Question: How do I create a good work-life balance and increase the value of of my business at the same time?
1. Figure out who you are outside the business.
If you are focusing solely on running your business, it’s probably because the other parts of your life are not engaging you as much. Take some time to figure out what defines you in the rest of your life. Is family important to you? Do you have a particular sport that you love? An artistic pursuit that you enjoy? A passion for travel?
Answering these question will help you start working towards that balance. Once you’ve identified what’s important, you can start building towards it.
2. Analyze the business to see how to reduce its reliance on you.
Review your various roles at the company. Which of these could be taken on by another team member—either immediately or following some additional training? What steps would need to take place to make this happen? Draw up a plan of action.
Figure out where you are spending your time. If you notice that a large percentage of your day goes towards solving certain problems, maybe you need to shift your focus. Can you be working smarter, rather than working harder?
3. Set strategic plans in place to create a shared vision.
When a company’s strategic plan is clearly communicated amongst all its employees, this will help create organizational alignment for the business. A shared vision will provide your team with clear direction on the overall goal that you are working towards.
The value of a mission, vision, values document cannot be underestimated. Spend some time writing one and make sure that your entire team sees it, reads it, and understands it.
4. Ensure the right people are there to take some of your responsibilities.
As you look for ways to create a good work life balance, you’ll need to ensure you have the right people in place to take over for you. Someone will need to fill your leadership role in the organization. Find individuals with management abilities and groom them to handle these responsibilities. If you don’t have anyone who fits the bill, hire a new person!
5. Institute policies and procedures to get key information to the team.
Key information often gets stuck in the business owner’s head—and this is one way that a business can become over-reliant on its owner. Put policies in place that will help the spread of information. Even if you have a great manager ready to step into your shoes, this is still an important investment for the future of the company.
While these tips for work-life balance will all help you towards success, the most important step is to continue to monitor, re-evaluate and adjust as required. This is the best way to reach a good work-life balance and create value in your business.