Business Owners’ Biggest Mistakes

Business Owners’ Biggest Mistakes: Failing to Allocate Time for Life Beyond Business

In our continuing series about the biggest mistakes we see from business owners, The Alexander Group takes a look at the failure of some business owners to hold themselves accountable. There are ways to escape those personal, protective bubbles to help ensure the owner makes the smartest decisions possible—reaching beyond the expertise of only themselves.

Business Owners’ Biggest Mistakes. Starting a business can be all-consuming and incredibly-taxing, not only from a physical, mental, and emotional standpoint, but also in the context of the business owner’s home life. Here at The Alexander Group, it is not uncommon to see small business owners who have become so engrossed and overwhelmed by the drive to make their businesses successful that they have lost sight of the other parts of their lives that deserve just as much attention. Frankly, not carving out some time for life beyond business is one of the biggest mistakes new business owners can make, and it is one of the most obvious reasons to seek small business consulting.

Becoming Imprisoned by Business

In fact, some business owners can become so entwined in their work lives that they can become imprisoned by them. Their lives become all business, all the time, leaving very little for their spouses, kids, family or friends. They may see their businesses grow by leaps and bounds because of their efforts, but the victory is a hollow one if it comes at the expense of living a well-rounded life.

Taking Inventory on Daily Allotments of Time

One of the first steps our business coaches will suggest here at The Alexander Group is helping those imprisoned business owners take stock of their daily allotment of time. If work has gotten to be too overwhelming, it could be worth it for these people to ask themselves the following questions:

  • How many hours a day do I spend with my spouse?
  • How many hours a day do I spend with my kids??
  • When is the last time I took a real vacation?
  • When is the last time I took a day off?
  • What kind of hobbies do I have?
  • What friends to I stay connected to outside of the business?

This inventory can help people discover just how much their work lives may be interfering with their personal lives, and knowing is the first step toward finding a solution.

Finding Balance Between Work Life and Personal Life

A good business consultant and a peer board can help business owners manage their work/life balance more effectively. The coaching model that we follow here at The Alexander Group emphasizes planning and accountability and vision for success not only in the world of business, but also in the world away from it.

In everything we do at The Alexander Group, we strive to help business owners make positive changes for their businesses and their lives. We believe that everyone can start gaining commitment to improvement by identifying what they can control and then developing action plans and establishing the processes that will ensure success. This commitment to improvement can help overworked business owners find the balance in their lives they so desperately need.

Too many business owners work long hours and sacrifice time with recreation, family, and friends. In the end, it takes an expensive toll on people and reduces the amount of enjoyment they take from their professional success. As enthusiasm wanes, owners can become less effective in their roles as leaders, and the business can ultimately suffer. Using qualified business consulting services to help find better balance between work and home is one great way to make sure that kind of burnout never happens again.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.