Balance, by definition, is an even distribution of weight that enables someone (or something) to remain upright and steady. When used to describe a concept, like work/life or home decor balance, it refers to elements that are in the correct proportion. Both textbook definitions are relevant when you're working on improving personal balance - it's about distributing your body weight in the correct proportions, if you will.
There are many factors that go into good (or poor) balance: The transfer of information from your brain to your nerves to your muscles, the position of your center of gravity and how that connects to the spot where your feet touch the floor, and the support your feet have when they're moving you from point A to point B. All of these things can be improved upon, though, regardless of your age or current skill. The key? Being as fit as you can be.
Maintain a strong core
Your core abdominal and lower back muscles are perhaps the most important when the body is trying to maintain balance, as they control your center of gravity. The stronger these muscles are, the quicker and more efficiently you'll be able to shift this weight where it needs to be in order to stand upright.
Lift weights
That being said, many other muscles come into play when you're trying to stay balanced. Your legs, for example, are your support base when you're running, walking, dancing or exercising. The stronger they are, the more support you have. Try keeping your legs and feet as close together as you can when you're performing weight lifting exercises. It will be difficult to find balance at first, but this will significantly improve your strength in situations where your support base is narrow.
Practice
One of the best ways to build your balance is to, well, practice balancing. You can add this into your normal workout routine or perform the exercises solo, but they will only take a few minutes each day. Balance on one foot at a time with your eyes closed to see how long you can hold the pose. If you fall, don't sweat it - just try again. You'll notice that you'll be able to stand in challenging positions for longer durations as time goes by.
Regular weight lifting may already make a world of a difference when it comes to balancing, but you can add in unilateral exercises to further build your skills. They're simply moves done using one arm or leg at a time. Take squats, for example - they are usually performed with both feet planted firmly on the ground, but they can also be done with all your weight shifted onto one leg. Unilateral exercises could give you a challenge in both strength and balance.
Sit on an exercise ball
This is an easy one - you can do it when you're at work, when you're watching TV, when you're on the computer and even when you're eating. Sitting on an exercise ball, unlike sitting in a chair, requires you to engage your core and back muscles while you keep your center of gravity directly over the ground.
Act like a kid
Do you remember when you were a little kid and you would walk on narrow beams, follow the line of a crack in the sidewalk or move on a thin line on the edge of a hallway? It turns out that all of those exercises are great for promoting balance. Next time you're out on a walk, try walking along the ledge of a curb or a fallen log.
Try a pair of orthotics
Orthotics are designed to give the feet a little more support and create a stable foundation. As we discussed earlier, both of those things are incredibly important when it comes to even weight distribution. Though orthotics are especially helpful in assisting balance for the elderly, they can help people of any age. Athletes in particular are one group of people susceptible to injury resulting from a lack of balance.