Running a small business isn’t for the faint of heart. Believe me, I know! As the owner of a successful CPA firm, I know that you’ve got to wear multiple hats, manage a wide range of personalities, and ensure all team members are aligned and working in pursuit of a common goal.
But while you’re juggling all of your different tasks and responsibilities, there’s one thing you can’t afford to neglect:
Working on your business. Not in—on.
Make no mistake—there’s no amount of hustle, grind, or pure willpower that can make your business profitable. But do you know what will? Systems. That’s right—the boring, behind-the-scenes structures that most people ignore, but the ones that separate the entrepreneurs who make money from the ones who burn out.
And the truth is that you can work hard every day, tick things off your to-do list, stay “busy,” and still be going nowhere. Activity does not equal progress. In fact, taking consistent action in the wrong direction can set you back even further.
So, how do you make sure you’re working on your business rather than merely in the business? Here are three practical tips any business owner can follow:
1. Commit to Action (Weekly)
Successful business owners don’t leave results up to chance. They don’t wake up and “see what needs to get done” or jump on whatever seems urgent that day. They commit to systematic and consistent action toward building a profitable business, and they don’t do this once a year or once a month. They do it every single week!
This takes serious discipline, yes, but perhaps not as much time as you’d expect. To boost your business’s profits by 10% or more, do you know how much time you need to commit to working on your business?
Four hours a week. That’s it!
Think you can find four hours to commit to making your business profitable?
2. Make the Profit Formula Your North Star
So, you’ve got four hours available, but what do are you supposed to use them on, exactly? Here’s the 10% profit formula I recommend to all small business owners. It’s not complex or difficult to follow, but it’s a needle-mover when it comes to boosting your company’s profits. Here it is:
A 10% increase in qualified leads…
Plus a 10% increase in conversion rate…
Plus a 10% increase in the average annual sale per customer…
Plus a 10% increase in customer referrals…
Plus a 10% increase in customer retention…
= A 10% increase in overall sales
Plus a 10% increase in gross margins…
Minus a 10% reduction in product costs, overhead, and income taxes…
Equals a massive increase in profits!
Not too difficult, right?
3. Stay Consistent and Accountable
Now, let’s talk about the hardest part of this—consistency.
Knowing what to do is one thing. However, doing it week in and week out, especially when motivation wanes or life gets busy, is another challenge entirely.
And this is exactly why you need people in your corner to keep your accountable. This can take many different forms:
- A coach who helps you strategize.
- A mentor who’s walked in your shoes.
- A mastermind group of like-minded entrepreneurs.
- A spouse or partner who keeps you in line.
The point is, you need someone—someone who knows your goals, understands your timeline, and is invested in your success. They’re part cheerleader, part strategist, and part drill sergeant—offering encouragement when you’re grinding, fresh ideas when you’re stuck, and a (loving) kick in the pants when you make excuses.
Don’t Wait—Start Today!
You don’t need to have everything figured out before you take action. The most important thing is that you start working on your business as soon as possible. Stay consistent, stay disciplined, and you will see results!
Sometimes the work is boring. Sometimes it’s hard. But if you keep your focus on the profit formula and use accountability to stay the course, success becomes inevitable.
If you feel like you’ve been working hard but not seeing the results you want, it’s time to stop improvising and start building systems. Remember, success is the result of small, strategic steps taken consistently. So, stop guessing, start planning, and make every week count!