We published an article about this back in 2020 and it’s as important as ever. Broadly, working in your business is performing day-to-day tasks that provide value to customers. It’s the daily grind of being in business and I’m not going to get bogged down in it – nor should business owners.

Over the covid years, work was easy to find and in plentiful supply. Finding team members was more difficult. For some business owners the business was running itself while they were consumed in day-to-day functions. Generally, there was sufficient cash to pay bills and enjoy a good lifestyle; albeit they may not have had time to enjoy it.

Fast forward a few years and the economy has taken a dip. Business owners may be finding they have a little more time they can set aside for working on their business, but struggling to define what this means for them.

As the market contracts and work reduces, some businesses are finding new competitors chasing their clients. These new players might be “buying” work with reduced prices, creating a new and different pricing landscape. While you could compete on price, this may be a race to the bottom as your margins reduce and you work harder for the same amount of profit – and when margins are in decline, some business may fall by the wayside.

As such, consider working on your business in the following ways to ensure that it survives through 2025 and beyond.

Tips for working on your business

Define your ideal client

What is the definition of your ideal client or customers? Who is your ideal client? Is your marketing putting you in front of these people or organisations? Building a relationship with a new client can take time.

Maintaining client relationships

Don’t take your existing clients for granted. Rival businesses looking for work may be prepared to compete on cost at the expense of margins. How do you maintain your relationships with existing clients to make it difficult for your competitors to move in?

Set some time aside to meet with the clients you already have, to catch up and continue to build on the relationship. There could be synergies you can work on together for a common good.

What is your point of difference?

Why is your product service worth the premium over others? This may be a simple and reliable, “you can trust us to do a good job when you need it”. Your messaging can be created and promoted without running down your competitors.

Review your product offering

Have you reviewed the profitability of your product/service lines? Are you selling something that is consuming significant time for very little revenue? The flipside is that you might have a product/service that already provides good profits and would become a cash cow following an investment in marketing. Alternatively, have you had any ideas that could improve your business, but which you haven’t had the time to develop and market?

Marketing

With the above in mind, is your marketing putting you in front of your desired market?

Marketing can be defined as a discretionary spend and is often the first expense to be cut when times are difficult. Rather than cut marketing altogether, measure its effectiveness to ensure that you are getting value for money.

Client database

Do you have a database of past clients? Can you contact them in years to come to see if the product you provided requires servicing? If you know the lifespan of the product, you can keep in touch and ensure that you are the first point of contact if they want to buy again or for any product servicing.

Working on your business isn’t something that should happen every few months. Plan and schedule time for it weekly to ensure that you are able to react to anything in the market.

Take the next step in securing your business's future by partnering with our expert business advisors. They can provide the insights and strategies you need to rise above the grind and achieve your goals. Contact us today to learn how we can help you thrive.