Please ensure Javascript is enabled for purposes of website accessibility

Tag: Work-Life Balance

Balancing Business Ownership: Is Work-Life Balance Possible for Entrepreneurs?

The concept of “work-life balance,” is a frequent talking point in modern culture. Job seekers actively look for employment opportunities at businesses with a positive company culture. They want the opportunity to work hard, but also to enjoy their personal lives.

While that may be possible for the average person, it becomes much harder for someone who owns their own business. 

Small-business owners are aware that when they don’t do something, it simply doesn’t get done. That type of pressure can make it hard to relax at the end of the day. 

Is proper work-life balance even possible for small business owners? In this article, we explore that question and look at ways you can meet both your business’s needs and your own. 

READ: Mastering Work-Life Balance — Practical Steps for Entrepreneurs to Thrive

What is work-life balance?

Work-life balance has developed a pop-culture connotation that doesn’t quite align with most people’s experiences. You’ll see big tech companies invest hundreds of thousands of dollars in quality-of-life features at their office buildings. Sushi bars. Yoga classes. Meditation studios. 

Those things are nice, but they aren’t within the realm of possibility for most people. The average person is hoping for simpler things. The ability to eat dinner at home. Pick up their kids from school. Sit through their child’s soccer practice without needing to answer emails. 

As a small business owner, you are probably more than just the founder and CEO. You’re also head of sales, marketing and customer relations. It’s a big responsibility that doesn’t just click off when the clock strikes five. So, how can you handle the responsibility and still retain some semblance of a personal life?

First, establish your priorities

It’s important to take a step back and view the situation objectively. Certain responsibilities do require immediate attention, regardless of what time of day it is. As the business owner, you will need to address these circumstances right away, regardless of whether or not there is something you’d rather be doing at home. 

Other things could be pushed back until tomorrow. Telling the difference can be difficult when you have your head in the game. Take a step back and think things through as objectively as possible. What do I want? Dinner at home with my family? I have to do A, B, and C. If I take on all three, there is no way I will get home on time. Can they wait?

Sometimes, the answer will be no. However, simply by asking the question, by establishing dinner at home as a priority, you increase the odds of finding opportunities to do it. 

READ: How to Balance Your Day Job and Side Hustle for Entrepreneurial Success

Taking care of yourself

It’s important to consider self-care and work-life balance as a foundational aspect of your business practices. As an entrepreneur, you aren’t just trying to get through the day. Your goal is to build something that will last for years to come. 

You can’t run yourself into the ground every day, without eventually bottoming out. 

Self-care and work-life balance help make your business practices more sustainable. While accomplishing these things may look a little different from person to person, here are some foundational aspects of both to keep in mind. 

  • You need sleep: Most experts recommend between 7-8 hours a night. While accomplishing this is often difficult, it is an important aspect of keeping yourself healthy. Sleep deprivation can lead to stress, anxiety and poor decision-making. 
  • Good nutrition: As a busy business owner, it may be tempting to reach for takeout or a prepackaged meal. But while junk food is easier than healthy home cooking, it’s not doing your body any favors. Well-balanced meals provide you with energy and can boost cognitive function. Don’t skip out on your leafy greens. 
  • Monitor your mental health: It’s important and increasingly socially acceptable to pay careful attention to your mental health. Social stigma around mental health has largely evaporated. Now, it is very mainstream to admit you suffer from stress or anxiety, or even to say that you think you need counseling. 
  • Mindfulness: Mindfulness is, at its core, all about being aware of how you feel and what is happening in the world around you. Basically, it’s about living in the moment. Many people achieve a state of mindfulness by practicing meditation. While you don’t have to become a yogi, occasional mindfulness exercises can help you better understand your feelings, and live a happier life. Speaking of which….
  • Do things that make you happy: Truly, what’s the point of being a business owner in the first place if you aren’t happy? It’s important to remember that entrepreneurship is a choice you make. Make sure it’s one that you find fulfilling and enjoyable. Put your heart into the business, but make sure it doesn’t come at the cost of personal happiness. Otherwise, what’s the point of it anyway?

Nailing a proper work-life balance as a business owner won’t always be easy. Nor will it even always be achievable. However, by establishing it as a goal and prioritizing it every day, you vastly increase the odds that you can enjoy a fulfilling professional and personal life. 

