The subject of work life balance is an interesting and extensive subject and the way you look at the subject very much depends on whether you are a life coach or business coach.
As a business coach I consider it essential that the owners and leaders of business have a good work life balance and equally importantly they encourage their staff to do the same. I personally believe that an organization that practices and preaches a good work life balance performs better than one that doesn't.
So we know that a good work life balance is important, but what does it look like?
As a definition, I define work as the function you do in the business, the rewards you receive and the time you spend doing it, and life is how you spend the rest of the time and the rewards you received from working. This covers family, friends, personal interests, sport and community.
Work life balance generally goes out of kilter when someone spends too much time at work for too little reward. Obviously this can occur for short periods of time and is acceptable in busy periods or when starting a business, however the position I present today is one of a long term unsustainable position.
My observations and focus relate to SME owners and leaders however equally apply to the corporate world.
So let’s start with time. What is an acceptable amount of time to spend on your work? For life balance and the demands on people's time, generally I believe we have to look at 40 to 50 hours per week as being a sustainable level, with the greater number of hours being for leaders and owners. My observation is that in better performing businesses, owners and leaders tend to work less hours and conversely the business owners and leaders in non performing businesses are working excessive hours.
The challenge then is to increase rewards and work less hours, so how do we do this?
The strategies I use are consistent across any business in any industry.
Strategy 1- Increase Profitability. Profitability is what pays the rewards in terms of salaries and dividends for owners so to increase rewards you have to work on increasing profitability which ensures you have the funds to build your structure.
Strategy 2- Structure. Structure is essential to resolving many work issues, this involves employing the right people with the right skills in the right positions and making them responsible and empower them to do the job. This strategy has a large influence on the time element of work.
Strategy 3 – Systemization. The Systemization process is the development of an integrated set of processes and procedures for all key functional areas of your business so that the right people in your structure know what they have to do and how to do it.
I strongly believe to get life in balance you have to start with getting the work component of the equation structured so you have the time and money to invest in your life and my Phil-osophy on this topic is “ You will be remembered in business for what you achieve, not how hard you work.”
If your work life balance is not acceptable and would like to know how to address your profitability, structure or systemization issues, please contact me for a free one hour consultation so I can show you how.
Simply Business Australia
Philip Coombs “The Profit Coach”
0419 834 678