It’s not easy being a business owner. Overwork and burnout are two especially common problems with entrepreneurs, and it’s not hard to see why.
One survey from New York Enterprise Report found that small business owners work twice as much as regular employees. It also found that 33% of small business owners reported working more than 50 hours per week, and 25% said they work more than 60 hours a week.
That’s hardly the only study reporting those kinds of hours, either. Gallup found that 39% of the owners they surveyed worked over 60 hours a week.
It’s not just about the hours. Small business owners work more, sure. But they’re also under more pressure. This is true whether they have employees or not.
Hard work is an admirable trait, but work for the sake of work is a waste. There are ways to reduce your workload while still putting in the time and effort your business needs to succeed, and implementing these methods will preserve your physical and mental health in the long run. These are some of the ways in which you can reduce your workload and restore your personal time to a healthy level.
Good business owners understand the value of hiring people smarter than themselves to do a job right. An excellent manager, a well-trained crew and a virtual assistant can do wonders for your bottom line. You can’t do it all yourself. So, don’t.
Delegate tasks that are time-consuming, such as social media marketing, CRM management, newsletters, blogging and customer support services. If you train your workers correctly, you won’t have to do the jobs of four different people.
2) Work smarter, not harder
The law of diminishing returns hits us especially hard. Don’t believe the hype when somebody brags of “working” 80 hours a week. If you were to follow them in their day-to-day life, you’d probably find that their productivity was exceedingly low, and that they were classifying a lot of non-work activities as work. If you are sitting at a desk but you’re not doing much, that means nothing. but if you find ways to squeeze more work in the time you have, you won’t have to put in as many hours to get things done. If you’re using old software, upgrade to something newer. If your store’s layout is inefficient, change it. If your business is drowning in paperwork, streamline it.
As an added note, the GDP per hour worked tends to have an inverse correlation with the number of hours worked overall. Put another way, countries in which people work more hours per year generally have lower levels of productivity. As an example, South Koreans work an average of about 2,100 hours a year and produce about 32 dollars of GDP per hour worked. The French work about 1,500 hours a year and produce twice that per hour worked. Smarter work means you don’t have to put in as many hours to produce the same number of goods and services.
3) Manage as much as you need, not as much as you want
A lot of new supervisors and managers run into this problem, but some business owners are this way as well. Your business is your baby – you want people to treat it with the same care and attention that you do! the problem is, some business owners don’t let a person do what it is that they hired them to do. If you believe that you made the right decision in hiring a person, back off and let them do your job. Not only will it be easier on you, but your team will not resent you as much. This doesn’t mean that you shouldn’t keep an eye on things, but if you are micromanaging your team on a daily basis, you screwed up somewhere. Whether you are being overly controlling or you didn’t hire the right people, the fault still comes back to you.
You’ll never be able to control everything all of the time. If you learn to let the small details go, you can focus in on the things that really matter.
Need help setting up a plan to leverage your time to maximize efficiency and profits? Schedule a complimentary session with us!