Do you value work-life balance, or even believe it is possible?
In our recent article, we emphasized the importance of having your own unique definition of success as a business leader – and for many executives and entrepreneurs, true success looks like a balanced life.
But while you may dream about the ability to make it home for family dinners, attend your kids’ soccer games, and enjoy hobbies and adventures outside of your professional life, juggling the day-to-day demands of running a business can often make these seemingly simple desires feel unattainable.
Today, we will discuss practical strategies to implement within your company so you can achieve more balance in your life and work.
Know Your Numbers
The first step to finding more balance in your life as a business leader is to understand where your company currently stands, by looking at your numbers. By having your finger on the pulse of financial and operational data, you can make sound decisions rather than wasting valuable time on activities that don’t actually move the needle. All in all, knowing your numbers results in better planning, more efficiency – and less stress!
Knowing your data and numbers can help provide a clear path for you as an executive or entrepreneur. By understanding trends and patterns of business performance, you can understand if your business activities are heading in the right direction, and whether they’re providing the results that you need. From there, you can make a plan of action for where your mental focus should be, and what areas need some extra attention. Rather than feeling scattered when you walk into the office each morning, knowing your numbers allows you to refocus on what matters most to your success as a leader – and the success of the business at large.
When you view data as a necessary strategic tool, you save time, effort, and stress. Instead of waiting for a crisis to unearth underlying issues, knowing your numbers allows you to have an ongoing understanding of where you’ve been, where you are, and where you’re going. This will result in you being more responsive and aware in your leadership, rather than reactive and stressed.
Create Operational Efficiencies
Once you have data at your fingertips, you can continue to reduce the number of hours needed in front of your computer per day (or week) by creating operational efficiencies within the business. This begins with streamlining your processes by creating standard operating procedures (SOPs). By removing the guesswork from your daily duties, you will inevitably increase productivity and free up your time as a leader.
With that, though, it’s crucial to ensure you aren’t just working in your business as a leader. As an executive or entrepreneur, you should spend the bulk of your time working on the business, with your mind focused on strategic direction. In order to prioritize such growth initiatives, it’s essential to delegate daily tasks to your team so you can focus on what only YOU can do as a leader. Later in the article, we will uncover how partnering with experts in other areas can be another effective form of delegation – one that will have you sleeping better at night, while your business grows exponentially!
Technology is another critical piece of the puzzle when it comes to creating operational efficiencies and being as efficient as possible as a business leader, so you can spend more time in your zone of genius – and in your life outside of work! By automating tasks where possible, you not only save yourself from repetitive tasks that can eat away at your time, but also set your business up to scale.
Finally, consider how you are managing your existing resources. Are there aspects of your business that aren’t serving your pursuit of growth that you could potentially scale back on? On the contrary, are there areas that, with the proper investment, could transform your business and create space for you as a business leader? By optimizing processes and reducing complex and time-consuming tasks, operational efficiencies can make a significant impact on the success and balance of the business as a whole.
Find (Outsourced) Partners in Key Areas
While you likely have a diverse and rich background as a business leader, no one can be an expert in everything! By partnering with other professionals who specialize in areas that are outside of your zone of genius, you will create a great team of experts all working together in support of your business. When you outsource tasks such as your accounting and finance functions, you can spend more time focusing on the areas of the business in which you thrive. You will also become more balanced and productive in the process!
All in all, if balance is your goal as a business leader, you need the right people and processes in place. With the right strategies, resources and partnerships, you can rest assured that key areas of your business are being taken care of – even when you are at the baseball field with your kid, out to dinner with your spouse, hitting the gym, or even simply taking a moment to rest and reflect.
Looking for a profitability partner who will help you achieve a balanced life as a business leader? You can count on our rockstar team of fractional CFOs and accountants at Blueprint CFO to get the job done. Reach out today!
