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Work Life Balance - Getting It Right!
by Michael Harrison
I have previously covered the importance of business strategy, and achieving work life balance is an important factor in developing an ability to think and plan strategically.
In recent years working practices and hours have become more flexible and it has become normal practice for employers to grant maternity and paternity leave. This has enabled many workers find a better balance between their work and personal lives.
However, owner managers face a more taxing situation. Many think they have no option other than to work whatever hours are required and, as the owners of their businesses this can bring extreme pressures; making the work life balance even more important.
When people run their own businesses they tend to feel they must be involved in everything and a party to every decision. Combine this with family commitments and you soon see where the pressure comes from.
There are still things that can be done to ease the pressure.
It is important to know what you want from your business and your life. This may sound obvious but it is often the case that small business owners are basically employing themselves by ‘working in’ the business not ‘on it’.
The key is to look at the bigger picture. Get a vision of what you want to achieve and put these goals in sequence by ranking in importance to you and relationship with each other.
You will now have the start of a strategic plan for both personal and business objectives.
If you clearly know what you are trying to achieve you will only make decisions that relate to your objectives. So each time you make a decision you will know were it fits in your plan.
Much stress comes from being unsure as to what the consequences of the decision will be. It therefore follows that if a decision relates to your specific goals you will be more able to keep to your plan.
It is necessary in all of this for your family and employees to be a party to your thinking and to be able to contribute to the strategy. Getting this direct involvement takes some of the pressure off you and you gain with an injection of fresh ideas.
At all times priorities need to recognised and worked to. There is no point in having priorities and then getting diverted to other matters. This is where your strength of purpose comes in with an ability to plan your work so that you work on that which needs working on at the appropriate time for completion to plan.
Work with a diary, are you trying to do too much too soon? A common fault which often traps me.
Pass tasks to others without hesitation and generate a spirit of getting things done in a spirit of trust. One of the best tools I have used over many years has been The Pareto Principle or as it is more often known. ‘The 80-20 Rule’. When you understand it, it is amazing how many relationships it covers. Try it!
Typically as an example 20% of your clients will bring 80% of your turnover so you can identify factually who are your important clients. Conversely you will find that in the 80% of smaller clients there will be some which give you an inordinate amount of trouble. Nothing ever suits them. Do you need me to tell you what to do with them? When you have done it you have more time to concentrate on your plans.
You can use Pareto in so many situations. You will find that of the 20% who generate 80% of the turnover 20% will contribute 80% of the margin. Apply Pareto creatively and you will sort the ‘wheat from the chaff’. If you have a number of employees you may find 20% give you 80% of the problems or 20% make the greatest contribution.
I have explained before that I try to take Thursday as a none office day. It does not always work and we never get it 100% right but there are steps we can take to get improvements in the work life balance.
Tip Take time to play, it is secret of perpetual youth.
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