However, when the family needs a fresh perspective to a familiar challenge, the outside board of directors helps speed the business's progress and keep the business competitive. Simplify your life . The biggest challenge with a family business is that your business and personal lives get merged. This puts you out of balance and can lead to an emotional burnout. In order to alleviate that stress, you need to simplify your life.
Simplification is all about focus.
It means leaving your work life at work and your family life at home. When you focus on one task or role at a time, you're able to separate yourself from any other task or role you may have. For example, if your dad is also the president of the company, you need to focus on treating him like the boss at work and like dad at home. Delegation is another simplification tactic. If cleaning your house takes you away from other more productive or profitable tasks, then you need to hire someone to take over the cleaning so you can focus on what's important.