As a business owner, you know the importance of strategizing and implanting plans to ensure the growth and success of your business. You wouldn’t still be here if you hadn’t done it at some point in your business’s life. Professional goals and targets pivot your business from its fledgling status to a fully-functioning entity with many different moving parts.
Yet amidst all of the growth, projections, planning and time devoted to growing your business, it’s remarkable how easy it can be to forget to use some of those same tools toward setting personal goals. It might be due to a lack of time. You might find yourself overburdened with many different tasks. Or maybe it’s that you’re so occupied with the everyday workings of your business that you’ve not even set any personal goals to begin with.
The blame does not lie with you. It’s completely natural to lose sight of one’s personal goals when your business is at stake. No one cares about your business as much as you, the owner, do. You do not want to sacrifice growth and prosperity. It’s completely understandable.
If you’ve found yourself caught up as a business owner and have forgotten to remember your personal life, there might be some underlying problems that you can tackle to achieve work-life balance.
Common Problems You Face as a Business Owner
No one prepares you for how arduous and laborious this life is going to be. Yes, you’ve got people working for you, and maybe even entire departments that specialize in different roles of your business. But who’s ultimately responsible for it all? You. You have a very valid concern: if you’re not on top of things at all times, you leave your business prone to collapse like a house of cards.
If your business has multiple revenue streams (such as different products and services), it gets hectic to keep track of where the money is coming in from. And it’s not just the money coming in; you have to deal with payroll, business expenditures, maintenance, taxes, and operational costs. It’s money coming in and money going out from ten different directions. Even the most organized of professionals can falter when they have to deal with so many monetary channels.
Whether you’re bootstrapping or have funding, money is almost always in the shortlist of stressors for business owners. Maybe you’re finding yourself trapped in a cash flow cycle that’s hard to break out of, or you’re not taking full advantage of tax breaks. You want to invest properly to make your financial actions optimal, but you’re short on time or resources to do so.
Business financials can be consuming, but what does this mean for your personal situation? It likely means that it’s at the bottom of the priority list.
Focusing on the Big Picture
Business owners have to deal with big picture stuff. On top of that, they have to spend time overseeing the day-to-day functioning of their business. With all of that riding on their shoulders, it sometimes makes it impossible for them to focus on smaller things, the minutia.
Running Short of Time
You’re no stranger to being caught up in your business. It takes away most of your time. Regardless of the distraction, it’s easy to lose track of time and discover at the end of the day that you do not have any time left to focus on your life goals.
How to Take Control of Your Situation
Lucky for you, it’s not hard to take back control of your situation. Here are some strategies that you can implement to make sure that you have time for your personal goals.
Make Changes to Free Up Time
You’ve probably heard of the 80/20 Pareto Rule, stating that 80% of your income comes from 20% of the effort. Are there components of your business that take up too much of your time and either don’t return the value or could simply be done by someone else? We present to you: the first actionable step in taking control.
Whether it be hiring employees, investing in automation, getting a personal assistant, or even cutting problem clients, wherever you can make changes to trim the fat from your schedule, make those changes.
Build Healthy Boundaries
Building healthy boundaries takes practice, and it’s not necessarily something that can be done overnight. We see business owners start small, just taking back a mere fifteen minutes of their day to go for a walk or have a quiet time in the mornings. After a while, you realize that you’re still able to meet the same objectives. Yet you’re building time back into your schedule.
Learn when to disconnect and go home. You only have so many hours in your day, and even if you don’t think your time could be spent better elsewhere, sometimes a refresh is exactly what the doctor ordered for the next idea you come up with.
Setting Personal Goals
Finally, set personal goals that aren’t related to your business. Sure, some will be indirectly related to the success of the business if it’s your household’s primary source of income. However, it’s important to make sure you’re thinking of the household needs and goals irrespective of the business. Whether it’s retirement, kids’ college funds, life insurance, a vacation home, or all of the above.
These are your personal financial goals. And as such, you should pay yourself at regular intervals to keep yourself motivated. This way, you’ll plan today for the future that awaits you.
Get Financial Advice
Hiring a financial advisor can help you define your personal goals and set you on a one-way track to achieving them. Financial advisors can help you with goal planning, cash flow management, business planning, and tax management, and give you insights that you can implement and integrate into your business and personal life. Most importantly, a financial advisor helps you make sure you’re able to focus on the important things in life while knowing that your goals are not taking the backseat.
Get Personalized Financial Planning
At Jato Wealth Advisory, we have personalized financial planning built for business owners. Help us help you by resolving your issues, building financial security, and planning for your future while building the business of your dreams.