The cost of business stress and how to manage stress as a business owner?
Stress is our bodyโs natural response to cope with certain situations. The situation could be the result of either work-related problems, a family crisis or a personal issue. It is natural for an individual to feel stressed when he is preparing for a challenge. You can think of it as the bodyโs way to warm up before handling a difficult situation. However,ย prolonged exposure to stress can have a negative impact on a personโs physical and mental well-being. A person suffering from stress can develop heart issues, depression, digestive problems, palpitations, blood pressure issues, weight gain, memory impairment and so on.
If you are a business owner, there are probably several stressful situations you face every day, such as employment issues, cash flow concerns, low profit margins, customer losses, etc. You are bound to face business stress if you are aiming high. In fact, if things are going too smoothly, you might not be doing it right. It all comes down to how you deal with challenges. You can either be stressed about it or stay happy by overcoming it through the tips below. But first, letโs discuss how stress can affect your business.ย
Related: You might find the use of a cashflow forecast quite useful when facing cashflow problems, read our cashflow forecasting guide to learn more.
Video: Finding the balance: Tips to reduce business stress
As a small business owner you are bound to deal with high levels of work-related stress every day, here are some tips which might help you keep stress at bay. Watch now.
How will Stress Affect your Business?
Stress is not only bound to affect your mental well-being it can also have a negative impact on your business.
Productivity Cost
A high level of work stress can cause a massive impact on the amount of productivity at work. It is somewhat a price that one has to pay for the cost of work stress. In more serious cases if an employee has developed anxiety or depression he/she might take some time off work that would lead to a loss in productivity and resources.
Financial Cost
Naturally, when productivity goes down, there is a financial cost that one has to pay for as well. Costs can result from errors, lack of productivity, reduce sales due to a lack of moral, employee replacement costs or costs such as sick days, holidays etc.
How to Overcome Business Stress?
We have compiled 6 tips that will help you overcome your business worries and manage stress.ย
- Set Limits โ The best and possibly the worst thing about owning a business is that you are your own boss. Your work at times may seem endless. Creating healthy boundaries for yourself is crucial for your mental health and well-being. Make sure you set working hours for yourself and work away from home when you need to. Just like any individual who is working, you should be able to go home, relax and spend time with your friends and family.
- Find a Mentor/Business Partner โ It may get lonely at times when you are working as a sole business owner. To keep these feelings at bay you can join a workspace or work from a coffee shop. It is important for you to join a network, meet new friends or hire a friendly accountant who is also a business partner, an advisor or even an outsourced CFO. Make sure you retain human communication and have fun, itโs not all about success but achieving your goals with people who care and understand.
Related: Read to understand an accountant’s role in more detail.
- Delegate Tasksโย As a business owner, when your business grows, so does the pressure that comes with it.ย Most business owners make the mistake of being their own office manager, salesman,ย accounting firm, etc., and they refuse to delegate the tasks, which can be extremely challenging for them.ย Find a reputable accountant to take over your compliance, administrative and advisory needs. A good business accountant in London will have a large network of professional and business connections at their disposal, use them to find Financial Advisers, Marketing Agencies, Bank Managers etc. Use your Accountants to build good affordable connections to help you delegate and focus on things that will help your business grow.
- Prioritize & Plan โ It is important to take on only the workload that you can handle. Prioritize the problems that you need to solve, and once done, strategize a plan to solve the problem. Breaking the issue into smaller chunks can make it easier for you to handle difficult situations, resulting in minimum stress.
- Meditate โย Mindful meditation helps individuals to exist in the present without thinking about the past or worrying about the future. Mindful meditation has a range of health benefits and is known to effectively manage stress.
- Write your stress down โ Writing all of your problems down helps your brain organize all of your thoughts and manage stress. It helps you gain clarity and make better decisions.
We hope these tips help you overcome stress and make you happier, wishing you a great International Day of Happiness.
