BUSINESS VERSUS FAMILY

Article by listed accountant TYRONNE NEL

Business vs Family – Do we need to choose?

The majority of entrepreneurs own businesses that they are truly passionate about, as a result, they find it really difficult to seperte their personal lives fom their business lives.

The thing is, do we need to separate the two? Why can’t they just be one and the same?

Well the simple answer for the majority of entrepreneurs is, YES, we do need to separate the two and for more reasons than just your spouses sanity J

During the start up phase of your business, it is Ok, even healthy, to be totally consumed by your business. This inward focus by both you and your family will identify many of the shortcomings that plague start ups. Your spouses feedback will be vital as they have often been part of the process, right from the start, and have listend to you complain about or celebrate each milestone.

As time moves on and your business ages, it is important to begin dividing your time into clearly seperate family and business time slots. Yes we know that these lines will still blur on occasion, but at least, there will be a distinction J

There are many benefits of taking this approach, some of which I have highlighted below:

• Focus – spending all your time focused on your business, generally keeps you focused on the negative aspects of business ownership. Continually focusing on the negative will ensure that you miss many opportunities to improve and expand your business.

• Social – spending time away from your business will give you a better appreciation of how the rest of the word interacts with businesses like yours. You will gain insights from the man in the street and not industry pundits pushing a particular view point.

• Relaxation – making time to relax will allow you to enjoy your business more. Well rested entrepreneurs concentrate better when at work, thereby completeing taks more accurately and faster.

• Support – A strong social network is always an advantage to any entrepreneur, regardless of where they find themselves along their business cycle. Having friends who you can discuss your issues with (good or bad) has major health and business advantage.

Despite what I have said above, there is no right or wrong way to divide up your time. Discuss it with your family and friends, experiment with different times for different days  or weeks of the month. You will find out what works for you!

So finish reading this blog, call your spouse or some buddies and make plans to do something other that work.

At Phezulu we do more than just work, we also spend time with our families and friends, however when we are at work, we are your “one stop SME shop”, assisting with everything from Accounting, Business Management, BEE, Consulting, Company Registration to Payroll and Mentoring.

For more information please visit our website www.phezulu.net or give me a on call 010 003 8558

Tyronne Nel