Escaping the trap of being money rich and time poor
“I didn’t think I’d ever sell my business, the business was my life,” the words of Martin Gadsby former owner of Optimal Industrial Automation. For him, like many business owners, the phrase “money rich, time poor” resonated in a very real way. It comes from Rob Parsons’ book “The Heart of Success: Making it in Business Without Losing in Life.” It highlights the challenge of achieving professional success while maintaining a fulfilling personal life.
Business owners often spend long hours working and reap significant rewards, but this can come at the expense of their personal lives. It’s important to find ways to enjoy the benefits of hard work while ensuring a healthy work-life balance. Success isn’t just about how much money you earn, but also about how you earn it and the time it takes.
In many families, both partners work, often with different schedules, which can limit their time together. Business owners often face heavy responsibilities, resulting in late nights and long meetings. The desire to control every aspect of the business can lead to unnecessary stress and a lack of personal time.
Downtime is essential, yet those who are financially successful, but time-poor often struggle to relax and unwind. Holidays may turn into workdays, with constant phone calls to the office, and personal events can be missed due to urgent business matters.
The Importance of Downtime
Life is more than just business. Family, personal achievements, and leisure activities are all important. When starting a business, many envision early retirement and more leisure time. However, the thrill of daily operations and the pursuit of success can become addictive, much like a drug.
Reflecting on Your Goals
Consider these questions:
- Do busy days at the office leave you more depleted than energized?
- Do you wish you had more time for your partner, family, and friends, and feel resentful that work prevents this?
- Would it be a relief to disconnect from work during evenings, weekends, and holidays?
If you answered “yes” to any of these, it’s a sign that your work-life balance needs adjustment. Long hours and constant control can become unhealthy norms. Remember, downtime is crucial for health and well-being.
Reflect on why you started your business. Likely, it included desires to enjoy life more once financially secure. If you’ve reached that point, now could be the year you reconnect with family and friends, learn new skills, or rediscover hobbies.
Stepping Back Gradually
Running a business can be exhilarating. but if you feel you’re missing out on important life aspects, consider these steps:
- Delegate More: Can you delegate to a trusted second-in-command and attend essential meetings only? Giving top performers more responsibilities can benefit the business and provide you with breathing room
- Consider Stepping Back: Perhaps it’s time to consider selling your business. Talk to corporate finance experts like Entrepreneurs Hub to prepare for a sale that maximizes value, allowing you to enjoy the profits from your years of hard work.
- Pursue New Challenges: Are there other things you want to do? Perhaps learning a new language, perfecting a hobby, or spending more time with loved ones.
As we progress towards our goals, remember George Lorimer’s wisdom:
“It’s good to have money and the things that money can buy, but it’s good, too, to check up once in a while and make sure that you haven’t lost the things that money can’t buy.”
By focusing on these adjustments, you can start making a life, not just a living.
Entrepreneurs Hub is a corporate finance company helping UK business owners sell their businesses smartly. Learn more from our free webinar on selling your business for maximum value or contact us to discuss how we can help you.
