Entrepreneurship is increasingly popular, as many of us dream of the freedom, glory and riches that come with being our own boss. We set our own hours, the profits we earn are ours to keep. Most of all, we answer to no one but ourselves.
It’s an exhilarating thought.
But the truth is, entrepreneurship is hard. It requires sacrifice, hard work and long hours.
Many entrepreneurs have to forgo things like going on vacation, spend quality time with family, or meeting up with their friends for a few hours after work. The demands of the business exceed the needs of the individual.
A market survey showed that the majority of entrepreneurs are struggling to achieve work-life balance. 30% of small business owners are working more than 50 hours per week, and nearly 20% are working 60% hours or more.
Are they working too hard? In most cases, yes. Almost 80% of them feel like they work too much. The reason? It’s likely all of those complicated, creative tasks they feel only they can handle.
Given all that, one of the most common regrets from entrepreneurs is they do not spend enough time with their loved ones.
However, being your own boss should not mean sacrificing so much of your life, or that of your family. In fact, there’s a smarter way to maximise your free time.
It’s called systemising your business.
Create A Systemised Business
Your own business should be the vehicle that supports your lifestyle which gives you more freedom, not a life sentence.
Now, if you want to have more “you time” or more free time to spend with family, then you should create a business that can run well when you’re not around.
It’s essential to develop an infrastructure that works without the boss, so it won’t stop them from completely relaxing and re-energising, which is essential when they aim to grow their business.
Other than that, when the team can’t get work done without the boss’s approval, it prevents business growth because they don’t have the time to implement new ideas.
So how can entrepreneurs create a good systemised business?
Setting Policies and Procedures
Producing well-written accurate procedures and policies is important for an entrepreneur to have a well-run business. The basic policies that a business should have in place including disciplinary policies, working hours, company’s assets use policies, rules for confidential information, etc.
The purpose of setting policies and procedures is to let the employees know what they are supposed to do, and why it is important. This help the business owner save time, ensures consistency and makes good financial sense.
Well, not just that. Business owner and the manager have to explain the reasons that the company set the policies, and the consequences if they don’t follow these rules. Generally, people are often happy to follow the rules once they know why the rules in place.
Get Specific with your Intended Goals
Setting strategic objectives is another vital step to ensuring a business is ripe to be systemised. There are a lot of benefits of setting objectives, such as it will give the employees a clear direction and guidance; it will motivate and inspire them; it will help you to evaluate business performance.
So, how should you set objectives and goals? Ensure that you follow the S.M.A.R.T. principle.
Employee Training is Necessary
Invest the time to induct employees into a business. Teach them about the company’s vision and culture. Continuously invest in the staff as they grow in their position.
Even more, it can help the business owner to increase autonomy. It allows them to step away from the business for a short amount of time without having your hard work come undone. Meanwhile, employees tend to assume more responsibility in their work.
Delegation Is Crucial For Success
Delegation should be a top priority for every business owner as it’s more important now than it was 10 or 20 years ago. One of the critical reasons is that millennials expect more trust and delegation from their leaders.
When leaders delegate high-level tasks to their millennial team members, it sends a greater message: “I trust you to complete this task. I believe you can do it. You have the autonomy to be creative.”
As such, entrepreneurs should take a serious look at all the tasks they perform now and aim to delegate everything that isn’t essential for you to do. If you need to, take the time to train someone to take those tasks off your plate in order to free up time for doing what you do best. An entrepreneur should focus on setting and achieving the business vision and objectives.
Observe How Your Team Manages Without You
Take more time away from the office and monitor how your team manage the workflow and tasks without you. As time goes on, increase absent periods until you are confident things will get handled if you take a break or become unavailable.
It’s important to allow your team to mess up occasionally. Failure is only failure if you don’t learn from it. Stand back and watch from a distance, as hard as it may be, knowing when to back off and when to step in.
Evaluate things that went wrong while you were away but also praise and encourage your staff for what went well.
If you aim to build a business that can run well without you, these business systemisation strategies will get you there faster, leaving you with time to do more things you’d like to do.
Concentrate on business objectives and goals, as well as growing your business, instead of doing everything yourself, then you can quickly start living the life you dreamed of before becoming your own boss.