Finding the right balance between work and family isn't the same for everyone. Some CEOs and leaders learn how to balance their lives from past mistakes. Others do it by committing to put family first over work.
Work-life balance is getting more important in accounting and finance, especially for CEOs, leaders, and managers. They face a tough task: they need to get results but also look after their personal health. So, we might ask: Can a CEO have a good work-life balance? How can leaders in accounting firms find it? Is it really possible to achieve? And why is it so hard?
Some people believe that if you're in charge, like a CEO or leader, you can't have a work-life balance. But this isn't true. It's hard, but not impossible. You need to plan well, work hard, and keep at it.
Why do we struggle with work-life balance?
The demanding nature of the accounting and finance sector is a primary contributor to the struggle of maintaining a work-life balance. With complex financial systems, the necessity for precision, and the weight of financial accountability, the industry demands a rigorous work ethic. Tight deadlines, particularly during fiscal year-ends, add to the mounting pressure. Stringent compliance regulations further compound this stress, necessitating meticulous attention to detail and exhaustive auditing processes.
Given the high stakes, the accuracy of financial statements and records is paramount. Errors can lead to severe consequences, including legal issues and damage to the company's reputation, which invariably leads to long working hours. These prolonged work periods can create an entrenched culture that blurs the boundaries between professional and personal life, leaving little room for rest and recreation.
Everything is tech
Technology has made our lives easier and more efficient in many ways but also presents challenges when it comes to maintaining work-life balance. The line between the office and home has been blurred with the advent of smartphones, laptops, and other devices that keep us connected to work around the clock. This constant connectivity makes it harder to disconnect from work-related communications and responsibilities, leading to a work culture that encroaches on personal and family time.
On top of all that, these are not easy times for accounting and financial professionals as every new tech tool seems to hover over money transactions, international coin exchange, blockchain, new payment methods and the international market. The industry has not changed this much in so little time at any point in history, and trying to keep up can be a real headache.
Can You Have Work-Life Balance As A Ceo?
Being at the top of an accounting or finance firm as a CEO brings with it a unique set of challenges when it comes to maintaining a work-life balance. The responsibility and commitment that comes with this role can often make it seem like work-life balance is out of reach. However, that doesn't have to be the case.
As a CEO, it’s crucial to view work-life balance as a non-negotiable aspect of your life, just like any business commitment. It’s a matter of setting the right priorities, being efficient with your time, and making the necessary lifestyle adjustments to accommodate this balance.
Just as you would in business, set clear, achievable goals for your personal life. These could be related to fitness, hobbies, family time, or personal growth. Keeping these goals at the forefront will help you allocate your time and resources effectively and prevent work from consuming all your time.
Moreover, it's crucial to surround yourself with a competent, reliable team. A robust team will allow you to delegate tasks effectively, entrust responsibilities, and free up more of your time. This ability to step back from everyday operations and focus on strategic planning and vision is not only beneficial for your work-life balance but also for the long-term success of the firm.
Work-Life Balance for Managers and Leaders
Work-life balance starts with a commitment to assessing your work-life balance. This involves taking stock of your professional responsibilities, personal commitments, and how you're spending your free time. Analise if your energy is being distributed appropriately and conduct this self-assessment every 6-12 months to keep yourself on track.
After you’ve considered your current situation, ask yourself:
- Is there anything I can change?
- Are there tasks that could be better handled by others in your team or outsourced entirely?
Reflect on how you're managing your time and whether it's being used efficiently. Consider your schedule and whether you're committing to unnecessary meetings or personal activities that no longer bring you joy or satisfaction. The aim is to find feasible solutions that can improve your work-life balance.
Once you are done with this much-needed self-awareness time, here are some actionable steps that leaders and managers can take to make their lives more balanced:
1. Boundaries, first set them for yourself
This involves defining your work hours and communicating them explicitly to your team, family, and everyone involved. It could also mean setting specific 'quiet times' when you are not available, except for emergencies. Stick to your plan, work when you have to work.
2. Delegate
One of the most critical things that can change the game in one's life. A few weeks ago, in a meeting with CEO from different finance firms and startups, this question came out: “How much are you into metrics and analytics being a CEO?”. The answer was: “Less than I would want to, more than what I should”.
As a leader, it's easy to get caught up in the minutiae and feel the need to control every aspect of the job. To be constantly notified of everything, but effective delegation is key to achieving a better work-life balance. It's not only about distributing tasks but also empowering your team, building trust, and freeing up your time to focus on strategic goals.
This doesn’t mean you have to get away from the game or stop looking at charts, it's your job. But separate mundane tasks and metrics in what you NEED, what you WANT, and what your business can move on without you being notified. Know 100% of the first one, 50% of the second, and put someone you trust to keep you updated on the last one.
3. Prioritize and make a routine
Not everything needs your continuous attention. Create a routine you can follow and use tools to help you stick to it. Creating locks of time both for focused work and self-time in your calendar is essential to respect your own boundaries.
4. Lead by Example
If you’re working all hours, your team might feel compelled to do the same. Show your team that it’s okay to take breaks, use vacation time, and leave work on time. Your actions will set the precedent. As we said before, not everything needs your intimidating attention, and with a little effort, every deadline can be set within working hours.
5. Technology is a friend
Use productivity tools to streamline tasks, automate processes, and manage your time more efficiently. Technology, when used correctly, can significantly enhance your work efficiency, providing more room for personal time.
6. Plan your weekends and sabbaticals
People tend to think that vacations, weekends, and sabbaticals are about doing nothing. But in my experience, if you have a personality close to a workaholic you probably end up either feeling like you are useless during your personal time or reaching out for your phone when no one is looking to see how things are going in the office. Plan your weekends, make activities to fill out your time, and take your head out of work. But being flexible of course, is not about making it a task.
Is work-life balance achievable?
Despite the challenges, the answer is a resounding yes - work-life balance is achievable. It’s about making a conscious decision to prioritize your well-being and personal life just as much as your work commitments.
Remember that work-life balance does not mean an equal distribution of time. It's about achieving a satisfying, healthy, and productive life that includes work, personal time, family, and other commitments. This balance is deeply personal and can look different for everyone.
Gábor Zöld used the term “work-life awareness” and I think is brilliant. Is not about balancing everything in the same amount, but to be present on how much time you can give each responsibility in order to protect your mental health and the people you love.
Ultimately, achieving work-life balance is a journey rather than a destination. It's not about perfection but about progress, making small consistent changes to find the balance that works best for you, and maintaining it. It involves a commitment to self-care, setting boundaries, managing time effectively, and above all, the willingness to value yourself beyond your work role.
Kevin Mitchell, CPA
Senior Manager and CPA with over 20 years of experience in accounting and financial services, specializing in risk management and regulatory compliance. Skilled in managing audits and leading teams to deliver exceptional services. Proud father of two.
References:
https://codingsans.com/blog/leadership-and-work-life-balance. (n.d.). https://codingsans.com/blog/leadership-and-work-life-balance
