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 "The business is there to serve you, not the other way round. You should not be a slave to your business."Ever wondered what it actually means to work 'on' your business as well as working 'in' your business? You're not the only one, so let's break it down.

Understanding the Difference: Working IN vs ON Your Business

Working IN your business means you're focused on the day-to-day operations—serving customers, fulfilling orders, managing staff, handling admin tasks, and keeping the wheels turning. You're essentially an employee of your own business, caught up in the immediate demands and urgent tasks that keep things running.Working ON your business means stepping back to focus on strategy, planning, systems, and growth. You're acting as the CEO, thinking about where the business is headed, how to improve processes, and what changes need to be made to achieve your long-term goals.

The Five Essential Activities That Drive Business Success

To truly work ON your business effectively, focus on these five critical activities:

1. Prepare and Update Your Business Plan Annually

Your business plan is your roadmap to success. It shouldn't gather dust on a shelf—it's a living document that guides your decisions and keeps you focused on your goals.Pro Tip: Schedule this for the last month of your financial year or the first month of the new financial year to align with your business cycle.

2. Create a 12-Month Budget and Forecast

Financial planning isn't just about tracking what you've spent—it's about predicting and preparing for what's ahead. A solid budget helps you make informed decisions and spot potential cash flow issues before they become problems.Pro Tip: Prepare this alongside your business plan to ensure your financial projections align with your strategic goals.

3. Report Against Your Plan and Budget Monthly

Plans without regular review are just wishful thinking. Monthly reporting keeps you accountable and helps you spot trends, both positive and negative, before they significantly impact your business.

4. Communicate Results to Owners and Team

Transparency breeds trust and alignment. Share your progress (and setbacks) with stakeholders to keep everyone moving in the same direction and motivated toward common goals.

5. Hold Monthly Progress Reviews

Dedicate 1-2 hours each month to review your numbers, assess your business structure, and identify risks and opportunities. This isn't just about financial performance—it's about continuous improvement across all areas of your business.

How Much Time Should You Invest?

Working on your business doesn't require a complete career change, but it does demand consistent commitment:

• Weekly: Allocate 1-2 hours each week for strategic thinking and planning
• Monthly: Set aside half a day for comprehensive progress reviews
• Annually: Take 1-2 days off-site to thoroughly update your business plan and structure

Making the Shift: What Needs to Change?

Many business owners struggle to transition from working IN their business to working ON it. Common barriers include:

• Lack of systems: Without proper processes, you feel indispensable to daily operations
• No clear priorities: Everything feels urgent when you don't have a strategic plan
• Fear of delegation: Worried that no one else can do the job as well as you
• Time management: Feeling too busy with immediate tasks to plan for the future

The Power of Independent Accountability

Best practice suggests getting someone independent of your business—like a trusted accountant or business advisor—to help you establish and maintain these disciplines. An external perspective can identify blind spots, hold you accountable to your commitments, and provide the expertise needed to build robust planning systems.

Your Business Should Work for You

Remember, you started your business to create freedom and financial security for yourself and your family. If you're working longer hours than you did as an employee, constantly stressed about cash flow, and unable to take a proper holiday, it's time to shift your focus.The business is there to serve you, not the other way around.

Ready to Take Control?

At CMK Accountants, we specialise in helping business owners develop the systems, plans, and disciplines needed to work effectively ON their business. From annual planning sessions to monthly financial reviews, we provide the independent expertise and accountability you need to transform your business into the asset it should be.

If you need our help, get in touch. Let's work together to ensure your business serves your goals, not the other way around.