Running your own business is a thrilling, challenging, and sometimes totally overwhelming experience. For many entrepreneurs, the line between work and personal life is blurry at best. But if there's anything the Covid years have taught us all, it's that merging our personal and professional lives leads to burnout, stress, and general dissatisfaction.
But here's the good news: achieving a work-life balance, even as a small business owner, is possible! And, what's more, it's crucial for your company's long-term success and your own long-term wellbeing. In this post, we're going to explore some practical strategies you can employ to finally find that elusive balance, while keeping your business booming.
Why work-life balance matters for small business owners
Before we dive into the how, let's talk about why having a good work-life balance is essential. As a business owner, your energy, creativity and decision-making capabilities are your most valuable assets. But overworking yourself drains these resources dry, which leads to decreased productivity, poor health and, at the end of the day, can jeopardize your entire business.
So by maintaining a healthy work-life balance, you're not just taking care of yourself. You're also taking care of your business.
Here are our seven biggest tips to keep everything business in its proper place.
#1. Set clear boundaries
With the constant demands of running a business on your plate, it's easy to let work spill over into your evenings, weekends and even vacations. The key to avoiding this is to set clear boundaries from day one.
- Designated work hours - set specific work hours and stick to them as much as possible. Let your clients and team know when you're available and when you're not.
- Create a designated workspace - this is especially crucial if you primarily work from home. Establish a separate workspace that you can literally close the door on at the end of the day. The physical separation of space will help you to mentally switch off from work.
- Learn to say no - when you're just starting out, it's tough to refuse paying work. But not every opportunity is worth your time. Be selective about the projects you take on, and don't be afraid to say no when you need to.
#2. Prioritize tasks with the 80/20 rule
The 80/20 rule, otherwise known as the Pareto Principle, states that 80% of results come from 20% of efforts. As a business owner, it's essential to identify, and then focus on, those tasks which drive the highest value.
- Identify high-impact tasks - look at your business and determine which activities the most significant results. Focus on these tasks and then either delegate or eliminate the rest.
- Time blocking - use time blocking techniques to allocate specific slots to high-impact tasks. This will ensure you're dedicating the right amount of attention to the stuff that truly matters.
#3. Automate and delegate
As your company grows, it's absolutely vital to learn the dual arts of delegation, automation and letting go. Because, trust us, there will come a day where you won't want to do everything yourself.
- Automate wherever possible - use software tools to automate repetitive tasks like invoicing, scheduling and email marketing. This will save you time, reduce the chances of human error, and make for smoother sailing as you scale.
- Delegate to your team - you’ve hired those superstars, now it’s time to put your trust in them! Delegating tasks across your capable team frees you up to focus on the strategic decision-making that’ll drive your brand forward.
- Outsource where necessary - sometimes, keeping everything in-house is a false economy. Consider outsourcing tasks that require specialized skills, like accounting, or tasks that take up huge chunks of your time, like making PowerPoints or combing data sets, to professionals who can handle them more efficiently.
#4. Schedule downtime
Yep, you read that right! Just as you plan out your daily tasks, you should be planning out your downtime to make sure you actually take the breaks your brain needs.
- Build breaks into your day - throughout your workday you should be taking short breaks to recharge. If you aren’t already doing this, you’ll marvel at the difference a five minute walk can make to your post-lunch productivity slump.
- Schedule real vacations - one of the big mistakes lots of business owners make is waiting until the burn out is all-consuming before they take a vacation. Instead, schedule regular holidays, even if they’re just short weekend getaways, to properly disconnect and recharge.
- Unplug after hours - make a habit of truly switching off from work after you finish for the day. Resist the urge to check your emails in the evenings. If this is something you really struggle with, consider installing something like Opal onto your devices to literally block any work-related apps during your scheduled downtime.
#5. Embrace flexibility
One of the perks that comes with owning your own business is the control you can have on your schedule. Use this to your advantage by embracing flexibility to fit your work around your life, rather than the other way around.
- Tailor your schedule - create a work schedule that aligns with your life, and your most productive hours. If you’re a morning person with a school run to negotiate, start your day early and get a chunk of work done before the rest of your house gets up. If you’re a night owl with an anti-AM sentiment, adjust your day to make the most of your evening energy boost.
- Adjust for personal life - never feel guilty for switching off your work life to attend to your personal life. Whether it’s attending your kid’s play, hitting up a midday yoga class or taking an hour and a half every afternoon for a long, leisurely lunch, you’re more than allowed to make time for what matters, even if that event falls within the traditional work day.
#6. Invest in self-care
As its founder, your wellbeing is the foundation of your business’s success. Prioritizing self-care ensures you’ve got enough energy and focus to steer your company through the choppy seas of change.
- Make time for exercise - physical activity boosts your energy levels and reduces your stress. Find an exercise routine that you enjoy, whether it’s a dawn run or a pre-bed weights session, and make that movement a regular part of your day.
- Eat well - fuel your body and your mind with nutritious foods that keep you energized throughout the day. Avoid skipping meals, as this can lead to energy crashes. If you find that you always crash after your lunch, consider keeping a food diary to see what kind of carbs work best for your brain.
- Mindfulness and meditation - incorporating mindful practices or meditation into your daily routine helps you to manage stress when it appears, and keeps you focused in your day-to-day.
#7. Seek support where you can
You don’t have to navigate the challenges of entrepreneurship by yourself! Seeking support from others can make a world of difference to your experience as a business owner.
- Build a support network - surround yourself with a network of fellow entrepreneurs, mentors and advisors who can offer guidance, encouragement and moral support. Join entrepreneurial Slack communities, LinkedIn groups and in-person business clubs to find your tribe.
- Communicate with your family - keep your family in the loop for your business and involve them in your journey. Their understanding and support, even if they don’t really get what you do, can help you to maintain your balance.
- Professional help - don’t hesitate to seek professional help, early and often. Whether it’s a business coach, a therapist or a financial advisor - there are professionals out there who are ready to give you the insights you need to help you stay on track.
Final thoughts
Achieving a good work-life balance as a business owner isn’t about perfection. It’s about finding what works for you. It’s about making intentional choices that allow you to grow your business while still making your life work for you.
At wamo, we believe that the best way to do just that is by staying efficient, staying flexible and staying in control. And good business banking is a crucial part of that equation. With the right tools and mindset, you can build a thriving business without sacrificing your well-being. So, take a step back, reassess your priorities and start making small changes that lead to a more balanced and fulfilling life.