If I’m working ON my business what should I be doing?

I’m sure you’ve heard about the need to work ‘on’ your business as well as working ‘in’ your business. But have you ever stopped to think what exactly you should be doing?

First some practical distinctions to compare working ‘on’ and working ‘in’.

If I’m working ON my business what should I be doing?If I’m working ON my business what should I be doing?

With the above in mind here are the 5 most important activities you should do:

Prepare a business plan and update it annually – do this in the last month of your financial year or the first month of the new financial year
Prepare a budget and forecast for the upcoming 12 months at the same time as you prepare your plan (and of course review this annually too)
Report against that plan and budget monthly
Communicate the plan and the results to the owners and team
Meet monthly for 1 to 2 hours to review your progress, your numbers, your business structure and any risks and opportunities that exist to improve the business

Working on the business is by no means a full-time role – you should be able to do this effectively with 1 to 2 hours per week, ½ a day per month (to review the information and then have an effective monthly meeting) and then 1 to 2 days off-site every year to update the plan and structure.

Best practice is to get someone independent of your business to help you establish and maintain these regular disciplines and hold you to account to really improve your business.

What do you need to change to work more effectively ‘on’ your business?

The business is there to serve you; not the other way round. You should not be a slave to your business – Anon

If your accountant is retiring, you might be wondering what to do next. Don’t panic! There are a few key steps you can take to ensure a smooth transition for your business finances.

1. Get Your Records in Order
Before your accountant steps away, request all financial records, reports, and tax documents. Make sure you have access to any accounting software, login details, and past filings to avoid last-minute scrambling.

2. Review Your Current Financial Setup
Take this opportunity to assess your bookkeeping and accounting processes. If your system is outdated or inefficient, this could be the perfect time to upgrade to a more streamlined solution.

3. Find a New Accountant ASAP
As soon as you find out your accountant is retiring, start looking for a replacement. Ideally, choose someone with experience in your industry so they understand your business operations. A smooth transition starts with finding the right fit—be sure to share how your financial setup was managed before so they can guide you through the next steps seamlessly.

4. Ensure a Smooth Transition
Once you’ve found a new accountant, provide them with all necessary documents and details about your previous setup. The more they understand how things were managed before, the easier it will be for them to take over and improve your financial processes. Clear communication will help them guide you through the transition seamlessly, ensuring nothing gets missed.

Losing your accountant doesn’t have to be stressful! Need a reliable bookkeeping solution? We’ve got you covered!