Episode E4.007 Shift to 50/50 working ON vs IN the business

Introduction
Good day and hope you are looking forward to a productive week.
This week we are announcing our new community - The Community of Commerce for all insiders. Everyone who has JOINED US and become an inside we are moving off of the weebly web platform to a community site on Tribe. 

This will provide an opportunity to share information, ask questions, and gain support for starting, growing, or exiting your business.

It is our version of the Chamber of Commerce - what it could have been instead of what it has become. This community has one goal - your success as a business owner to build generational wealth for your family. That growth will create more and better jobs in your local community.

It is a stand alone (outside the control of the arbitrary large providers) platform that provides entrepreneurs and business owners a space for the free and open exchange of ideas.

As a member of IBGR's Community of Commerce you can:

1. Follow other users including the OnAir Talent and Executive Team at the station.
2. Ask and answer questions about starting, growing, and exiting the business from our OnAir team and each other.
3. Follow any member of the Community to stay abreast of their latest business insights as well as building your own following.
4. Start discussions to stimulate input from other members of the Community.
5. Create and vote in Community polls.
6. Post and comment on posts and blogs.
7. Access and share content entrepreneurs and business owners can use.

We built this beyond the reach of the 'masters of the universe' so you can speak your mind.

On a closing note, if you want to know what drives everything we do - checkout this article: from Australia (click here).

And that is just restaurants - what about everybody else?
Have a great business week.
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Show Objectives - The Why
Every business has its own set of “necessary evils.” The things we know must be done but don’t actually enjoy doing so we put them off. Tracking our time tends to be one of those things.

You are getting close to needing to make a strategic business decision where you will either sell your business or reinvent it in the next stages of growth. It’s time to begin tracking how much time you are working IN your business and begin adding more time working ON it. Your goal is to get to 50/50.

It is time to position yourself to best serve your business and begin separating yourself emotionally from the way things have always been. When you do this, you are also allowing room for your business to grow instead of killing it with love. Your business, in this stage, is like a teenager. It’s time to prepare it to have a life of its own. 

Key Issues - Owner Perspective:

1. Track  - if you haven't - time spent working ON vs IN, get a metric
2. Review your "ems - executive management system" and label each activity over the last month - choose a period - ON or IN 
3. Delegate every IN task that can be delegated immediately
4. For the items that cannot be delegated immediately - what is your 30 day plan? 
5. What working ON tasks are now possible given the open time

What You Need to Know - The What
Now more than ever it’s important for you to track your time. Your business is, or will be growing at a pace that you haven’t seen before. If you aren’t intentional and disciplined to own our time, you will end up being a slave to the beast of a business you created. Determine what metric(s) will be most beneficial to track in all areas of your company and prioritize what only you can do and what others are equipped to handle.

​Delegate everything that is not essential for you to do and continue to monitor progress. Your goal is to shift your time bank so that you are working 50/50 in and on the business. Up until this point, your time has been spent more working in the business than on it. A shift in focus and priorities is necessary for the health of your organization. 


What You Need to Do​​ - The How

1. Determine what metrics need to be tracked: Actual vs. planned; sequence vs. planned; actual time spent where; how much time spent doing tasks in your PD vs. doing other people’s jobs
2. Get a good visual representation of your time actually spent working ON and IN the business. Use your executive management system (Google Calendar, Paper system, https://zapier.com/blog/best-time-tracking-apps/)
3. Get really good at delegating tasks. https://www.thriveyard.com/23-tips-on-how-to-delegate-work-effectively/
4. Plan and schedule all tasks that only you can/should do and add it to your calendar.
5. What new “working ON” opportunities do you have time for now that you have more room on your calendar and a focus to increase your productivity working ON the business? Think strategically and measure effectiveness against your PD and long term goals.

Shows

• Previous: Episode E4.006 Start Management by Meeting - new owner/ceo role of tracking progress and results from MBO
• Next: Episode E4.008 Personal role in Recognition and Rewards programs

 
Written by Donna Kunde

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