How to achieve a better work-life balance as a sole business owner? 

Being a sole business owner and running your own business can be extremely rewarding, however, it does come with the stressful challenges of having to maintain a positive work-life balance to ensure you avoid becoming burnt out. Juggling the many aspects of running a business can become overwhelming when you’re doing it by yourself, which is why bringing in key employees to help you could be necessary for your business.

As a sole business owner, you must begin future-proofing your business by achieving a better work-life balance, by giving your business the best opportunity to grow and succeed, without it all falling on your shoulders. Let’s discuss some ways in which you can achieve a better work-life balance   

Define Your Priorities  Clearly defining your priorities will help to identify your long-term goals and therefore help you make informed decisions and allocate your time effectively. In addition, it will help to clarify your business goals and identify tasks that specifically require your skill set or expertise, helping the delegation process.   

Delegate Responsibilities  As a sole business owner, you will find yourself trying to do everything, which can often mean that you’re not able to give your full attention to one specific task. If you find yourself drowning in the day-to-day tasks of running your business, you probably aren’t having time to focus on the bigger picture.

Delegating certain tasks to key employees can help to manage aspects of your business and allows you to focus on strategic activities. Knowing how to delegate certain tasks effectively, will save time and improve productivity, it will also give your employees a sense of ownership and therefore increase their commitment to your business. 

Hire the Right Team  Selecting the right employees is crucial for achieving work-life balance. Look for candidates who align with your business's values and goals, possess relevant skills, and have a strong work ethic. Invest time in the hiring process to ensure that you are bringing in individuals who will not only lighten your workload but also contribute positively to your business.  

Hiring the right team will enable you to develop employees into key employees and build a reliable, and proactive management team. Some key steps to ensuring you’re hiring the right team are:  

• Assess your company’s culture   
• Create detailed and well-thought-out job descriptions  
• Prepare well-structured interviews   
• Consider a test/assignment to ensure they have the relevant skills  
• Ask for references  
• Invest in your onboarding process  

Offer Competitive Compensation and Benefits - Give your key employees some skin in the game  To attract and retain key employees, it's essential to provide competitive compensation and benefits packages.  The value of an effective incentive is a better work culture, more innovation, increased morale, and a much higher productivity level to list a few. A solution that we have found to be very effective, not only in terms of incentivising and retaining key employees but in future-proofing your business is by implementing an employee share scheme. Some key outcomes of this are:  

• Giving you a better work-life balance!  Employees with some share or equity ownership, can help you make the decisions, and take some of the load off your shoulders   
• Goal alignment and incentives for key employees   
• Retention of key employees  
• Key employees benefit from long-term equity growth  

 Two of our consultants recently did an informative webinar that had a focus on incentivising and retaining employees. Please click here to view the recording.  

Invest in Employee Development  Investing in the professional development of your key employees will help to encourage growth. Providing opportunities for training and education will help them develop and excel in their roles, therefore also driving the growth and success of the business. When employees feel they are growing and excelling at work, they are more likely to remain committed to your business, improving your employee retention.   

Set Clear Expectations & KPIs  Clearly defining roles, responsibilities, and expectations for your key employees reduces confusion and enhances productivity. Establish performance metrics and regular feedback mechanisms to track progress.   

Continuously Improve Processes  Regularly review and improve your business processes to ensure maximum efficiency. Encourage your key employees to contribute their ideas and suggestions, this will help them feel valued within the business, and different perspectives and suggestions are a driver for business growth.   

With the right strategies in place, achieving a better work-life balance as a sole business owner is attainable. Having a focus on building a team of key employees, bringing them into share ownership, and who share your vision and values can significantly reduce your workload and allows you to focus on what matters most.

By delegating responsibilities, creating a positive work culture, and investing in your employees, you can enjoy a more balanced and fulfilling life as a business owner while ensuring the success and continued growth of your business.

As always, we recommend speaking to your advisors on the best steps before making any changes. If you would like to discuss employee share plans, please get in touch. Our tax advisors are skilled in such areas and can navigate the process smoothly.

For more information on how we can help you and your business, please contact us via info@oldfieldadvisory.com or call 02476673160 for support and advice. Let’s work together to grow and strengthen your business.

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Please note: This article is provided for information only and was correct as at time of writing (07/11/23). Any lists and details provided above are not exhaustive and are not intended to be full and complete guidance.  No action should be taken without consulting detailed legislation or seeking independent professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a result of the material contained in this article can be accepted.