Money Isn't Everything: How to Find Balance
As a business owner, we are constantly under pressure to make money. That pressure is exhausting and can lead to massive burnout. I know! I've been there. We want to enjoy our business and spend more time on other things other than making money. Am I right?! So, once you realize money isn't everything, how do you hit that balance of money and a life? No, it's not a magic calculation. And yes, we change our priorities often. But, to gain some control, try these tips:
1. Look at Your Profit Margin
Of course you know that some of your services give you a higher return than others. Usually that's going to be anything that leans more toward consulting, where there are very few expenses. Those options can be less time consuming, too. I'm not saying that you should move to 100% design consulting, but it's definitely something to consider. If you can make more money with less time and fewer expenses, that's a winning proposition. So what gives you those higher margins?
2. Make Your Calculation
Are you enjoying the rush to make more money? Or are you ready to have more free time in your life? That's a calculation that only YOU can make. Some people love to be busy and others want a slower pace. There's nothing wrong with either scenario, but it's a very personal decision. Balance to one person is a headache to another. Decide what balance means to you when it comes to making more money or having more time. Literally write down what the perfect work/life equation would be for YOU!
3. Ask How Much Is Too Much
Sometimes you need to look at what is causing the overwhelm that makes you want a better balance. Because what may be causing your push to make more money could be too many expenses. Do you have too many employees? Did you grow too quickly in a panic? Do you wish you could downsize - whether it's your office or the number of people you have working with you? Nothing says you have to continue with the status quo! YOU are the owner/CEO so YOU can change things. Start to think about what the perfect size is for your business, rather than sticking with it exactly as it is today!
4. Stop Spinning Your Wheels
Maybe in that rush to take on more clients and more projects, you forgot to make sure your systems and processes can keep up! It could be that you need to systemize a lot of your business so you CAN effectively take on more without making yourself (and your employees) crazy. My ROI system can help you get your business into shape so you can be more effective and efficient in your business. That means you can have more time for yourself, OR you can take on another project - whichever path is right for YOU and your definition of balance.
The key is to keep yourself from getting burned out by chasing the almighty dollar. That's not a fun process for anyone.
Speaking of Dollars...
Consultant Gail Doby has created a new survey, 2022 Interior Designers Survey on Fees, Salaries and Competing for Talent. It was created to help the design community (which is YOU!) understand:
- The current state of the industry
- The individuals who make up the industry
- The challenges designers face
Please take a few minutes to complete this survey.
Your opinion has never been more important than in these uncertain times. Your responses help create a better collective understanding of the design industry today. This year’s survey will uncover the latest trends, challenges and strategic developments. Help generate the strategic insights you need to manage your business by participating in this survey today.
The compiled results will be published in October 2022. The good news is that participants will receive an advance copy of the resulting report and be entered into a drawing for prizes throughout the duration of the data collection period.
Thanks for your help!