In business you need an element of luck, but the way that you work on your business may be the difference between earning a living or exceeding all expectations. This is more relevant when times are tough.

About six months ago a Lincolnshire farmer found his old donkey had fallen down one of the farm wells. The farmer had to decide quickly what to do with the donkey which by his reckoning looked to be barely alive. It wasn't worth the cost of retrieval; and in his eyes, the farmer thought it was too old to serve any further use on the farm. With the help of his son the farmer began to shovel the surrounding soil into the well.

The donkey gave out loud cries of disgust as the soil rained down and finally went quiet. The farmer continuing to fill the well, decided to take a look and to his surprise saw that with each shovel of soil, the donkey would shake it off its back, take a step back and a step up. Two and a half hours later the donkey was at ground level and walked off into the neighbouring field, no worse for the ordeal.

Often the knack of getting yourself out of a hole is by taking time to assess the situation, not to give up, and to deal appropriately with the dirt that is thrown at you. Each step taken is then a step up in the right direction.

Taking time to work on the business rather than in the business is time well spent and will reap benefits in the longer term. However, this practice is often overlooked by many small to medium size businesses.   Looking at your business from afar, allows you to tune the business for greater success, lean processes or systemise and avoid potential pitfalls.

Why not consider the services of a non-executive director or a business development coach to work with you on the business. These experienced individuals can bring a breadth of knowledge from other business sectors, or directly from the businesses they are currently working in. Their knowledge can often yield quick results to your bottom line and can help you to develop your businesses much faster and in a structured impartial way.

When looking at something for a long period of time it is often said a fresh pair of eyes could solve the problem faster or change the direction of current thinking. Your business is no exception to this rule and this business may be your biggest asset, the source of your income and the basis for your pension.

And finally .............................

The weeks passed and the donkey had time to reflect on what the farmer had tried to do. The donkeys' nonchalance slowly turned to anger. The next time, on seeing the farmer, the donkey bit the farmer where it hurt. So, if you end up making a wrong decision, don't try and cover your ass, remember it always comes back to bite you at a later date.

Chris Hunt
Johnson Hunt Corporate Finance