Latest / The Confident Entrepreneur With Jennifer Ann Johnson / Working ON vs. IN Your Business: Why It Matters - With Jennifer Ann Johnson
Transcript
- 0:39Jennifer Ann Johnson: Today, we're diving into a game-changing concept that could revolutionize the way that you approach your business.
- 0:44Jennifer Ann Johnson: We're talking about the critical difference between working in your business and working on your business.
- 0:51Jennifer Ann Johnson: In the next few minutes, we'll explore why this distinction matters, how to shift your focus, and the transformative impact it can have on your business growth and personal fulfillment as an entrepreneur.
- 1:02Jennifer Ann Johnson: So let's start with a scenario that might sound familiar to many of you.
- 1:06Jennifer Ann Johnson: You're a passionate business owner.
- 1:09Jennifer Ann Johnson: You built your company from the ground up.
- 1:11Jennifer Ann Johnson: You're hands-on involved in every aspect of the day-to-day operations, from managing your client relationships to overseeing projects.
- 1:19Jennifer Ann Johnson: You're handling finances and maybe you're even making the coffee.
- 1:23Jennifer Ann Johnson: You do it all.
- 1:24Jennifer Ann Johnson: On the surface, this level of involvement may seem admirable.
- 1:29Jennifer Ann Johnson: After all, nobody knows your business better than you do.
- 1:32Jennifer Ann Johnson: Right, we've all been there.
- 1:33Jennifer Ann Johnson: But here's the catch You're constantly caught up in the daily grind.
- 1:38Jennifer Ann Johnson: When you do find the time to step back and look at the bigger picture, you don't because you can't find the time.
- 1:46Jennifer Ann Johnson: You're always doing everything.
- 1:48Jennifer Ann Johnson: When do you strategize for the future or innovate or work on scaling your business?
- 1:54Jennifer Ann Johnson: You don't, because you're so busy.
- 1:58Jennifer Ann Johnson: This is the crucial difference between working in your business and working on your business.
- 2:04Jennifer Ann Johnson: Working in the business means that you're focused on day-to-day operations and the tasks that keep the wheels turning.
- 2:10Jennifer Ann Johnson: Working on the business, on the other hand, is about strategic thinking, planning for growth and improving your business.
- 2:17Jennifer Ann Johnson: Now this concept was popularized by Michael Gerber in his book the E-Myth Revisited.
- 2:22Jennifer Ann Johnson: He argues that to build a successful, scalable business, entrepreneurs need to shift from being merely operators to becoming true business owners and leaders.
- 2:32Jennifer Ann Johnson: So why is this shift so important?
- 2:36Jennifer Ann Johnson: Scalability is number one.
- 2:38Jennifer Ann Johnson: When you're involved in every aspect of your business, you become the bottleneck.
- 2:43Jennifer Ann Johnson: Your business can only grow as much as your personal capacity allows.
- 2:48Jennifer Ann Johnson: By working on your business, you create systems and processes that allow your company to function and grow beyond what you can personally do.
- 2:57Jennifer Ann Johnson: Another one is innovation.
- 3:00Jennifer Ann Johnson: When you're constantly putting out fires and handling those day-to-day tasks, there's little time or mental space for that innovation that is so crucial to your business.
- 3:09Jennifer Ann Johnson: Working on your business gives you the perspective to see new opportunities and time to actually pursue them, and then you can do strategic planning.
- 3:20Jennifer Ann Johnson: It's hard to plan for the future when you're always focused on the present.
- 3:23Jennifer Ann Johnson: Working on your business allows you to set long-term goals and create those strategies to actually achieve them, and this is where personal growth comes in.
- 5:59Jennifer Ann Johnson: As an entrepreneur, your personal growth is tied to your business growth.
- 6:03Jennifer Ann Johnson: Working on your business challenges, you develop new skills and perspectives which foster your growth as a leader.
- 6:11Jennifer Ann Johnson: Always working in your business can lead to burnout.
- 6:18Jennifer Ann Johnson: We all know that.
- 6:20Jennifer Ann Johnson: We've all been there at some point.
- 6:21Jennifer Ann Johnson: Shifting your focus allows you to build your business so that it can run without your constant involvement, giving more freedom and more balance.
- 6:31Jennifer Ann Johnson: So now that you have an overlook of why this shift is crucial, let's talk about how we're going to actually make it happen, and I'm going to give you five strategies that will help you make this a reality.
- 6:47Jennifer Ann Johnson: Schedule strategic time.
- 6:48Jennifer Ann Johnson: Block out specific times in your calendar for working on your business.
