let me explain that, \u201cI get it.\u201d  It\u2019s easy for any of us, including myself, to make excuses for why we don\u2019t have time.  Why we\u2019re so busy that we really can\u2019t get around to working on these activities.  After all, there\u2019s only 24 hours in a day.  Friends, again I get it.  But that\u2019s small-ball thinking.  We\u2019ll never break out and really achieve at the levels we\u2019re capable of if we only focus on the tactical grind.  We\u2019ve got to structure time for higher-level thinking and planning.  The longer we put it off, the further the distance between what we\u2019re achieving and what we actually could have achieved.  Don\u2019t cheat your potential. Well, that does it for now.  As always, thank you for deciding to spend a few minutes of your time with me.  I want to let you in on an upcoming development.  On May 9th, I\u2019m launching a radio program focusing on small business and entrepreneurship.  I\u2019ll broadcast on Louisville\u2019s TalkRadio 1080AM and stream globally on the iHeartRadio app.  Stay tuned for more information about my program, LET\u2019S GET IT STARTED!  You\u2019ll be able to hear each episode on a separate podcast, also available in iTunes and on my website:  JimRayConsultingServices.com.   Until next time, remember to allocate time to work ON your business, so you can work more effectively IN your business.  When you\u2019re ready, Let\u2019s Grow For It! ","author_name":"Grow For It!","author_url":"http:\/\/growforit.libsyn.com\/website","html":"