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Need time off? Don’t sell your business
Running a small business can be all-consuming, and many owners find it difficult to take time away for themselves. The constant worry about emails piling up, potential crises arising, and the fear of returning to a mess can make it challenging to unplug and enjoy a well-deserved break. In this blog post, we'll explore the experiences of a small IT consultancy owner I work with whom we’ll call “Paul,” and how he found his work-life balance by changing his approach to business ownership.
Like many small business owners, Paul rarely took time off. After 20 years, seeking to escape the pressures of running his practice, he decided to sell the business. After the sale, Paul and his wife finally took a month-long vacation to Europe, but when they returned, Paul found himself at a loss. The sale of his business hadn’t yielded enough to retire, and Paul needed to get back to working a bit longer.
Changing the Approach
Paul's experience taught him a valuable lesson – he realized that he is more than just a business owner and that his identity shouldn't be entirely tied to the business. He decided to buy a new business, this time with a different approach. Instead of becoming too intertwined with the business, he created stronger boundaries between work and personal life.
Setting Boundaries and Delegating Responsibility
To maintain those boundaries, he prioritized hiring candidates who could solve problems independently and who would escalate only when necessary. He also delegated more responsibilities to his team, empowering them to handle day-to-day operations efficiently. This strategic shift allowed him to trust his team while he was away, resulting in fewer crises to handle upon his return. It also gave his employees a greater feeling of control over their own destiny, which has reduced turnover.
Though Paul is still working on fully stepping back when things go awry, he is steadily improving with the guidance of his coach. The process of letting go of the instinct to jump in and fix problems himself takes time and practice. But the benefits of allowing his team to handle challenges have become evident, enabling him to spend more quality time with his family and enjoy vacations without unnecessary stress.
Building a Valuable Business
One of the side benefits Paul discovered is that businesses that can function without their owners are more valuable when it comes time to sell. By being less involved in the day-to-day operations, Paul is making his business more attractive to potential buyers, who see the value in team that works effectively. This realization presents a win-win situation – he gets to enjoy a better work-life balance while simultaneously increasing the value of his business.
Are you like Paul, struggling to strike a balance between your small business and personal life? I understand the challenges you face, and I'm here to help. Contact me now for tailored guidance to transform your relationship to your business. You'll develop your leaders, delegate more effectively, and create a more valuable business. Don't wait any longer to achieve the work-life balance you deserve. Reach out today to take the first step towards a happier, more fulfilling future. Let's start this journey together! Contact me at https://koehn-consulting.com/contact.