What are your priorities? Managing a business and a family can be challenging. What are my 5 top tips on keeping on top of both?
- Take time off when you need it. Running a business and family are both 7 day a week jobs. Evaluate your own needs each day and don’t run yourself to into the dangerous territory of burnout. If you stop loving what you do, it’s ok to take an afternoon off and walk on the beach, cook a meal, go out with friends. If you make your job part of every living moment it will eventually become draining. The energy for new ideas and evaluating your business strategies often occurs when you are not doing working on business activities.
- Step back occasionally and find expert help. In my business coaching role I see many business owners undertake too many roles that might be better completed by another. Constantly assess if you are the best person to complete a task. Sometimes a little expert help from sources like local business networks (free), professionals in banking, law or psychology can help. Be wary of the number of SEO companies that will take your money for little effort. It is not helpful to be first on google, it is helpful to be on the first page of google for a few hundred words and phrases!
- Do what you enjoy. The goal of running a business is that you enjoy the freedom of ownership of your intellectual efforts and have enjoyment from the outputs of the business. These include respect, financial security and satisfaction in having products or services that are useful and appreciated by clients. If you are investing in a business and it doesn’t have sufficient rewards, then you will find the long hours in business development boring and exhausting. If you have employees considering employing someone to do the things you don’t enjoy and over time increase the tasks that you do enjoy.
- Find support. In business there are many aspects that cannot be shared because of commercial confidentiality, lack of time and inadequate relationships. It is important to have business support by either people you can trust who are invested in your long term success. A partner, adult children or parents, long term friends with business experience. It may feel like a luxury to talk about your future directions over coffee when things are going well, but sharing what goes well and what is challenging can help you to evaluate your risks and likely roads to success. Your closest friends will know you well and not be easily convinced that every idea is a good one and you need people to share when they think you shouldn’t proceed with a risky activity.
- Diversify. When things are going well allocate a small amount of time to diversifying your client base, products or experiment with new ways to minimise costs. I tend to think about 10% of my ideas will be very useful, about 10% won’t work and about 80% neither work, nor fail so I learn about why. I have like to keep a steady flow of new ideas being tested in my business, while channelling most of the business energy into what has already worked well.
Hope this helps your business!