As a small business owner, you continually make sacrifices to make your business successful. That often means giving up time with family and friends, working on hobbies, and saying yes to other social engagements.
However, it appears that many of you have been able to find some form of work-life balance. A recent Sage survey found that 53 percent of U.S. entrepreneurs work no more than 40 hours per week.
Does that seem surprising to you? It does to me. In fact, it would be interesting to delve more into what respondents to the Sage survey consider “work.” Do they count drafting and responding to email messages at night? What about taking that late-night call from a loyal customer?
No matter the answers to these questions, it appears at least a good number of small business owners believe they’re achieving a healthy enough personal-professional balance.
Are you one of them? If not, here are five ways to maximize time and effort that will, hopefully, lead to a healthier equilibrium between business growth and personal fulfillment.
- Share your burden. Consider having a business partner who can carry part of the load. This can free up some of your time to focus on creativity and innovation, as well as give you someone with which to brainstorm and make business decisions. Share both the stress and the rewards.
- Seek advice. Turn to professional advisors for assistance when appropriate. Specialists can help you see the big picture and share a fresh perspective, giving your company a boost and possibly leading you to your next big idea. You can’t do everything, so lean on the experts. Hire an accountant to help you manage and grow your business. Find a mentor who’ll inspire you.
- Take advantage of technology. Is managing your company as automated as it could be? A plethora of tools are available to help run your business. Are you spending needless time on manual processes or, even worse, typing the same exact information into two different systems? Turn to one of your new trusted advisors (see tip #2) to learn what technology solutions might give you back time and, perhaps more importantly, save you from putting hours into a daily or weekly business management task that you hate.
- Write (and update) a plan. A formal and up-to-date business plan is critical and should be a top priority for your small business. If you haven’t looked at your business plan in months, or even years, set aside some time to do that. A business plan is often a factor that sets apart the most successful entrepreneurs and gives their companies a long-term advantage.
- Prioritize forward-thinking. It’s easy to get lost in the trenches and lose sight of the big picture. At least one day per month, make a focus on the future your sole priority. Schedule and keep this personal appointment for yourself, and I bet you’ll be impressed with how many new ideas you create. Meet with your team during your specified "innovation day" to brainstorm even greater ideas for the short- and long-term. Involving employees in future-focused discussions helps them feel empowered and more invested in the company. Invested employees will work harder for you; pay attention to whom might be able to take on more responsibility, thus removing tasks from your plate.
As small business owners, you focus on the meaningful. You create a vision of your future business and then bring it to life. It’s no small task, and your work should be admired.
Use the ideas I’ve just shared to lighten your load and achieve even more small business success. I bet you’ll find that getting that gym time in, taking that vacation, or pursuing that special hobby keeps your entrepreneurial fire going and makes you even more productive.
