“Just as you can over-parent, you can do the same thing to your company. I had to come to the place where I know that the staff I have is capable and then let them go, because they are ready and can handle it …if you hold on too tightly, it doesn’t grow.”
– Hester Taylor Clark, Founder of The Hester Group
When you run your own business, it can be difficult to extract yourself from the minutiae of the day-to-day operations. When you are used to doing almost everything yourself, it can be a struggle to delegate responsibilities to others. However, if you are to become the true leader that your business needs then it is essential to learn how to differentiate between working on and working in your business.
A smart leader works on their business. They delegate everyday jobs to others, so they can focus their time and energy on developing strategies to grow their business. This includes activities such as planning for the future, setting goals, automating processes and talking with mentors.
The sad reality however is that many business-owners get bogged down in working in their business. They take on too many day-to-day activities that could easily be delegated to someone else, such as paying invoices, meeting clients and answering queries. This leaves little or no time for business development, and without this top-level innovation the business is doomed to struggle. In fact, experts posit that it is this lack of long-term planning that is one of the primary reasons why just 30% of businesses reach the ten-year mark.
So how can business-owners achieve a balance between working in Vs. on your business?
The team at 2Flow.ie have produced a very useful infographic that helpfully lays out the differences between working in vs. on your business. This infographic also offers practical advice on the various ways in which business-owners can create more time to grow their business by delegating or outsourcing responsibilities.