The ultimate goal for anyone who works is to be the boss and give the orders at the company. This means that you are the one who is responsible for making it all happen, and of course, when things do happen the way you hope and plan, you are a hero and envied by your peers.
Running a business can be as exciting and rewarding as it is challenging and stressful. Being your boss brings with it a unique sense of job satisfaction, but it invariably means long unsociable hours. That’s why you must strike the right work-life balance. Here we check out four ways to help you maintain commercial success without negatively impacting your personal life.
Flexibility
You have to remain flexible in the way you approach your work. As the boss, you should build into your planning that unexpected things will arise, cutting your free time. They will cause you to spend more money and have to give additional time to areas of the business you thought were covered. To combat this, you always need to have a flexible plan that can be modified based on new information and circumstances.
When there is a need for more attention to a specific area, as the boss, you should be prepared. The best leaders always say that the boss should have at least 20% of his or her time free to observe, come up with ways to improve effectiveness and efficiency at the business, and to solve any unforeseen problems that come up. They can do this because they hire great people at their companies, and they delegate essential functions to these people.
Even with your having extra time to take on unforeseen problems, as the boss, you should only get directly involved when the issue is critical. In other words, you should learn to say “no”. The boss, working more, doesn’t necessarily equate to more profit. Will you be involved in fixing the issue, for instance, take your attention away from other pressing matters or even reduce the quality of your overall service? Are there others who are better qualified then you at the company to take on the problem? Remember, just because you are in charge does not mean that you are the best person to handle all things at the company. A leader is someone skilled at doing but also at knowing when not to do.
This doesn’t mean turning down opportunities. Consider asking for longer lead times or negotiate timescales to enable the business to deliver the client’s solution to the standards your reputation has been built upon. Indeed, flexibility is your most significant advantage as the owner of small or medium-sized businesses, according to Carolroth.com.
Save Money for You
Every business owner and manager knows that having enough capital at the company is a critical component to success. But it doesn’t mean having to extend your finances beyond what you’re comfortable with. When you make your plan, make sure that you have ample capital to meet the needs of the business. Also, make sure that you have several funding sources lined up that you keep informed of the progress of your company. This way, if you need additional capital, you can get it from them on short notice.
Each month you need to have spare cash in your bank account and not be dependent on anyone client’s payment to be the difference between whether you can or cannot pay your bills. Ensuring you have cash left over will inevitably mean you have money to spend on your business needs, helping to alleviate stress.
Paying yourself first is an excellent place to start. Too often, small business owners hastily invest their profits back into their company without paying themselves. This will usually lead to the business owner being financially stressed and unable to work comfortably. This stress will filter into all parts of the business, and soon everyone at the company will be stressed.
You should set things up at your company so that you can save between 10% and 20% of gross profits each month. This strategy will be the foundation for helping you to achieve your long-term goals. Similarly, keep personal and business finances separate; don’t “bet the farm”.
Spend Wisely
Take advantage of potential savings through available tax breaks (such as the 20% pass-through deduction), consistent review of your expenditure, and negotiation with vendors who would somewhat lower their price than lose an account, find more info here. Use social media as a low or no-cost marketing tool, cut unnecessary travel, and embrace telecommuting.
Within your staff, consider hiring young, enthusiastic people who are ready to learn rather than experienced professionals demanding high salaries upfront and utilize cheap workers comp insurance by Next Insurance to offer the business legally compliant protection against accidents, illnesses and death from work-related activities without breaking the bank.
Making Life a Part of Work
Being able to separate work and life is an ideal that isn’t easily attainable for the business owner. The good thing is that many entrepreneurs started a company because of a keen interest in the sector. Use that to your advantage if you can, or consider how hobbies and interests can influence your business.
This can work both ways. Investing in training for yourself and your staff could help improve skills for other personal pursuits. An orienteering away day will help you get ready for that hiking holiday you’ve wanted, for instance. Similarly, you could use hobbies such as cooking, game-playing, or sports as part of a team-building exercise.
Get organized, plan well, hire people you can delegate to, be willing to give yourself a break, and know when to say “no”. Keeping these factors in mind can help maintain the rewards of being a business owner without it hurting your home life.