Establishing a work-life balance and securing a solid business!
It’s all about balance
Ideally, at the beginning of this new year, attention will be given to working on the business as much as in the business. Equally, the importance of family in the mix of time-share.
Profit of the business is the objective; this underpins choice and prosperity but shouldn't be at the expense of the whole of life. Let's investigate some ways this can be achieved - some thought-starters!
So where to start? When to start? Why start??
Everyone has either heard their parents say or have already said, "sorry I can't come to that, I have to work / work commitments …etc." Well, as we all know, we only get one chance at this thing called life and the commitment to family – getting that right. Yes, the business is there to support the family and the tomorrows, but if the family is neglected under the heading of business and the notable and noble pursuit of money to give security and options, then it's trading one for the other.
It is possible to have both – but first, the realisation that YOU want both.
Some people trade family (non-business for those singles) because the family doesn't bring joy! Often there was fun but stuff got mixed up and seemingly overnight, the fun disappears. This can be the wrong choice upfront but more likely, the loss of connection through 'working in the business' and attributing time to that and not the spouse and family bringing that growing disconnection – the exponential disconnection that can grow into 'love lost' and much worse.
If there was love, it could be nurtured back into life with a change of priorities. That is a shared change, all parties, as all parties participated in the disconnection even though it might seem that the business driver was the main fault. (driver = family member working the business)
These comments are addressing business/life balance, and there are a raft of communication issues we can address some other time separately.
Things to consider:
- Is the business actually capable of being profitable, or is it just buying the driver a job? See Guy Kawasaki
- Is the business structured in such a way that it doesn't rely solely on the driver?
- Are fixed costs appropriate to the potential profit? The many questions associated!*
- Is there a useful mix of contractors/outsourcing / employed to give flexibility?
- Does the driver need to learn to delegate?
- Is the driver caught in the business because they cannot find a buyer to release them?
- Does the driver have a lack of skills (or confidence) to change their situation?
- Is the driver a perfectionist – a micro-manager?
- Are processes and policies in need of an update?
- Are current employees underperforming and to date you haven't been able to remedy?
The conversation has been about business and family, but the individual, the driver needs to be considered in the discussion. Are they neglecting themselves, their health, their own associations, their individual fun?
Very often the pressure of conducting the business is at the foundation of the disconnection and that's because the business actually isn't worthy anymore – technology changes, wrong product, poor pricing, poor buying, old stock, business grown past initiators skills - these are just some of the matters business owners need to consider.
What do you do now?
If you want to tap into over 40 years of coaching and business experience, including business/life balance, then get in touch with Rex Buckingham today!
Members of Business House Australia have access to coaches via masterclass workshops and free consults as part of their membership. Not a member yet? Get in touch to find out more.
Business House Australia Coach
Principal Colourthinking and LeadershipThinking.Academy