 

Andrew Deen HeadshotAndrew Deen has been a consultant for startups in a number of industries from retail to medical devices and everything in between. He implements lean methodology and is currently writing a book about scaling up business.

Mastering Work-Life Balance: Practical Steps for Entrepreneurs to Thrive

Work-life balance has become somewhat of a meme at this point. You hear it in conversations and read it in articles across the web, usually from gurus who purport that they hold the secret key to success in all parts of life.

However, it’s best to approach this topic with a realistic perspective. If you are a business owner who spends most of their time between projects, deadlines and team meetings, striking the right balance between personal and professional lives can be challenging.

Let’s discover how you can achieve this, in just a few steps.

READ: Avoiding Founder Burnout — A Guide on Fighting Hustle Culture for Entrepreneurs

Work-life balance quiz

We might break “Life” down into three key areas. For each of the following, a simple yes or no answer will help you to understand which area you should focus on to get to that level of work-life balance that you crave.

Personal activities and leisure

Some business owners find that relaxing on the sofa, reading a book or going out on the town helps them unwind. Hobbies and leisure activities can look different to everyone, so think about what makes you happy and relaxed.

Ask yourself: Do you spend enough time doing the leisure activities you personally enjoy?

Fitness and health

Sport and physical activity are great ways to detach your mind from work while providing your body with the much-needed movement and fresh air it needs. 

This can be particularly true if you are making the transition from an employee to a business owner. Spending a little time on your health will help you maintain this drive for the long term.

READ: From Employee to Entrepreneur — Top Tips for Making a Successful Switch 

Ask yourself: Do you allocate as much time to your health as you would like?

Friendships and relationships

Lastly, we have the people in our lives — friends, family and partners. Spending time with them and making memories is another essential aspect of achieving a good work-life balance.

Ask yourself: Do you spend enough time with the important people in your life?

How to work towards a healthy work-life balance

If you answered “no” to one or more of the quiz questions, you should start taking steps towards a better work-life balance. Here’s how:

Utilize technology

You may think of technology as exclusively work-related, especially if you are currently in the process of looking for a cheap domain buy for your business or something similar. Tech tools, though, can also come in handy when it comes to achieving a healthy work-life balance.

READ: Revolutionizing Employee Satisfaction — Unveiling the Role of Technology in Modern Workplaces

For example, if you manage an Airbnb business, you no doubt understand the constant demand for managing bookings, guest communications and property upkeep. Embracing technology in this context can be a game-changer. By utilizing platforms and software tailored to Airbnb hosts, you can streamline operations, automate routine tasks and gain precious hours that you can devote to your personal life.

  • Research time-management applications to ensure you schedule enough “me time” in the day. Limiting meeting duration and being strict with finishing times can help work towards this goal.
  • Use digital to-do lists to stay focused on the most important business tasks to complete first. Once finished, you can spend your free time in a more relaxed state. Not having to worry about unfulfilled important jobs can really help de-stress.
  • Setting a timer is another great way in which technology can help keep you focus for short bursts of time, encouraging you to take a few minutes to detach and unwind on a frequent basis.

Practice mindfulness

How many times do you really pay attention to your surroundings, every day? As a busy entrepreneur, the chances are that you switch from one task to another quickly and without fully appreciating the small details.

By regularly practicing mindfulness, you can train yourself to become more grounded and present, both in your personal and professional life. This, in turn, helps you get to the following point on our list — understanding where your new priorities lie.

Reassess and refine your priorities 

Once you get your personal life better organized and start incorporating mindfulness into your daily life, the next step is to establish a new set of priorities. 

Let’s imagine that you regularly spend at least 10 hours a day in your office and only see your children on the weekend. This may lead you to realize that a better work-life balance would mean spending more time with your family. 

So, you make it your new priority to work less at least one day during the week in order to enjoy a slower and more relaxed evening with your kids. 

Time to find your balance

Between investigating AI competitors, training a successful team and managing a growing business, being an entrepreneur can be hard. Finding the right level of work-life balance can become even harder.

