Work/Life Balance and Goal Setting Strategies for Personal Growth and Profits in the New Year

Because I write several blogs, author books, and run a business, it looks like I have a mammoth list of commitments. People often ask me how I get so much done and I always chuckle a bit at this question because I’m not a productivity expert and I don’t have a magic wand. What I have is a sharp focus on moving my business ahead without losing my mind in the process.

Entrepreneurs tend to work a lot of hours. It begins during the start-up phase, when 60+ hour weeks are the norm. This can last for two or more years while getting the business to profitability, but at some point the madness has to stop. Many of us started businesses because of the flexibility and freedom entrepreneurs are supposed to have, yet we get absorbed by the daily demands, get used to working long hours, and forget to bring balance back into life.

With the New Year approaching, now is a great time to reevaluate your work/life balance and create new goals for 2013. Following are some guidelines that will allow you to maintain your sanity, spend more time with your family, and grow your business in the process. Really!

Start Delegating

A small business won’t grow if the CEO is also in charge of sales, marketing, development, customer service, payroll, and janitorial duties. While this may have been part of the plan at the beginning of your business, at some point you have to make the decision to scale out and stop doing it all. Aside from the fact that operating like this limits your ability to take a vacation or have any kind of freedom, it also limits the revenue potential for your business. There is only so much you can accomplish in a day, and at some point your revenues will hit a plateau.

You might think you can’t afford to hire help, but you really can’t afford not to. If you earn $50 per hour, then you’re actually spending $50 per hour when you handle your own bookkeeping, book your own travel arrangements, or design your own marketing collateral. Instead, if you paid someone $20 per hour for that same work, and then spent your newly found free time on revenue-generating tasks, you would actually increase revenues in the process.

You can start by hiring part-time contractors. Virtual assistants are a great option, and can handle all kinds of tasks including administrative, billing, website management, social media management, and more. You can retain services starting with just a few hours per month. You can also outsource other tasks like graphic design, bookkeeping or website development. Locate resources at http://elance.com.  Another option is to hire interns through your local colleges and trade schools. Some will even work for free in exchange for work experience or school credit.

Put Processes in Place

Years ago my first business was a brick and mortar bookstore. After quitting my Silicon Valley job to pursue the dream business ownership, I discovered that I didn’t like running a retail business! It wasn’t long before I decided I wanted to empower my staff to run the store so that I could run off and develop other entrepreneurial ventures. In order to do this, I documented everything we did into a procedures manual. It covered mundane tasks like how to void a transaction on the cash register, all the way up to big issues like what to do if the store was robbed (which it was, but that’s another story). The point is that the manual allowed the staff to run the store successfully without me, and also served as a training tool for new hires.

No matter where you are in your business, if you plan to grow, you need to document your processes. That includes things like sales scripts for handling calls, customer service procedures, billing, etc. The sooner you put these documents in the place, the sooner you will be ready to train staff members to take on more of the responsibility.

Define Your Boundaries

If the hours you work have affected your personal relationships in any way, set a goal to make some changes. Before my son was born, I worked around the clock. But once I became a mom, my priorities changed. I decided that I would no longer work on weekends and I changed my weekday hours, going from working from 7 AM to midnight to working 9 AM to 4 PM.

The transition to seven hour workdays was a lot easier than I thought it would be. Having a limited work schedule forced me to focus on handling top priority tasks first. Now I delegate as much as possible, and have let go of some tasks that were just time wasters. And of course there are exceptions to these rules. Some days I return to my home office for a couple of hours after my son goes to bed, and as a speaker I do have to travel sometimes. But most days I have a schedule and stick to it.

By the way, the combination of these strategies—delegating, putting processes in place and setting boundaries for yourself—can actually lead to bigger profits because they force you to become more productive and focused. And when you are clear about your priorities and goals, you will have a fantastic recipe for building a thriving business, plus a healthy amount of time to enjoy the rewards of your efforts.

Suggested Goals for 2013:

• Outsource bookkeeping tasks.
• Hire a virtual assistant for 10 hours per month.
• Inquire about hiring interns from the local college.
• Start documenting all procedures into a manual.
• Set work hours to 9AM to 5PM and stick to them!
• Develop an organization chart. (This is a helpful exercise to help you plot out the future of what you want your business to look like.)
• Have more fun and remember why you started your business in the first place.

I am blogging on behalf of Visa Business and received compensation for my time from Visa for sharing my views in this post, but the views expressed here are solely mine, not Visa’s. Visit http://facebook.com/visasmallbiz to take a look at the reinvented Facebook Page: Well Sourced by Visa Business. The Page serves as a space where small business owners can access educational resources, read success stories from other business owners, engage with peers, and find tips to help businesses run more efficiently. Every month, the Page will introduce a new theme that will focus on a topic important to a small business owner’s success. For additional tips and advice, and information about Visa’s small business solutions, follow @VisaSmallBiz and visit http://visa.com/business.

Stephanie Chandler is the author of LEAP! 101 Ways to Grow Your Business.
She is also CEO of http://AuthorityPublishing.com, a custom publisher of
nonfiction books, and http://BusinessInfoGuide.com, a directory of resources
for entrepreneurs. Also visit http://StephanieChandler.com