Running a business can be a lot! Each day can bring a new problem to solve and stress can be common. For small business owners, navigating stress isn’t just about personal well being – it’s a crucial aspect of sustainable business growth. Let’s explore the intricate relationship between business success and the management of stress; and some practical insights and strategies we can do to minimise it’s impact.
Recognising the Impact of Stress
Stress is more than just a personal feeling. Financial pressure, tight deadlines, and customer demands can create a relentless environment where burnout and health issues become all too common. And what about the productivity cost that comes with stress? Stress can lead to errors, overlooking crucial financial matters, mismanagement of funds, difficulty making decisions – all of which can significantly impact the profitability and growth of your business.
To effectively manage stress, we really need to get to the root cause of it. Some common contributors for small business owners include:
- Overwhelm from unmanageable workloads
- Financial uncertainty and cash flow concerns
- Conflict management within teams or with clients
- Keeping up with the pace of technology and industry changes
- Difficulty in maintaining a healthy work life balance.
Stress Management Strategies and Solutions
Stress management requires not only personal resilience, but also a supportive framework within the business. There are a few strategies we can use to address stressful situations that many growing and overwhelmed business owners face.
Recognising that you can’t do it all is a vital step in stress management. Delegating tasks efficiently can lighten your personal workload, leading to a more balanced lifestyle. Empowering your team with trust and responsibility can also improve morale and create a more supportive work environment.
Addressing financial stress involves proactive planning and transparent communication. Leveraging software such as Xero and the support of your bookkeeping and accounting team can help provide clarity around your business’s financial health, enabling better decision making and risk mitigation.
By developing efficient problem solving skills and a structured decision making process, small business owners can reduce the unpredictable nature of their challenges, providing a sense of control and reducing stress levels.
Stress Management and Company Culture
Company culture plays a massive part in the stress levels of business owners and team members. Cultivating a culture of openness, support and work life balance can significantly reduce the impact of stress within a business.
Encouraging open communication and providing a supportive environment can ensure that when stressful situations occur, they can be addressed before they escalate. For small businesses, this could involve regular check-ins and the establishment of mentoring or peer support programs.
If the pandemic taught us anything, it taught us about the ability to work flexibly and remotely. Offering remote work options and flexible hours can provide team members with the autonomy to manage their time more effectively, reducing stress and improving overall job satisfaction.
Implementing wellness programs demonstrates a commitment to employee well being. These programs can also serve as preventative measures against stress related issues, ensuring a healthier, more productive team.
Stress Management and Technology
Technology can be a tool to help us reduce our stress levels, allowing us to streamline processes, free up time and minimise errors. However, as much as technology can help alleviate stress, it can also be a double edge sword and contribute to it as well!
Automating repetitive tasks and optimising business processes can save valuable time and minimise the risk of human error. In Xero, this might involve setting up automatic invoice reminders, setting up direct debit and other payment gateways to collect your money, setting up bank rules, etc.
The constant influx of emails, notifications, and data from multiple sources can be overwhelming! This inundation of information can lead to decision fatigue and increased stress levels. Time management techniques such as setting specific times to check emails and limiting social media usage can help manage the overwhelm. Time management and productivity tools can also help us stay organised and focused. Whether it’s a project management platform or a simple to-do list app, these tools can be invaluable in maintaining control over our daily business operations.
Staying on top of the latest technology and industry trends can be a proactive approach to stress management. It allows us to adapt our strategies and remain competitive, reducing the uncertainty and anxiety that often comes with change.
Constant connectivity through smart phones and other portable devices blurs the boundaries between work and personal life, making it difficult for small business owners to disconnect and relax. Set clear boundaries by designating specific times for work and personal activities. Utilise features like ‘do not disturb’ mode on devices to minimise interruptions during non-work hours and encourage your team to do the same.
The Impact of Work Life Balance
An unhealthy work-life balance can lead to long term stress, reduced productivity, and in extreme cases, business failure and personal health issues. Learning to set boundaries and prioritise personal time is essential for a sustainable business.
Aligning business goals with personal values and interests can provide a deeper sense of meaning and purpose, which can serve as a powerful motivator during challenging times. This connection can reduce the perceived stressfulness of business activities and contribute to a more positive outlook.
Regularly reflecting on personal and business achievements, challenges and lessons learned is a critical component of self care. This practice can help small business owners maintain a healthy perspective and approach work with renewed energy.
Cultivating a Stress Resilient Business
Stress can kill you! That sounds extreme, but it’s true! Stress was the cause of my own heart attack a few years ago that landed me in the CCU for 10 days. Stress management is a challenge that doesn’t discriminate between industries and is a common struggle for many small business owners. And even after a massive wake up call like a heart attack, I’m still not immune. Recently I’ve had a few challenges of my own which have significantly increased my stress levels leaving me feeling overwhelmed, anxious, unable to make decisions, not exercising, and sleeping poorly. This is not going to end well if I don’t take control of it! So what am I doing about it? Unfortunately it’s not an overnight fix but here’s some things I’ve put in place:
- I saw my doctor for strategies to improve my sleep. Insomnia causes reduced cognitive function leading to impaired memory, problem solving and decision making capabilities. Not to mention difficulty concentrating, decreased productivity, and increased irritability – just ask my husband about that last point!
- I use ‘do not disturb’ on my phone and notifications are turned off between 5pm and 8am.
- I’m consistently inconsistent when it comes to exercise. My exercise of choice is boxing. And even after 4 years, it’s still way outside my comfort zone, even though I love it. So if I’ve been away for a little while, I find it really hard to get over my anxiety to get back into it. But every time, without fail, when I go back I remember why I love it so much and I’m actually not too terrible at it!
- I’m pretty good at spending quality time with my family. Our family philosophy is all about creating memories so I try to make a conscious effort to do that. Whether that be having family movie night at home, trying a new restaurant together, or exploring new things to do in the City, spending time together over working is never a decision I regret.
- Practicing mindfulness is one of the hardest strategies for me to implement. My brains default mode is 100kph and hitting the brakes, even though I can see a sharp bend in the road, is difficult for me to do. It’s a work in progress.
And hubby and I had a night away from the kids at a luxurious hotel in the city. We had a room with a spectacular view of Southbank, enjoyed a magnificent meal and excellent wine, and indulged in a spa and massage. Actually, my doctor suggested it, so who am I to go against doctors orders?!
By recognising the impact of stress on personal and physical well being, as well as business performance, and taking proactive steps to address its underlying causes, we can create a healthier, more sustainable business environment. When stress is actively managed, businesses can thrive, grow, and overcome the challenges with resilience and grace.
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PS. Whenever you’re ready, here are 3 ways we can help you eradicate financial stress in your accounting firm or professional services business – faster …
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