- 6:52Jennifer Ann Johnson: I call it founder's time.
- 6:53Jennifer Ann Johnson: Treat this time as sacred no interruptions, no day-to-day tasks.
- 6:58Jennifer Ann Johnson: Use it for strategic planning.
- 7:00Jennifer Ann Johnson: Day-to-day tasks.
- 7:04Jennifer Ann Johnson: Use it for strategic planning.
- 7:05Jennifer Ann Johnson: Use it for analyzing your business and brainstorming innovations.
- 7:06Jennifer Ann Johnson: Number two is delegate and empower.
- 7:08Jennifer Ann Johnson: Start delegating tasks that don't absolutely require your personal attention.
- 7:12Jennifer Ann Johnson: I know it's going to feel uncomfortable at first, because I've done it, but it's essential.
- 7:18Jennifer Ann Johnson: Empower your team members by giving them responsibility and authority to make decisions and then get out of their way.
- 7:27Jennifer Ann Johnson: Three is systematize your operations.
- 7:30Jennifer Ann Johnson: Create SOPs or standard operating procedures for tasks that always happen.
- 7:35Jennifer Ann Johnson: It not only makes your business more efficient, but it also makes it easier to delegate and train new team members.
- 7:41Jennifer Ann Johnson: Your business more efficient, but it also makes it easier to delegate and train new team members.
- 7:47Jennifer Ann Johnson: Number four is invest in your team.
- 7:48Jennifer Ann Johnson: Develop your team skills so they can take on more responsibilities.
- 7:49Jennifer Ann Johnson: The more capable your team, the more you can step back from the day-to-day.
- 7:53Jennifer Ann Johnson: And number five is to set goals and KPIs.
- 7:56Jennifer Ann Johnson: Establish clear goals for your business and key performance indicators to track progress.
- 8:02Jennifer Ann Johnson: This gives you a framework for your strategic planning and helps you focus on what really matters for your business growth.
- 8:10Jennifer Ann Johnson: Remember, this shift isn't going to happen overnight.
- 8:12Jennifer Ann Johnson: It's a gradual process that requires a conscious effort.
- 8:17Jennifer Ann Johnson: It requires patience, and I know you're going to feel resistant at first.
- 8:22Jennifer Ann Johnson: After all, nobody knows your business like you do, right.
- 8:25Jennifer Ann Johnson: But remember your unique value as a business owner isn't doing every task.
- 8:30Jennifer Ann Johnson: It's steering the ship and charting the course for the future.
- 8:35Jennifer Ann Johnson: So let me just share a quick example with you.
- 8:37Jennifer Ann Johnson: There's a graphic designer that started her own agency and for the first couple of years, she was involved in every single project, every client interaction, every business decision.
- 8:45Jennifer Ann Johnson: Her business was successful, but she was working 80 plus hour weeks and growth was stagnant.
- 8:52Jennifer Ann Johnson: She decided to make the change and she started blocking out every Friday afternoon for strategic work.
- 8:58Jennifer Ann Johnson: She used this time to analyze her business model, identify her most profitable services and then plan for scaling.
- 9:06Jennifer Ann Johnson: She also invested in time creating detailed process documents for her design work and the client management portion.
- 9:14Jennifer Ann Johnson: Over time, she was able to hire and train team members to handle much of that day-to-day work.
- 9:20Jennifer Ann Johnson: That freed her to focus on high-level client relationships, marketing new offerings, and within two years, her agency had tripled in size.
- 9:29Jennifer Ann Johnson: She had cut her work hours almost in half.
- 9:35Jennifer Ann Johnson: So working in your business focuses on the day-to-day operations, while working on your business involves strategic planning and growth.
- 9:41Jennifer Ann Johnson: The shift is crucial for scalability, innovation, strategic planning, personal growth and work-life balance.
- 9:48Jennifer Ann Johnson: Strategies to make the shift include that strategic or founder time, delegating, creating systems, investing in your team and setting clear goals.
- 10:00Jennifer Ann Johnson: Remember your business needs you to be the visionary leader that you started out as, not just a skilled operator.
- 10:07Jennifer Ann Johnson: By shifting your focus to working on your business, you're not just building a better company, you're becoming a better entrepreneur.
- 10:15Jennifer Ann Johnson: So I challenge you to take action today.
- 10:18Jennifer Ann Johnson: Block out some time in your calendar this week specifically for working on your business.
- 10:22Jennifer Ann Johnson: Use that time to step back, look at the big picture and start charting the course for your business's future.