Working IN vs. ON Your Membership Business – The SECRET to GROWTH

Why Do Businesses Fail? (00:01:05)

• Two-thirds of businesses make it to two years, but only half of them are able to stick around after five years, and less than a third of businesses are able to make it to 10 years, indicating a high failure rate among businesses (00:01:07).
• One of the common reasons for business failure is that entrepreneurs often try to do everything on their own, which can lead to being consumed by day-to-day operations and daily tasks, leaving little time for business growth (00:01:35).
• The lack of time invested in growing the business can eventually lead to stagnation and decay, which is why it is essential for businesses to work on planning and sustaining their growth to ensure longevity (00:02:07).
• Starting a membership community or directory website is essentially starting a business, and having a business mindset is crucial for ensuring the longevity of the project (00:02:54).
• It is important for business owners to work on day-to-day tasks, but also to take a step back, plan, and make a roadmap for sustaining and growing the business to avoid getting stuck in a routine (00:03:12).
• Having a plan and working on business growth can help businesses become one of the 30 percent that make it to 10 years and longer, which is the goal for many business owners (00:02:31).

Working “IN” vs. Working “ON” Your Business (00:03:39)

• Working in a business refers to the execution and management of day-to-day tasks, which are necessary for the business to continue operating, whereas working on the business involves focusing on the big picture, vision, and strategy, such as thinking about how operations can be made more efficiently and what new things the business can do to improve (00:03:49).
• The day-to-day tasks, such as those done by individuals on the ground, are essential and must be completed, but it is also important to set aside time to work on the business, considering the long-term goals and growth of the company (00:03:54).
• In large organizations, C-suite executives, such as the Chief Operations Officer, typically handle the tasks related to working on the business, including strategizing and planning for the company’s future, while in smaller businesses or as a solopreneur, it is crucial to allocate time for both working in and on the business (00:04:21).
• Failing to focus on the big picture and long-term strategy can lead to losing sight of what is necessary for the business to continue growing and moving forward, making it essential to balance day-to-day tasks with working on the business (00:05:06).
• Effective time management is critical for achieving this balance, including prioritizing tasks, diversifying the type of tasks worked on, and learning how to manage day-to-day, week-to-week, and month-to-month priorities in the business and on the business (00:05:52).
• As businesses grow and individuals get older, it becomes increasingly important to manage time effectively, avoiding the tendency to try to do every job on the list and instead focusing on high-priority tasks and strategic planning (00:05:33).

Working “IN” Your Business (00:06:20)

• Working in a business is almost entirely about time management, and it is essential to identify how time is being spent, with daily tasks such as building and maintaining a website, delivering services, and handling administrative work, which can take away from focusing on big picture things (00:06:20).
• The type of business, such as a membership or directory website, and the additional services or features provided to members, can affect the daily tasks that need to be accomplished (00:06:42).
• It is crucial to stay focused on the big picture and not get caught up in minor details, such as small features of the website, and instead prioritize getting people in the door and making changes over time (00:07:09).
• Daily tasks, including delivering services, administrative work, answering emails, customer service, marketing, and social media, are essential but time-consuming, and time management tips can help free up time to focus on big picture things (00:07:32).
• When working in a business, it is essential to get the ball rolling and not strive for perfection, as it can hinder growth, and instead aim to get things to about 80% completion and then let it be for a period of time (00:08:34).
• Perfection can be the enemy of progress, and obsessing over one part of the business can hinder growth, so it is essential to keep things in perspective and not get stuck on minor details (00:09:59).

