While there are many benefits associated with running your own business, there’s no denying that it's incredibly stressful. After all, there’s a lot riding on your success, whether you’ve invested heavily in the business itself or have multiple employees relying on you.
For this reason, it's hardly surprising that “96% of business owners report high-stress levels on a daily basis.” However, when you find yourself caught up in the stress cycle, it can be difficult to determine how to break free from its constraints – especially as many feel as though they are unable to take time away from their company.
With that in mind, here are some simple strategies that you can use to reduce your stress levels as a business owner!
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Stick to a schedule.
According to a recent study, the average small business owner will work over 2000 hours of overtime per year. While this is understandable from a business perspective, it's crucial that you are able to set healthy boundaries and ensure you are not overworked. After all, working excessive hours each week will impact everything from your work-life balance to sleeping patterns and energy levels – all of which could negatively impact your business in the long run.
As such, moving forward, you should try to stick to specific working hours, ideally within the region of 40 hours a week. While this may seem difficult to begin with, it is one of the easiest ways to stay healthy as a busy entrepreneur.
Bring in some helping hands.
Many small business owners are reluctant to hire new employees. For example, you may be worried about handing over the reins to someone who is not as heavily invested in your business or goals as you are. Alternatively, you may be worried about the costs of hiring new staff members. However, as the demand for your services/products grows, your team should grow accordingly.
Remember, you’re only human. It would be impossible to keep up with this growing consumer demand without some extra help. As such, now is the perfect time to bring in new employees, or to outsource specific roles and duties.
Ensure your team receives the appropriate training.
While hiring new staff is a great way to ensure both yourself and existing employees are not spread too thin, you should ensure that each and every hire receives the appropriate training. Not only will this allow them to work more efficiently (regardless of their role), but it will also give you peace of mind as it means that your business is in safe hands.
For example, if you serve alcohol as part of the day-to-day running of your business, you should ensure that each employee receives their TABC certification. Upon completing this course, they will have an in-depth understanding of the most common alcohol service violations, so that they are able to avoid them.
Have a contingency plan in place.
Nobody likes to think about things going wrong when running your business. However, the truth is, that you’re bound to encounter challenges from time to time. As such, it's vital that you plan ahead for when things go wrong by curating a contingency plan. This way, when the “worst” does happen, you know exactly what steps to follow in order to rectify the issue. This also provides your team with a framework to follow.
Overall, having a contingency plan in place will minimize the lasting impact a mistake can have on your business by ensuring that it is resolved as quickly as possible. Trying to come up with solutions on the spot means you’re more likely to make further mistakes, as fear and panic will naturally override your ability to think (and act) globally.
Change your perspective on mistakes.
Many business owners put an immense amount of pressure on themselves because they strive for perfection in everything they do. While this can be an excellent motivator, it can also cause you stress levels to skyrocket. As a result, it's important to remember that you can only do your best, and perfection does not really exist. In doing so, you should try to change your perspectives on mistakes. Instead of viewing them as a roadblock, consider them a vital learning opportunity that will allow you to make smarter decisions moving forward.
Take a break when you need one.
As mentioned above, business owners are prone to overworking themselves. In fact, “three quarters (73%) take fewer than 20 days of annual leave per year – significantly less than the national entitlement of 28 days.” This often means that their mental health suffers, as they are simply not hitting that reset button when they need to. Moving forward, you should understand the importance of taking a break when you need one – whether this be for your mental and physical health, or simply because you feel like taking one!
On a similar note, you should also ensure that you reach out for additional help and support should this become necessary. Talking about how you are feeling can be difficult, especially when dealing with complex emotions, but it can make a world of difference. If you don’t feel ready to open up to friends, family and colleagues, consider reaching out to a charity or mental health professional. Remember, no matter who you choose to speak to, you are not alone!
Believe in yourself.
Stress and anxiety can sometimes come hand in hand with running a business, especially if you are dealing with imposter syndrome. After all, this encourages you to question your every move or action, often wondering if you could have done something better. Learning to believe in yourself can challenge these negative thought patterns and reduce any stress or anxiety you feel.
As such, whenever you begin to feel overwhelmed or stressed, try to think about how far you have already come – not how far you have to go. This will help you to see the bigger picture and remind yourself that you are on the right track afterall.
