On December 12, 2024, Nice News team member Rebekah Brandes wrote an article entitled, The Transformative Power of a Life Review, Whether You’re 25 or 75.
Writing as I do for and about small business owners, my first question, upon reading Rebekah’s article was, “Is it possible for entrepreneurs to engage in a life review without also bringing in their business?” For the small business owner, I wondered if an evaluation of one’s life—successes, challenges, regrets, hopes—could take place free and clear of work. After diving into this topic a bit, here’s what I discovered:
With the complex interconnection between one’s personal life and business activities, it’s unlikely retrospection on the former could ever take place without also analyzing the latter. It would be unrealistic to even try.
First, there’s the overlap of roles. Small business owners often invest personal time, finances, and energy into their businesses, blurring the lines between their personal and professional lives. For example:
- Entrepreneurs often see their business as an extension of themselves.
- Business owners’ professional networks often seep into their personal relationships.
- Family members often participate in the business, either directly as employees or indirectly as emotional support.
- Often no one but the small business owner is qualified to meet with a client, customer, or vendor. Other times, the entrepreneur is the only one available to meet urgent operational demands. This leads to a personal schedule heavily influenced by business obligations.
Next, there’s the impact of personal well-being on the business and vice-versa. The emotional investment alone that entrepreneurs lay out for their operations is staggering. Running a business can be an emotional rollercoaster, affecting personal relationships, mental health, and overall quality of life. Many small business owners sacrifice hobbies, down-time, families, friendships, their church, and even marriages to build their enterprises.
Financial interdependence is another reason why a life review would automatically require a simultaneous examination of the business—it’s common for an owner’s individual finances to be tied to the business. For instance, many entrepreneurs invest personal savings into their ventures, intertwining their financial well-being with the company’s performance. Additionally, personal assets are often used as collateral for business loans, further linking personal financial stability to business outcomes.
Small business owners reading all of this will understand perfectly the elaborate interplay between personal lives and business operations. For any of them looking to engage in a dual life/work review, here’s one approach:
- Clarify Your Goals: Identify what you want to achieve from the review, such as pinpointing areas for improvement or aligning your business activities with personal values.
- Understand the Difference Between Strategic Planning and Tactical Action: Strategic planning is the overview; tactical actions achieve the strategy.
- Set Aside Time: Dedicate a specific time slot for the review to ensure focused reflection without interruptions.
- Collect Key Information: Gather essential data on business performance and personal achievements to gain a comprehensive view.
- Evaluate Balance: Assess how your business demands impact your personal life and identify strategies to achieve a healthier balance.
- Identify Strengths and Weaknesses: Analyze both personal and business aspects to determine what is working well and what areas need improvement.
- Set Actionable Goals: Based on your assessment, establish specific, measurable, achievable, relevant, and time-bound (SMART) goals for both personal development and business growth.
- Seek External Feedback: Consider consulting with mentors, business advisors, or peers to gain different perspectives and insights.
- Develop an Action Plan: Create a detailed plan outlining the steps needed to achieve your goals, including resources required and potential challenges.
- Monitor Progress Regularly: Set up periodic check-ins to review your progress and make necessary adjustments to stay on track.
- Celebrate Achievements: Acknowledge and reward yourself for milestones reached, reinforcing positive behavior and maintaining motivation.
For those who say to the above, “I just don’t have the time,” consider these strategies to make the process feel more manageable:
- Integrate into Daily Routine: Incorporate short reflection sessions into your daily schedule, such as during lunch breaks or at the end of the day, to assess both personal and business aspects.
- Utilize Technology: Leverage time management apps like Toggl Track or Clockify to efficiently monitor and allocate time for various tasks, ensuring a balanced focus on both personal and business priorities.
- Delegate and Automate: Delegate routine tasks and automate processes where possible to free up time for strategic reflection and planning.
- Set Micro-Goals: Break down the review into small, achievable goals that can be completed in short time frames.
- Seek Support: Engage with mentors or advisors who can provide guidance and help streamline the review process.
If the best way to predict the future is to create it, then a meaningful, holistic life/work review would be a good place to start. Some encouragement to start the process is, perhaps, what small business owners need most at this point—they’re already cognizant of the intricate connections of personal and professional activities.
Consider using some of the methods described above, creating a few of your own, hiring a coach to guide your way, or facilitating a group of like-minded individuals already engaged in reviews to begin your own self-reflection. The benefits are significant:
- Enhanced Self-Awareness: Reflecting on both personal and professional realms fosters a deeper understanding of your strengths and areas for improvement, enabling more informed decision-making.
- Improved Work-Life Balance: Assessing how business demands impact personal life helps identify strategies to achieve a healthier balance, reducing stress and preventing burnout.
- Strategic Business Growth: Regularly reviewing business performance allows for timely adjustments to strategies, promoting sustainable growth and adaptability in a dynamic market.
- Increased Productivity: By aligning personal values with business goals, you can streamline efforts, leading to more efficient operations and better time management.
Take the first step today. Watch as your intentional efforts pave the way toward a more fulfilling and successful future—at home and at work.
~ Kimberly Hand with input from ChatGPT