I ran an accountability group for tutors last year. Every night we post a simple report to a WhatsApp chat group, to list what we have done that day.
Among the things we listed down are “Things Done Well” and “Area To Be Improved” . One of the item in the list was “Building Asset”. As the name implied, we listed down what we had done that day which built assets for ourselves and our businesses.
What could be considered acts of building assets?
-Building relationship with clients and students
-Creating content for branding (YouTube, FB posts, blog posts, IG, TikTok, etc)
-Refining business processes
-Training and coaching our team
-and many more
You probably noticed, that none of this brings in the money for tutors like us. The activity that brings in the money is putting ourselves in front of our students and teach. Yet teaching is not what we considered building assets.
Because when we stop teaching, our income stops. Teaching activities cannot generate long term wealth.
As entrepreneurs, we need to be aware of the subtle difference between working in the business VS working on the business. The natural tendency is to work IN the business because it generates income. But the real game of building a business really lies in working ON the business.
What do you do to build asset for yourself and your business?