How Much Time Should You be Devoting to Your Business?

How Much Time Should You be Devoting to Your Business?

Starting a business is by no means easy. First, you have to have a great idea, or a great product. Then, you have to have the talent and ability to get your product to market. Of course, you almost always need money to get your enterprise up and running.

One of the things often that doesn’t factor into the equation is time. I’m not talking about the time you spend running your business – which, in itself is more than a full-time job. No, I’m talking about the time you spend working on the business itself. Not the day-to-day things like paying the bills, but the things that will actually help your business grow and thrive.

Think outside the box

I personally hate the phrase “think outside the box.” But, if there is ever a time when it’s useful, this is it. No matter how successful your business is, or how well your efforts are working, it’s imperative that you continue to seek out new and better ways to do business – you need to think outside the box.

We’ve worked with many businesses over the years, and one of the most frustrating things we see is when a company is doing well, but stagnates. There’s an attitude of “Things are going great! I’ve made my business plenty successful doing things the way I’m doing them, so why should I do anything different?”

Most businesses suffer through difficulties at one time or another. Either their industry takes a hit, or some other event leads to a decrease in sales or profits. Those that plan ahead by constantly working on their businesses (introducing new products, finding ways to make products better or less expensive, etc.) almost always weather these difficulties better than those with the “if it ain’t broke, don’t fix it” attitude.

Adapt. Change. Grow.

I’m going to use Apple Computer as an example. In the 80s and early 90s, Apple made Macs – computers that were mostly used by those in the graphic arts field. With the introduction of the iPod and iTunes in 2001, Apple entered the digital music market. A little over a decade later, and Apple products are ubiquitous: iPhones, iPads, Macbooks, etc. Of course, I’m over-simplifying, but the idea is still the same; growing your business often requires changing things – sometimes dramatically.

Schedule time if you have to

It’s easy to get caught up in the day-to-day business stuff – being so focused on taking care of your customers that you forget to take care of your business. We’re all guilty of it from time to time. But, if you want to ensure long-term viability for your business, it’s important to take the time to read, think, plan, and strategize to take your business into the future.

Mar 05, 2015

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