However, it can be done. When you have your priorities in place, it’s vital to stay consistent and know exactly what actions will lead to a work-life balance that works for you. 

 

Grace Lau 1Grace Lau is the Director of Growth Content at Dialpad, an AI-powered cloud communication platform for better and easier team collaboration. She has over 10 years of experience in content writing and strategy. Currently, she is responsible for leading branded and editorial content strategies, partnering with SEO and Ops teams to build and nurture content. Here is her LinkedIn.

Mastering Leadership: Top Tips for New Business Owners to Empower and Guide Their Teams to Success

Starting a new business is an exciting journey, but it comes with many challenges. One of the most important tasks for any new business owner is learning how to effectively lead and manage employees. At ChamberofCommerce.org, we frequently work with entrepreneurs who are eager to get their businesses off the ground but need guidance on the leadership side.

In this article, we’ll provide tips for new business owners on how to start strong by setting their employees up for productivity and success.

READ: From Employee to Entrepreneur — Top Tips for Making a Successful Switch 

Set clear expectations upfront

When bringing on new hires, don’t just hand them a job description and leave them to figure things out. Take time to explain your vision for the company, their role, and what success looks like. Clarify how their performance will be measured and share any metrics you’ll use to track progress. Define not only the required daily tasks but the overall goals and results you expect them to achieve in their position.

Providing clear expectations from day one equips employees to stay focused. It also makes managing performance easier down the road, as you’ll have predefined standards to reference in feedback discussions.

Create opportunities for input

Employees who feel heard and valued are more engaged at work. While the business founder naturally has the final say on major decisions, create opportunities for staff to share ideas and provide input.

You might hold periodic brainstorming sessions to collect innovative ideas for improving processes or services. Or send out anonymous surveys asking what’s working well and what could be better. Employees on the front lines often recognize issues or notice customer needs that those in leadership roles miss. Gaining their perspectives leads to better-informed decisions.

READ: How to Craft an Ideal Employee Experience Strategy — 6 Easy Steps

Help employees understand how their role contributes

Micromanaging is demotivating. For optimal productivity, employees need some autonomy in carrying out their responsibilities. But be sure they understand how their individual role ladders up to broader company goals.

Explain how the tasks they complete each day, whether it’s developing products or serving customers, contribute to the success of the business as a whole. This helps them feel invested in the work rather than just going through the motions.

Check in regularly to provide feedback

Don’t just evaluate performance during formal annual reviews. Consistent feedback is key for productivity, as it allows you to reinforce positive progress and promptly address any issues.

Schedule weekly or bi-weekly one-on-one meetings with individual employees. Discuss what they’ve accomplished and any challenges faced recently. Recognize their wins and contributions. Then share constructive input on areas for improvement.

Effective feedback frameworks are critical, as a recent survey found 83% of employees have an annoying coworker. Top complaints included laziness, arrogance and excessive chatter, which regular check-ins can address. Regular check-ins also show employees you’re invested in their growth and make mid-course corrections easier.

READ: 6 Simple Ways to Encourage Employee Wellness — Key Strategies and Benefits

Support Work-life balance

Burnout is bad for business. While occasional overtime may be needed during busy periods, take care not to drive employees into the ground.

Monitor workloads across your team. If someone constantly seems overwhelmed, bring in help or shift assignments. Make sure staff take meal breaks and use vacation time. Model healthy work-life integration in your own schedule as the founder.

Supporting employees’ physical and mental well-being through work-life balance policies leads to higher and more sustainable performance over time.

Balancing employee needs is key, as one report found that professionals dislike overused workplace terms like “new normal” and excessive perks like company swag. With data showing annoyances are common, minimizing them boosts engagement.

Starting a business while effectively managing a team is no small feat. But setting clear expectations, soliciting input, providing feedback and supporting work-life balance places employees on the path to productivity. With engaged and empowered staff behind your vision, you’ll be well on your way to business success.

 

This article was produced by the team at ChamberofCommerce.org, your go-to resource for tips, guides, and reviews to help small businesses succeed.

Secure the Foundation of the Family Business

Running a successful family business is rarely simple. Problems can arise that hamper business success and disrupt family relationships.

Don’t wait for problems to destroy your family business. Instead, be proactive and plan ahead, positioning your family business for long-lasting success.

