Plenty of small business owners underestimate the importance of work-life balance. When I start working with a new business coaching client, there is one ‘core’ problem they want to tackle first. Profitability – or a lack of it – is often the first thing they want to improve.
It may be counterintuitive, but changing how your hours are used – or dare I suggest, reducing them – can directly improve business performance.
The importance work-life balance, is it a myth?
If I told you there are plenty of business owners who make more money than you while working significantly fewer hours, would you believe me?
Take my client Chris Irving, who went from working 80 to 40 hours a week. His company, Curve Accountancy’s revenue (and profitability) is up – all while working less.
Effective business owners are efficient. They use tools and discipline to achieve better outcomes with less investment of their time.
There is no reason work-life balance cannot be achieved. But it does involve good planning and (a little) challenging work on the front end. It does not happen by default; it happens by intent.
What triggers an unhealthy work-life balance?
You may think it is easy for us to say all of this, but the reality is of course harder – otherwise everyone would already be doing it. But equally, we’ve proven testimonials that working with us and using our coaching tools, models and techniques and systems, your work-life balance and business performance can all improve.
To do this, you do first have to recognise what caused the unhealthy work-life balance in the first place, in order to identify which system, process, role or tools are needed to rectify it.
For example, some business owners have to what I call ‘hero syndrome.’ This is where a business owner will not ask for help when faced with a challenge.
In most cases, this is because they think nobody else can help solve their problem. Or if they do, it will take too much upfront investment (time and money) to hire and train them.
Your ability to identify tasks that need delegating or automation is essential. Get help early.
If you like, you can schedule a free business review with me, during this session you will:
- Gain clarity on areas needing development.
- Ideas on how to develop your capability as a business owner.
- As well as options for working with a coach to accelerate your progress and results.
Are there any proven techniques for achieving a good work-life balance?
One proven technique we use at UK Growth Coach to help our clients create a better work-life balance is the ‘Eisenhower Matrix’. It allows you to prioritise tasks based on how urgent and important they are.
Made up of a two-by-two grid, the Y axis contains items that are “important” and “not important,” with the X axis for “urgent” and “non-urgent” tasks.
For example, employee reviews may be considered an “important” yet “non-urgent” task – allowing them to be scheduled for a later date in your calendar.
Whereas sales calls may be considered an “urgent” and “important” task, suggesting that you need to complete this task as soon as possible.
Another thing we do is run quarterly planning sessions. It is in these sessions we use the ‘Short-Haul Flight Planner’ to help our clients plan specific action items for the upcoming quarter.
Naturally, this type of quarterly planning removes a lot of ‘busywork’ in the day-to-day of running your business, which allows you to become more focused on the things that matter, and prioritise accordingly. It also means you don’t over commit yourself.
How do you reduce stress and fatigue when running a business?
I will rarely meet a business owner that does not experience stress or fatigue occasionally. Dealing with angry clients, and the stress of onboarding new team members – all while maintaining a positive vision for the company – can create tension. It is normal.
Ways to reduce stress and fatigue is to maintain a focus on your health, fitness, and spend time with family and friends These are all important ways to regroup and reconnect. This is why having a healthier work life balance helps not just the business owner personally, but also their business performance.
Here are some more signs that show you have ‘got it.’
- Your evenings are free of work.
- You feel refreshed after a night’s sleep.
- You are in a good mood overall, and in good spirits when with friends, family, and employees.
- You can make clear and well-thought-through decisions.
- You have good energy levels overall.
Does an excellent work-life balance lead to greater productivity?
A key element to creating a better work-life balance is understanding the concept of ‘energy management’. Energy management is about understanding your spiritual, physical, mental, and emotional levels; being self-aware enough to realise once an area becomes deficient. Ignoring one (or many) areas creates fatigue.
It is nothing new to know that tired people make more mistakes than those who are well-rested. Ex-Amazon CEO, Jeff Bezos credits his 8 hours a night of sleep to help him make better decisions.
If it is good enough for the ex-CEO of a trillion-dollar company, it is good enough for you and me!
How do you sustain a work-life balance?
Set parameters around when it is work time and ‘home time.’
Tools like a balanced diary can be extremely helpful for doing this. A balanced diary also allows you to allocate equal amounts of time for each business area (finance, team development, operations, sales, marketing, etc).
We believe the degree of time you spend on each area of your business, is the same degree to which your business will be successful. For example, if you spend all your time on sales but no time on systems, you will have plenty of clients with no way to handle them. At UK Growth Coach our purpose is to simplify the business of business for company owners in order to close the gap between their ‘potential’ and ‘real world performance’. If you would like to learn more about how we can help you take your business to the next level in 2023, click here.
