When was the last time you took a decent holiday and completely switched off from your business? If your answer is anything like “ummmm… I can’t remember…” or (worse) “never!” then it’s time to take a close look at what’s getting in the way.
In this article, we take a look at three common reasons why business owners struggle to step away from their business while offering some tips to help address the (lack of) balance.
Reason #1 – They’re always chasing the cash
Without a strong cash flow position and network, any business will crumble. You know the saying cash is king? Well, it’s not a lie. When you’re flat out chasing the cash each month then you’re never going to be able to step away and allow much needed time for yourself, let alone family or friends. An afternoon playing golf? Not likely. A trip to the beach with the kids? Maybe next week. For your lifestyle to change for the better, you need to get on top of the cash flow.
If you’re planning correctly and have systems in place to ease your cash flow pressure, then you can move to a position of being AHEAD of your cash flow, and not chasing your tail behind it (see #Reason 2). This is where the Bartercard system can help as it offers an alternative to cash. Bartercard is a great business network that you can easily tap into by exchanging goods and services instead of paying cash! You can access a wide-reaching business community, giving you access to experts, goods, and services, bringing YOU more customers, saving and earning YOU cash. You’ll be able to strategically tailor the help that you need with ease.
Reason #2 – They don’t plan ahead
It goes without saying that growing a business and making money means that you have to plan ahead. But when you’re caught up in the day-to-day grind it’s so easy to put off long-term planning until tomorrow. It’s a catch-22 situation – you want your business to grow but without giving yourself time to plan, then long term business retention isn’t secure. And, when the core of your business itself isn’t secure then it’s impossible to step away and have a lifestyle beyond work. Having a good plan means you know where you’re going and what you need to do to get there. Most businesses benefit from outside help when it comes to planning, and this is where the Bartercard network can help. With Bartercard’s services, you can access convenient guidance for sustainable growth to work towards both short and long term goals. Read up on our blog post, outlining the importance of a good plan.
Management and goal setting are an investment in the future of your business. What’s in it for you? It’s simple: the capacity to grow your business, make more money and allow you to take the time to balance your lifestyle between work and free time.
Reason #3 – They don’t empower employees
We all want a solid company culture based on shared values that allow our employees to rise to the challenge. But your business is your baby, and that can mean you find it hard to let go. If you’re too much of a ‘hands-on’ manager, you’ll never be able to step back and let your employees build the foundations of your vision.
So how do you deal with that? Firstly, give your staff more autonomy when you ARE around. That then naturally translates to you being able to take time off without stressing about it. You’ll rest assured that the business is running smoothly when you’re away. Need help developing your culture and team? Then here’s where the Bartercard network can help again – reach out to professionals in the network and tap into their valued services without paying cash.
Secondly, it’s important to build loyalty amongst your employees and show that you value them. This is where your membership in Bartercard can really pay off. Reward your best performing team members with offers that you can obtain through the Bartercard network. Think gym memberships; hotel accommodation; dinners; travel… all these products and services are available to Bartercard business owners as trade dollar donations. And if trade dollar donations are kept under $300/person a quarter, there are no tax implications as it is recognised under fringe benefit rules.
As a business owner, you can find more work-life balance by avoiding chasing the cash, planning ahead, and empowering your employees. Your business doesn’t have to overtake family and personal time. The tips in our e-book will help you to develop a successful business AND have the lifestyle you want by guiding you to create:
- Access to a business network that provides a legitimate, alternative payment system to cash
- A plan for sustainable growth
- A company culture that empowers your team so you can take that holiday, knowing everything will be just fine.
Unpack our eBook ‘7 Habits of Highly Effective Small Business Owners’ over a cup of coffee now.
