Working In The Business Vs Working On The Business

A business survives and thrives when, you, as an owner dedicate enough time to it. Most Real Estate entrepreneurs love to be a part of the sales process. They are proficient in listing and selling properties. Since this process requires a lot of time and effort, they may not find time for other things. This process is referred to as working IN the business. But, if you want your business to reach great heights of success, you also need to have time to work ON your business. Working ON the business means you are planning ahead. You gauge its growth in terms of today and, five or ten years down the line. You foresee its future. This approach is necessary if you want to bring significant change to your company.

So, a good strategy for real estate principals is to make the time to work both IN and ON the business. If any of these areas are neglected, disappointment is certain. To effectively build the business you need to work more and more ON the business and less IN the business.

Broken marriages are unfortunately also part of the Real Estate Principals world. This often happens because the other partner feels neglected. But, if you can spend time with him or her, neglect becomes a non-issue. Part of working ON the business is to make more time for your family so you avoid divorces and come home to a happy family.

Likewise, businesses need complete attention and care. For this, you need to have an efficient accounts team. It’s a common belief that the accountants’ primary job should be to focus on numbers. But, while focusing on the numbers is one of the core functions of an accountant, accountants are also concerned with other areas as well.

Accountants are involved in procedural matters such as submitting reports and BAS (Business Activity Statements) to the tax department. Filing of Business Activity Statement forms at the Australian Taxation Office is a mandatory regulatory requirement. BAS contains details of the tax liabilities of a particular business. Your accountant will also audit accounts and prepare and manage asset records for you. He or she has the task of making profit and loss statements and balance sheets. Since real estate accounting services are incomplete without cash flow projections, your accountant should also perform this task. But, it’s important that you keep a watch over all of his or her activities. The fact of the matter is that your accountant will never have the same mindset and priorities as you do – being the business owner. So, make sure you can understand the financial reports and can make an owners assessment of them.

Once you work ON the business you will feel it accelerate under your feet and it all becomes a lot easier!