We asked some independent business coaches for their input on the challenges that business owners tend to face.
What is the most common question that business owners ask you?
“How can we get our culture fine-tuned to engage more of our staff, and retain/recruit top talent?”
– John A. Page, LFHIMSS, Chair of Vistage Worldwide
Indeed, this is an important task of a business owner. We agree with John. As we’ve commented upon in our YouTube videos, as business owners, we tend to be the ones who want to drive the bus. Delegation doesn’t come easily.
As you evaluate how you add value personally to the business, don’t dilute your involvement. Know what types of work are below your “hourly rate” and remain the strategist who maintains the vision for your company. It is important to make sure your employees have the appropriate skill level to accept assignments, ; failure to do so will mean you won’t feel comfortable delegating.
What do you see as the #1 thing that business owners tend to overlook about their personal lives but should pay more attention to?
“If a person doesn’t put themselves first on their “to-do” list, they won’t be able to help others…take care of yourself, recognize one cannot do everything, and it’s okay to ask for help and/or respond with “I don’t know but let me check into it and I’ll get back to you.”
–Barbara B. Appelbaum, PCC, MBA, MAT, Applebaum Wellness LLC
Great point, Barbara! Another reason it’s so important to maintain boundaries and recognize that you can’t do everything is personal burnout. If you are constantly grinding away at your desk, not only will it shorten the amount of time you are able to be at work, it will also start to reflect in the quality of work you are producing. Clients will start to see it in your behavior. Your team needs to be energized by your energy. When you are not at work, you need to focus on doing things that re-energize and recharge you.
What advice do you have for business owners who want to enjoy a better work-life balance?
“I would tell them to not be a business owner. I think that work-life balance and business ownership do not co-exist well from a realistic perspective.”
–Joe Siok, Owner and Executive Coach, Nova Advisors
This is a great point. To many people that is the question. Is it possible to enjoy work-life balance and business ownership at the same time?
The answer has to do with how you manage it. A lot of people feel there is nobility in working really long hours. That is the measuring stick that most of us business owners apply. However, in today’s world, that is not always the case. The simple fact is that we now exist in more of a results-driven economy right now and that businesses need to operate in the same manner.
Prism Planning Partners, LLC dba Prism Planning Partners is an SEC registered investment advisor. Prism Planning Partners is not a business coach, nor are we affiliated with any of the business coaches quoted. We are simply making these observations as a small business ourselves.