Working “ON” Your Business (00:10:06)

• Working on a business involves big picture tasks such as strategic planning, goal setting, research and development, learning and education, which are essential to achieve growth and find ways to make more time for important tasks (00:10:07).
• Research and development can help implement new tools or processes to make day-to-day tasks more efficient, free up time, and allow for learning and education to improve business skills, such as marketing or online ads (00:10:23).
• Learning and education are crucial for business growth, and spending time on these activities can help find ways to make more time for other tasks, such as finding new partnerships or speaking with mentors (00:10:35).
• Finding new partnerships can be beneficial, as it allows businesses to piggyback off other like-minded people in the same or supplemental industries, and speaking with mentors, such as those in the Brilliant Directories Facebook group, can provide invaluable resources and insights (00:11:26).
• Working on a business is not just about growth, but also about creating efficiencies, such as setting up auto-reply emails, support centers, or documentation centers, to operate more lean and efficiently, which can save money and bring more traffic to the site (00:12:16).
• Creating efficiencies can help businesses keep costs down, and investing time in setting up these efficiencies can free up time in the future, allowing businesses to invest in their future growth (00:12:42).

Balance & Perspective (00:13:36)

• Working in a business has its positives, as it allows for understanding customers’ needs, identifying what makes them happy or unhappy, and providing top-tier service, which helps to stand out from competitors and leave a lasting positive impression on members (00:14:00).
• Working in the business also enables keeping a finger on the pulse of the business, identifying what’s working, what’s not, and what could be improved, making it possible to make daily tasks more efficient and eliminate unnecessary ones (00:15:03).
• Over time, it’s necessary to dedicate time to working on the business, which allows for developing a clear vision for the business, investing in oneself, and learning about efficiencies and new strategies that can be implemented (00:15:46).
• Working on the business enables taking a step back to reevaluate products or services, assessing whether they are still valuable to the target audience, and consistently evaluating performance to ensure the business remains on track (00:16:27).
• Periodically taking a step back with an open mind and fresh eyes is crucial to determine if the messaging, features, and services are still connecting with and resonating with the target audience (00:17:18).
• Consistently evaluating performance is essential, as it helps to identify areas for improvement and ensure that the business is achieving its goals, with a significant portion of results often coming from a small percentage of efforts (00:17:33).
• To achieve growth in a membership business, it is essential to take a step back and evaluate everything to identify the 20% of efficient and beneficial activities, which can then be prioritized with more resources, while less effective activities receive fewer resources (00:17:43).
• Constantly working on something does not allow it to breathe on its own and provide data on its performance, making it crucial to let something ride out for a period of time to reach a good enough point before reviewing it (00:18:17).
• Reviewing and evaluating the performance of an activity or project after a certain period, such as a month or a few weeks, enables the identification of areas for improvement or addition, and this process can be repeated to achieve continuous growth (00:18:26).
• Solopreneurs or smaller teams should focus on shifting from task to task, creating smaller projects or “snips” of awesomeness, and then circling back to the beginning to review and improve, allowing for consistent growth and development (00:19:01).
• By allocating time to work on different tasks and allowing each one to breathe and provide data, business owners can grow another part of their business while making something else awesome, leading to overall business expansion (00:18:49).
• The key to growth is to put something out there, get some data, review its performance, and then decide whether it needs improvement or if it was successful, and this process should be repeated regularly to ensure continuous progress (00:18:23).

How Solopreneurs Can Work “ON” the Business (00:19:23)

• As a solopreneur, it can be challenging to balance daily tasks with thinking about the big picture and where the business is headed, but dedicating 15-20% of the time spent on daily tasks to working on the business can be beneficial (00:19:24).
• Spending a small portion of the daily time, such as 10-15 minutes, on tasks like networking, automating certain tasks, or preparing ahead of time can help solopreneurs work on the business (00:20:23).
• Outsourcing mundane tasks, such as content creation, can be an option, and websites like Fiverr, Upwork, and Freelancer make it easy and affordable to do so (00:20:44).
• Taking a step back periodically, such as once every two weeks or once a month, to review the business or website with fresh eyes and an open mind can help identify areas for improvement (00:21:12).
• Directly asking customers or members for ideas for improvements can provide valuable insights, and solopreneurs can also ask about the benefits of specific features or services to determine where to focus their time and energy (00:21:55).
• Finding ways to differentiate the business or community from competitors, such as through customer service or community aspect, can help solopreneurs stand out (00:22:37).
• Networking with other professionals, whether in the same industry or a supplementary industry, can provide opportunities for mutual benefit and help solopreneurs grow their business (00:23:14).