– I don’t know about you guys, but have you ever heard of business coaches talk about working on your business and not in your business. Now as a business owner, I’ve always wondered what that actually means, until I actually experienced it for myself.
So in this video, we’re gonna talk about exactly what that means and how you can actually use that to your business advantage. So here ar 20/80 Solutions we have this concept called, working below the line, on the line, and above the line. And I know we’re going through a different concept, and that will actually help you explain what does it mean by, in the business and on the business. So when you work below the line, that means the work that you do is chores. That’s not your proficiency.
So for example, doing bookkeeping, doing website updates, working on, taking out the rubbish, all these other things, that’s below the line. And this is the activity we call $50 an hour work, you know, you can easily outsource this to someone else, who’s really good at it and that’s their job, all right, their proficiency. The second part is, they’re working on the line, and this is what we call in the concept, working in your business. All right, when you are working as a doctor.
As a dentist you should be working, when you’re working with your patient, you should be earning about $500 an hour. And that’s what we call on the line, or, you know, in the context of things, you’re working in your business, as a practitioner. Working above the line, this other thing that we call, working on your business. And these other things that you use, you know, sit down, maybe once a month, at a bare minimum, thinking about business strategy, thinking about marketing, thinking about how to expand your business.
These are the things that’ll help either increase your revenue or decrease your cost. And could be done in a team environment. You should have a monthly team meeting with the team, and talk about, what are the things that we can improve. All right, or find external vendors that actually, or a business coach to help you continuously improve your business. So this is what we call, above the line. And that’s why it’s very important for you to work on your business and not in your business. And people will be, ah, what’s the general rule of thumb? If you can, let’s say you work five days a week, you should try and spend one day a week, where you, you might actually go to your clinic but you do not work on your patients.
With some of our best clients, they actually do that as a weekly thing. So they come to the practice, don’t see any patients, and they work on their team members. They coach their team, they work on the business strategy and work with us on marketing strategy. So it’s important to get those things done well, so that way your practice can then continue to thrive.