Here’s a fact: Being an entrepreneur and business owner is hard work.
To worsen things, an issue many entrepreneurs face is not properly organizing their business or life, resulting in a fall in business efficiency and efficacy.
This problem is an especially poignant one for people who are just starting out. As your business is budding, there is a high chance that it may take over your entire life and you would have to spend 100% of your time on it.
However, I believe that with proper organization (and the tips I’ll share with you below), it is still possible to achieve work-life balance while maintaining your effectiveness as a business owner.
Tip #1: Set your priorities
This is very important. Firstly, you need to get your priorities right. If there is a task that needs to be done, do it. Make sure your deadlines are met. Plan your time, use a to-do list, and stick to it.
The best to-do list I’ve ever seen are ones that have time limits set to them. For example, if you have 7 tasks for the day, make sure you specifically set out how much time you are going to spend on each task.
Also, be sure to prioritize your tasks for the day, and as you start on your day, begin with your biggest and most important projects.
One more thing… As you go about building your business, be sure not to forget/neglect your family and friends. After all, you are an entrepreneur because you want to have more freedom while giving your family and friends a better life, right?
Tip #2: Weigh your opportunity cost
Everyone of us, from the President of the United States to the street vendor selling cotton candy, has the same 24 hours every day. It never is a lack of time which causes you to achieve less. Rather, it is a lack of prioritization that can be the bottleneck to your success..
There will always be times where you need to make a decision to choose where to spend your time. At 3:00 PM today, are you going to attend your son’s first ever football match, or would you be stuck in the meeting room attending a regular business meeting? If you miss the meeting, what worst would happen? If you miss your son’s match, what would happen? Understanding the consequences will help you to make better decisions.
This same principle can also be applied to making business decisions. Check your opportunity cost, understand the consequences of your actions, then decide. Never make snap decisions out of guilt, peer pressure, or temporary factors like anger.
Tip #3: Simplify and automate
In general, you want to keep things simple in your life so that you can automate them and use your remaining energy to focus on other important tasks.
For example, one way you can simplify your business and life is to automate the payment of bills (instead of you queuing up at the bank or having to go to a machine every month). Set up auto-payments from a single bank account, keep an adequate balance in it, and you will never have to worry about missing payments (especially when due dates are usually different).
If you are using social media to promote your business, instead of manually posting on each platform individually, there are tools out in the market to help you post to various sites at one go. An example of such a tool is HootSuite.
The tips above are simple and intuitive. However, implementing them and making them become a habit may take some time. Practice them regularly so that improvements can be made fast and you can start seeing better results resulting from your business activity.