Tag Archives: Balance

How Do You Balance the Demands of Work and Family? Five Views

Situation: A CEO struggles to balance time and responsibility commitments to his business with demands of his family. This is not an uncommon struggle for executives. The question is: what strategies are effective to address the needs of both. How do you balance the demands of work and family?

Advice from the CEOs:

  • One Member: It takes a plan to find a solution.
    • Decide what you want and write a business plan to get there.
    • What relationship do you want with your soul mate? Make this part of the plan.
    • Have a conversation and test whether your and your spouse’s long-term visions are complimentary.
    • Don’t take on additional work – this is good both for family relationships and the role as CEO.
  • Another Member: My spouse and I talk about this a lot – particularly around time.
    • We have agreed on how the week is carved out – family time/work time.
    • We agree to honor each other as we are – not how we want the other to be.
    • Watch work commitments because – long-term – your spouse and children more important and more lasting than work.
  • Another Member: I’ve lived through the same issues.
    • I probably erred on side of family vs. career. The benefit is that now, I can’t get enough time to play with my kids. It’s great!
    • Attention to children is very important during the early years. While infants are not as capable of communicating as they will be later, the basic emotional and learning patterns – as well as affection patterns – are created early in life. It’s like the foundation of a building – not much to look at from the street, but it allows the whole building to stand.
  • The same mind that developed your business can solve this.
    • Stay open to solutions.
    • Make a choice.
    • This is uncomfortable, but not bad. The struggle proves that you care.
  • View your spouse as somebody who cares enough about herself so that she thinks she deserves a class act from her mate. Isn’t this what you want in a mate?

How Do You Manage a Business Transition? Five Thoughts

Situation: A company is moving from sole focus on servicing a market to a split focus including developing and marketing their own products. This is a significant transition for the team. What is the best way to organize this effort? How do you manage a business transition?

Advice from the CEOs:

  • While the company’s financials are great for their market, cashflow may be insufficient to fully fund a development company.
    • Internal development of new products can create conflicts if it creates competition for resources between internal and external projects.
    • To avoid this, create an independent company or entity – in a separate location. Seek outside funding whether bank, angel or partner financing. The independent entity can then buy resources from the primary entity at competitive rates.
  • Several years ago, another CEO utilized the strategy just described. The important lessons were:
    • Assure that venture is properly resourced.
    • Assure that there is a balance between proven structure and creative application development.
    • Utilize best resources available at same rates that key customers pay.
    • Offer free guidance but not free services – peer reviews are key.
  • A third CEO had an opportunity to open a new business using the spin-off model.
    • They allowed infrastructure sharing – with proper compensation and incentives (equity ownership).
    • Ultimately both entities were successful.
    • Lesson: Properly implemented, this model works.
  • There are four aspects to the challenge.
    • Product concept
    • Talent for execution
    • Financing
    • Distribution
    • The business plan for the new venture must address all four.
  • Building internally (vs. externally) creates natural conflict. Workers will tolerate change in direction from clients better than they do from insiders.

How Do You Balance Multiple Businesses? Eight Thoughts

Situation: A company has had one primary focus for the last few years. They are now developing another capability which takes significant attention from the CEO. How do you balance multiple foci, while maintaining a balance with family life? How do you balance multiple businesses?

Advice from the CEOs:

  • Find people you trust and delegate – ask them for help. Give them lots of leeway – just ask for updates.
  • Prioritize your weeks – big boulders and small rocks – decide weekly how you will focus. A week is a good planning time frame.
  • Identify and come to grips with your situation – the brutal facts – this will help you to prioritize.
  • Set boundaries based on time, relationships, priority – have realistic expectations of what you can accomplish. Set others’ expectations on when you will respond to their calls, emails, etc.
  • Compartmentalize your time for full concentration and focus. Focus on one thing at a time instead of multi-tasking.
  • Eliminate non-value added “stuff.”
  • Avoid letting others impose their schedules onto yours.
  • Use exercise time to refresh your endorphins, clear your head and give you time to reflect on priorities.

