Many are familiar with the adage "work to live" versus "live to work," and both philosophies require opportunities and self-control. But as an entrepreneur, sole proprietor, or small business owner - how do you achieve balance?
While every industry, customer, and business purpose is not the same, there is one common factor - planning.
Another saying, "Fail to plan and you're planning to fail," is the first adage you should hone in on before you formalize your business, purchase a domain, build a website, or start marketing your brand. You must prepare.
One of our first clients, S&A Financial Strategies and Services, LLC, proudly champions the motto "Success through Preparation." And while this phrase seems clear and should be viewed as commonplace for any business, many entrepreneurs leap in front of it. They start creating their product and providing their service without preparing for how what they're doing today will impact them in the future.
"Did I prepare for opportunity costs?"
This begs the question, "Am I prepared to scale my business beyond my current limitations or constraints?" Or, did I prepare for opportunity costs?" These are just a few of the concerns you should plan and prepare for.
Some other questions you might ask yourself are:
Am I prepared to give up time with my family to keep up with my clients' demands?
Have I set adequate business hours and availability to balance my clients' needs with my family's or mine?
Do I have a plan to increase production or expertise to meet my business needs?
Sadly, we've seen entrepreneurs fail or close their doors because they got ahead of preparation. They might have prepared a business plan or a means to deliver quality products or services, but they failed to prepare for balance. And balance must be prepared for because, without it, the result could be detrimental for you.