May 20, 2015, 8:00 PM ETConference Presentation, Panel

Small Business Success: Finding Talent and Balance

Work Hours: 85% of small business owners regularly work more than 40 hours per week.
Long Hours: 55% of owners report working more than 50 hours per week.
Compensation Stagnation: 54% of owners have not received a raise in the last two years or ever.
Gender Disparity in Compensation: 23% of female small business owners report never having received a raise.
Personal Financial Risk: One in three owners carry business requirements on personal credit cards or have taken out personal loans to support their business.
Sacrifice Prioritization: Nearly 67% of respondents indicated they would delay their own compensation before taking other actions, such as laying off employees.

Redefining "Balance": Reva Lozansky argues that a strict 50-50 balance is a myth; owners must accept fluctuating ratios (e.g., 70-30 or 60-40) depending on immediate business demands.
Integration over Separation: Nikhil Arora suggests treating work and life as integrated rather than separate entities, aligning business passion with personal values to reduce the perception of sacrifice.
Prioritization of Non-Negotiables: Back to the Roots prioritizes family, health, and exercise by scheduling them into the work calendar and holding partners accountable, treating them as essential business functions.
Employee Delegation: Jill Calabrese-Bain notes that owners must invest in employees to delegate tactical tasks, allowing owners time to "work on the business" rather than just in it.
Rejection of "Having It All": 72% of survey respondents agree that "having it all" is impossible, though definitions vary by individual and business stage.
Cultural Modeling: Back to the Roots models work-life balance for the team by taking scheduled vacations (e.g., the World Cup trip) and shutting down the office completely during holidays to demonstrate the viability of rest.

Recognition vs. Compensation: 94% of owners have employee appreciation programs, but the primary driver is making staff feel valued rather than financial bonuses.
Peer-to-Peer Recognition: Back to the Roots implements a weekly "Send Love" session where team members publicly acknowledge one another, fostering a culture of mutual support.
Meaning-Based Motivation: Employees are motivated by understanding the impact of their work (e.g., customer success stories) rather than just financial incentives, aligning with Maslow's hierarchy of needs.
Training as a Retention Tool: 40% of loan applicants in the survey intend to use funds specifically for training and development.
Utilizing Free Resources: Owners are encouraged to utilize free resources like the LA Small Business Development Center (SBDC) and SCORE offices for technical training on SEO, compliance, and management.
Hiring vs. Retention Costs: Jill Calabrese-Bain warns that as the economy improves, the cost of replacing staff will exceed the cost of providing raises or retention bonuses to existing employees.

The "For-Purpose" Shift: Nikhil Arora suggests businesses should be redefined as "for-purpose" rather than just for-profit, where the owner lives their calling, fundamentally changing the work equation.
Recharging for Creativity: Jill Calabrese-Bain states that taking time to relax is critical for owners to recharge batteries and generate strategic ideas, noting that burnout hinders innovation.
Personal Rewards as Leadership: Owners are urged to "give themselves a raise" by scheduling personal time, as the leader's energy directly impacts team morale and productivity.
Active Listening: Reva Lozansky advises owners to ask employees directly what they need, noting that requests often revolve around flexible scheduling or recognition rather than just monetary raises.
Avoiding Self-Inflicted Toxicity: Steve Strauss concludes that many entrepreneurs replace a "bad boss" with an even worse version of themselves by overworking; owners must practice self-compassion to lead effectively.