Business Advice on Work-Life Balance
Welcome back to another 1:01 session with Bianca Lager. Today, we're diving into the question of the week:
"I've been running my IT consulting business for seven years, and it's finally taken off. The problem is I'm working 80-hour weeks and haven't had a vacation in 3 years. My family is frustrated and I'm constantly exhausted. I know I need to step back, but I'm afraid everything will fall apart if I'm not involved in every decision. How can I build a structure that allows me to have a life outside of work?"
This is a tale as old as time. I don't think there's an entrepreneur in the world who hasn't faced this hurdle in some way. Running a consulting business is challenging, and I understand the situation well, having been in the consulting game myself and having run a company as president and CEO for seven years.
It's exciting when you start to see the fruits of your labor explode, but working 80-hour weeks is unsustainable. You're doing more than double what any human can capably do. I'm sure you're exhausted and have nothing left to give your family or life in general.
I'm going to bet that your business is struggling as well because of this. You're holding back quite a bit of success by bottlenecking yourself and going overboard.
Here's some advice to help you tackle this issue:
Get Help: You need assistance, whether it's building a team or leveraging existing team members more effectively.
Evaluate Your Business Model: If you're solely trading time for money, you need to re-evaluate. Is there a more scalable way to operate? Can you have others do some of the work while you take a cut?
Leverage Technology: Use AI and other tools to duplicate your efforts and increase efficiency.
Analyze Time Consumption: Examine what tasks are mentally draining or time-consuming. Break down your tasks and identify what can be made more efficient.
Delegate: This is crucial. Decide which tasks are worth your time and which can be outsourced or delegated to others.
Hire a Virtual Assistant: I recommend working with a virtual assistant agency. They can provide you with support in finding the right person and help you ramp up faster.
Set Realistic Expectations: Understand that implementing these changes will take time. Give yourself and your family a realistic timeline, perhaps six months, to see significant improvements.
Let Go of Perfectionism: You have to let people make mistakes. Weigh the consequences of those mistakes against the benefits of delegating.
Get Out of the Weeds: Understand what issues are truly your problem and what can be handled by others. Start taking a more executive-level approach to your business.
Consider an Executive Coach: This can be a valuable investment to help you navigate these changes.
Remember, what you're doing now is not sustainable. It's unlikely you're producing quality work consistently with 80-hour weeks. Investing in help, whether through a virtual assistant, an executive coach, or both, will be crucial to creating a more balanced and sustainable business model.
Good luck! Consulting is a tough gig, but with the right strategies, you can create a successful business without sacrificing your personal life.
Comments