Are You Working for Your Business Or Is It Working for You?

7 Ways to Strike the Balance

by Anne Bachrach (USA)

When growing their business, there is not a sacrifice that successful entrepreneurs will not make to help it grow. It means long hours of work, virtually no breaks, missed family dinners, and little personal compensation because you’re too focused on reinvesting your earnings in your company.

For some entrepreneurs, this sacrifice pays off in the form of a thriving business. But for others, this becomes a never-ending cycle of investing resources, gaining little wealth, and then reinvesting it.

This should lead you to wonder: are you working for your business, or is your business working for you?

A key lesson to remember is that business planning is not a one-and-done process. Instead, you need to work on your business daily, weekly, monthly, and throughout the life of your business venture. Have a planand work on it to ensure your business performs well.

To achieve this, you need to learn how to work on your business instead of in your company. Let’s explore some non-negotiable business advice that can help you work on your business and ensure it works for you.

Often, business owners forget to differentiate between working inyour business and onyour business.

Working in your business encompasses anything that counts as a job, i.e., the execution and its management. Working on your business refers to everything strategic, such as business strategy, sales strategy, marketing strategy, research, and the vision and decisions to succeed.

Working in Your Business

Experts define working in your business as the activities that make the business run:

  • Delivering the services
  • Hiring and onboarding
  • Making the product
  • Sales management and execution
  • Team training

Working on your business includes:

  • Creating systems
  • Funding
  • Financial projections
  • Strategic development
  • Research and development

Break the Cycle: Pay Yourself First

The first step to having your business work for you is ingraining one lesson in your mind: pay yourself first. As a business owner, you need to wear two hats:

  • The CEO hat
  • The investor hat

And you should fairly compensate yourself for performing both roles.

While wearing your CEO hat, you need to pay yourself what you’d pay to hire a CEO. Undoubtedly, you’ll have to sacrifice your earnings in the initial days to make ends meet.

Once you have established your company, you need to start paying yourself a baseline pay. Otherwise, you will be running a big business without making a profit.

As an investor, you must sacrifice significant time, effort, and energy to create and grow a valuable asset. First, you need to approach your business like an asset. If not, you’ll soon realize that your investment in the stock market is returning 0%.

As a rule of thumb, whatever your target profits for the year are, budget half of it to reinvest in your business.  The other half should go back to dividends for you.

Source: iCN Issue 44  (Wellness & Holistic Coaching); pages 14-17

About Anne Bachrach

Anne is known as The Accountability Coach™.  She has over 25 years of experience training and coaching.  Business owners and entrepreneurs who utilise Anne’s proven systems and processes work less, make more money, and have a more balanced and successful life. Anne is the author of the books, Excuses Don’t Count; Results Rule!, and Live Life with No Regrets; How the Choices We Make Impact Our Lives, No Excuses!, and The Work Life Balance Emergency Kit. Go to https://www.accountabilitycoach.com/Landing/  and get 3 FREE gifts including a special report on 10 Power Tips for Getting Focused, Organised, and Achieving Your Goals Now. Join the FREE Silver Inner Circle Membership today and receive 10% off on all products and services, in addition to having access to assessments and high-content resources to help you achieve your goals so you can experience a more balanced and successful life (https://www.accountabilitycoach.com/coaching-store/inner-circle-store/