Love and Romance / Relationships

How to Balance a Successful Marriage & Business

"How to Balance a Successful Marriage & Business"Creating a family and a lucrative business simultaneously is a dream for many people, but it is often difficult to find the right balance. It certainly can be done, however. If family and business are both a priority, build them together wisely with the following few tips.

The Importance of Family-Owned Businesses

The common idea most Americans have about family-owned businesses is that they are mostly small town-minded, rustic and simple. However, statistics might change that misconception. According to the Conway Center for Family Businesses, 35% of Fortune 500 companies are family-owned. What may be even more surprising, family-operated businesses also account for a large portion of all new job creation—78%.

Put the Marriage First

For many couples, the complementary personalities that drew them to their relationship are also an asset when it comes to managing a business together. If your marriage is healthy outside the business, it stands a better chance of thriving as you do business together. In the same token, if your marriage is suffering, it’s wise to evaluate your relationship before adding the potential stress of managing a business together. Resentment and unresolved personal issues can make business ownership difficult, and could spell disaster for a relationship that needs nurturing.

Be Equally Committed

From the start, make sure you and your partner are both equally committed. Is the business something you both believe in? If one partner is trying to grow the business and the other is satisfied with leaving things are they are, it can create turmoil. Carve out time each month to discuss the current state of the company and to decide on the next steps as a couple.

Stay Organized

Being disorganized can lead to frustration, and frustration can lead to spats. If you haven’t already done so, create an office environment that is comfortable and organized, enabling efficient productivity. Keep documentation and records accessible to both partners, and work together to create streamlined bookkeeping. Cloud accounting software can help with your organization while also acting as backup in case of emergency. When all the information is stored in the cloud, both partners can access it anytime on any device.

Create Boundaries

Be open and honest about your role and responsibilities, and treat your partner with the same dignity and respect as you would a non-related colleague in another professional environment. The tone of voice used at home may not work in the office. If it helps to create boundaries that clearly outline your role from your partner’s, do so to prevent duplicate work or neglected tasks. Work with one another’s strengths to determine the right role, and be open to reevaluating those roles several times throughout the year to ensure that roles are a fit and both partners are content.

Michael Harris is a gadget geek from California. He is married with three kids.

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