How To Downsize Your Business

There comes a time in the life of every business owner when he or she realizes that she just doesn't want to keep working as hard as she has been or that she needs more time to do other things that are equally important to her. It's not that she's ready to sell her business and move on; it's more a matter of achieving a more pleasing balance between her work and personal life and a more satisfying success. If this describes you, here are some practical strategies for downsizing your business:

1) Start turning down some clients and/or referring clients to others.

If you offer services, take a hard look at the hours you put in in a typical week and your client list. Not all clients are equally joyous to work with, and a fast way to free up more time is to let the more troublesome clients go. Release them courteously by finishing off your commitments to them and referring them to someone else.

When it comes to new clients, be firm with yourself. Think about how many hours the new client and her needs represent and how taking on this new client would affect your work/life balance. Turning down work is one of the most difficult things to do, but it can be in your best interest.

2) Hire employees to cover the store.

If your business is retail and you're putting in long hours because you're the one always "manning the counter", hiring employees is well worth the trouble and expense. Think of all the things you could be doing if you weren't "stuck" at the store for all your business' opening hours. This strategy, of course, will also work well for service businesses, if the service is such that other people can be relatively easily trained to provide it.

3) Consider outsourcing some functions or aspects of your business.

There are a great many other businesses, such as Virtual Assistants and bookkeepers, who are standing ready to provide "off-site" handling of many administrative and office related tasks, for example. You might also take a look at outsourcing your marketing, or outsourcing the design and maintenance of your web site, if your business has one. There is absolutely no reason for you personally to do all the things that running a successful small business requires. And once you get used to the idea and see what a good job these other businesses do for you, you'll never look back.

4) Cut back your hours.

If you run a retail business, this downsizing strategy would involve having more closed days (such as no longer opening on Sundays, for instance) or reducing your daily hours of business. You might be open from 10 a.m. to 5 p.m. instead of from 8 a.m. to 6 p.m.. If you run a service business, the same principle applies; decide how many hours a week you will work, or which days of the week you will work, and stick to it.

5) Close your business for a week or two to actually take a vacation.

When was the last time you did that? It seems Draconian, but it may be the only way you get to take an official vacation. Remember to set this up professionally, by letting your clients know you will be away or advertising in advance so your customers are forewarned.

6) Bring in a family member to split the current "job load".

The downside of this downsizing strategy is that you have to have a willing family member available to do this. The upside is that if you're really fortunate, you'll be able to train him or her to eventually take over the business as you ease yourself out of it.

7) Reduce your line of products and/or services.

By specializing in one or two products or services rather than offering everything you offer now, you can both downsize your business and refocus it. For instance, if you're currently offering a full range of kitchen products, you could refocus your business by specializing in table linens or cookware. Specializing could considerably simplify your business and perhaps even revitalize it.

These are just some ways that you can start downsizing your business and come closer to your goal of improving your quality of life. Once you commit yourself to downsizing, you'll find all kinds of other ways of doing less and being more. Remember; the best way to measure success is not by dollars but by the way you feel about yourself and the life you live.

If you're wondering if you should consider downsizing your business, "Is It Time To Downsize Your Business" provides a short self-test that will help you determine if you're ready to do this.