Welcome to this issue of "Dr. T's Timely Tips" by Dr. Tony Alessandra. Please send your feedback to DrTony@Assessments24x7.com!

Balance

What is it?

Balance is the ability to find and maintain a sense of optimal equilibrium, which promotes the most efficient operations, business vitality, financial viability and personal satisfaction. It is the ability to successfully juggle the unceasing demands of time, effort and resources on an entrepreneur to create win-win situations.

Why is it important?

Balance is crucial to so many factors inside and outside of business. As an entrepreneur continually finds work demands draining time, energy, effort, and resources, one of first places he or she must find balance is within their own personal life. The balance between work and life is central to the entrepreneur's ability to function effectively within a new company.

Balance should be a short and long-term goal for entrepreneurs. Many business owners allow one facet of life to dominate and dwarf others. This may ultimately lead to unhappiness as irreparable damage is done to neglected areas of an entrepreneur's life.

In a business setting, balance is taken more literally as entrepreneurs strive to spend less than they make. Balance may also lead to diversity. Successfully applied, balance can help a business to diversify partnerships, product/service portfolios, investments, profit centers, target groups, and marketing campaigns. Caution and heed must be given to long-term one-sided life and business practices, which tend to create instability and lead to painful corrective measures.

How to get it if you don't have it?

One of the first things that must be done is to take an inventory of the things in one's life, which may be out of balance, or in need of balance. Being top-heavy in any one area of one's life tends to be easy to feel out. Once a lop-sided facet of life or business is identified, the gravitation back to a balanced state may begin.

Look at the most obvious areas to evaluate first. Take a 360 approach and ask others openly for candid feedback. Use close contacts as a sounding board. Their feedback may provide excellent insight to blind spots you may have overlooked. Write down personal goals for having a balanced life according to your standards. Evaluate and measure how well you are doing weekly.

How to develop it if you have it?

Balance is developed as entrepreneurs seek to make a conscious effort to look at the bigger picture and find a solution. Developing balance starts one decision at a time. Like many things in life, starting small may be a great launching point.

Balance the smaller items first. Look at the decisions that you have most control and influence over. Look at assets and liabilities. Look at time allocation of your day. Are you spending the most time doing more of what makes you more, and less of what makes you less? Can you find balance in your own schedule? Start there and then work outward to other pieces of your business. Make time to work on your business as well as work in your business!

 

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This article was adapted, with permission, from the One Minute Entrepreneur book, co-authored by my colleagues and friends, Ken Blanchard and Don Hutson with Ethan Willis. Please visit this site for details about the One Minute Entrepreneur book and be sure to take your complimentary One Minute Entrepreneur Assessment too.
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