Here are 10 key factors to running a successful family business:

Proper Business Planning

Create a plan that defines your family business and what you want to accomplish. Develop a mission statement and values for your company. Be as specific as possible in your plan.

Your business plan should include things like an executive summary, company description, and market analysis. If you need help getting started, check out the business plan tools and resources available from the Small Business Administration. 

Outline Roles and Responsibilities

Define the roles and responsibilities for any family members involved in your business. Be transparent and ensure each family member knows what is expected of them. In addition, ensure everyone knows the consequences of not performing their duties.

Along with roles and responsibilities, determine job titles and compensation for each person. Make sure that it aligns with the work performed.

Effective Communication

Keep the lines of communication open with family members about your business. You can implement this by hosting regular business meetings. Utilizing a family group text or having a designated messaging program (i.e.: Slack, Asana, etc.) can help everyone stay connected and aware of what is happening at all times. It also helps family members separate their personal and business communications, preventing the chance for miscommunication.

Try to focus exclusively on business communications during business hours. If you want to discuss a family matter, bring it up before or after work.

Do not hesitate to temporarily step away from your job if you’re struggling to maintain a healthy work-life balance.

Require Industry Experience

You don’t want a “monkey business” led by family members with no experience. To avoid this problem, require a minimum amount of industry experience for any family members who want to join.

If they want to join but lack sufficient experience, encourage them to get training. You can even develop apprenticeship or internship programs that help them build their skill sets and gain hands-on experience. 

Hiring, Firing, and Disciplining Employees

Establish an objective HR policy. If necessary, consult with an HR firm for assistance. This allows you to define terms for hiring, firing, and disciplining employees. It reduces the risk that any external family conflicts could complicate family business ownership.

Do not let family matters influence business decisions. For instance, a family member may want to hire their son or daughter. It may be in the company’s best interest to leave this family member out of the hiring process. This ensures that their son or daughter is fairly evaluated. If this individual is the best candidate for a role, he or she can join the business.

Finances

Put your customers’ interests top of mind. Conduct market research to determine appropriate prices for your company’s products and services. Track your finances and evaluate them regularly.

If you find your company is losing money, address the issue with family members. At this point, you and the rest of your family can work together to get your business’ finances in order.

Maintain a Healthy Work-Life Balance

When family meets business, your work-life balance can deteriorate. Because if a family conflict arises, your company can suffer.

Do not hesitate to temporarily step away from your job if you’re struggling to maintain a healthy work-life balance. If you’re comfortable with it, let your family members know how you’re feeling. This helps open the lines of communication with your family. From here, everyone can ensure you get the help you need. Most importantly, you’ll be able to develop and maintain a healthy work-life balance once again.

If you and your family members learn from one another, your business is well-equipped to thrive.

Setting Up a Succession Planning

Set up a plan if a family member wants to leave the business. This plan creates a smooth transition if a family member gets divorced, retires, or exits your company for any other reason.

A succession plan can encompass onboarding for a new employee who will replace the departing family member. It can also involve letting this family member train their replacement.

Transferring Ownership or Selling the Business

Conduct a business valuation if you intend to transfer ownership or sell your business. The valuation should account for your company’s history, current operations, and growth potential.

A business valuation gives you a good idea about how much your company is worth. Also, the valuation can affect asset distribution among family members.

Feedback

Get third-party feedback about your business. Look at customer reviews to find out how clients feel about your business’ products and services. If you identify improvement areas, work with family members to address them.

Engage in discussions with your family regarding their work performance. Employee feedback is paramount for running a successful business. If you and your family members learn from one another, your business is well-equipped to thrive.

The Bottom Line on Running a Successful Family Business

Research indicates most family-run businesses fail by the second or third generation. However, with proper planning and attention to detail, your family business can succeed starting on day one.

Run your family business in the same way you would any other workplace. With this approach, you can lay the groundwork for a successful family business. You can also keep your company going strong long into the future.

 

Noah RueNoah Rue is a journalist and content writer, fascinated with the intersection between global health, personal wellness, and modern technology. When he isn’t searching out his next great writing opportunity, Noah likes to shut off his devices and head to the mountains to disconnect.