How Do You Create a Family Charter? Four Guidelines

Situation: The spouse of a CEO works in the business but has conflicts with other employees. This creates personal tension for the CEO. The CEO wants to explore a different role for the spouse, and also wants to create more balance at home. The CEO believes that working with the spouse to create a simple family charter with common values, vision and mission will help the two of them to find common needs and goals both at work and at home. How do you create a family charter?

Advice from the CEOs:

  • As you build a family charter, consider both your individual and your common views. Once you have established common ground with your spouse, you can bring children into the process to reinforce values and share creation of the vision.
    • In preparation for this discussion, both you and your spouse should start by thinking about what you each want. Once you have done this, compare notes and look for commonalities where you agree on what is important. These commonalities will form the core of your shared values, vision and mission.
  • Have lunch with your spouse once a month, just the two of you. Why? Because you are telling your spouse that they take precedence over your second spouse – your job, and you are taking time and attention from work to spend time one-on-one with your spouse. Do this monthly, but not always on the same day – make it more spontaneous and special.
  • Reinforce your family charter with regular family or one-on-one meetings with your spouse and children.
  • When having a conversation, focus on listening and don’t try to “fix” things.

What Should You Ask When Evaluating New Opportunities? Five Foci

Situation: A CEO recently sold his company and is evaluating new opportunities. What are the most important questions you should ask when evaluating new opportunities?

Advice from the CEOs:

  • Perhaps the most important thing to evaluate is your passion for the choice that you select. As you evaluate options look closely at the business involved and your enthusiasm for that business. In addition, how does the company feel to you? Does the staff and culture reflect your values? Are you comfortable with the sense of teamwork and collaboration that you see?
  • Doing a cost/benefit analysis on each opportunities, with a focus on:
    • Financial stream – financial prospects for the company as well as the financial package and incentives that you are being offered. In the case of an early stage company, what are their prospects for obtaining financing? If you will be an investor, what is the investment required on your part and what it will cost to support family until you can replace your recent salary?
    • Personal enthusiasm and satisfaction associated with each option.
    • Consult several trusted advisors throughout your selection process
  • Any new CEO assignment requires considerable work and focus, especially in the early phases. Anticipate long hours. The more that you feel compatible with the company and culture, the easier this will be.
  • Look for an appropriate balance between your personal and career priorities, and the financial opportunity offered by each option. If there is an imbalance, you will have to determine which – financial or personal priorities – you want to give the greatest weight.
  • In addition to personal, career and financial priorities, determine the most important factors that you want in your lifestyle. As you evaluate options, assess the match that each option offers to your results.

When Do You Focus on the Plan and When Do You Adjust? Four Guidelines

Interview with Phil Bookman, CEO, Assistyx

Situation: The dynamics of an early-stage business require balance between focus and opportunity. The challenge is in the balancing act. When do you focus on the plan, and when do you adjust?

Advice from Phil Bookman:

  • Never allow your friends to become statistics. We call our customers our friends. Our most loyal and vocal friends were our early adopters and got us where we are today. They remain important participants in the conversation and are always in our focus.
  • Along the same lines, when using social media to communicate to your audience, remember that this is a face-to-face conversation. This is a key point of focus.
    • Remove as much friction from online interactions as you can. Make it as easy as possible for people visiting your web site to buy. This requires both live interactions with users and attention to detail. If a question keeps coming up, answer it; put the answer right up front on your web site where it cannot be missed.
    • We’ve made hundreds of tweaks, each tiny. Each has removed a point of friction. As the company grows it is easy to lose sight of these details. Never lose sight of details.
  • Much of what we face in business is transitory. It is important to stay nimble so that you don’t get stuck fighting the last skirmish. For example, in 2009, we found that a subscription service was difficult for institutional users like purchasing departments in schools to understand. It isn’t now.
  • You must be careful not to chase bright shiny objects – opportunities that take you outside your principal market competence. Would you try to modify a hammer to put in screws?
    • Our principal product TapToTalk is a communication device for kids with verbal challenges. Some have suggested that it could also be a teaching device. Possibly in the future there will be room in our plan for a teaching device, but we will address this as its own market and application when we are large enough to diversify.

You can contact Phil Bookman at pbookman@assistyx.com

Key Words: Early Stage Business, Focus, Opportunity, Balance, Adjust, Early Adopter, Social Media, Friction, Detail, Nimble