Running a business is hard. Sure, it comes with a bunch of upsides – more control of your own time, greater earnings potential and the chance to exit at some point for a big bucket load of cash.
But it’s not all sunny uplands. When you start a company, the buck stops with you. You own the failures as well as the mistakes.
Staff shortages. On you. Cash flow issues. On you. No time to take a holiday. Tough. You own the business. The normal rules don’t apply.
It all adds up to a whole heap of stress. So if you want to be successful, you need to have strategies to be able to cope.
We’re going to equip you with 8 core strategies you can start using right now to get on top of your stress and become a high performing achiever in your chosen field.
Let’s get into it.
1. Pay Attention to your Stress Levels
As a business owner, it’s important to recognise when you’re feeling under pressure.
Stress is a normal part of running a business, but it’s important to cope with it in a healthy way. The first step is to identify the source of your stress. Once you know what’s causing the stress, you can start to look at ways to manage it.
Finding the Source
There are a number of things that can cause stress for business owners in the UK. Common sources of stress include:
– Financial worries
– Time pressures
– Employee issues
– Customer demands
If you’re feeling stressed, it’s important to talk to someone about how you’re feeling. Friends and family can be a great support network. You can also talk to your GP or a counsellor.
Once you’ve identified the source of your stress, you can start to look at ways to manage it. Time management is often key to managing stress levels. By taking some time out for yourself and planning your day, you can reduce the amount of pressure you’re under.
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Recognising stress is an important part of being a business owner.
By identifying the source of your stress and talking to someone about how you’re feeling, you can start to take steps to manage your stress levels.
2. Time Management is Stress Management
It’s easy to feel like you’re constantly under pressure when you’re running a business.
There always seem to be a million things to do and not enough hours in the day to do them all.
This can be a major source of stress. But good time management can help you take back control and reduce your stress levels.
How Poor Time Management Can Result in Stress
When you’re constantly trying to juggle too many things at once, it’s easy to feel like you’re never really getting anything done.
This can lead to a feeling of being out of control – lots of pressure and stress.
And when you’re stressed, it’s difficult to make clear, rational decisions. That’s why it’s so important to manage your time effectively.
Good Time Management Strategies that Reduce Stress
There are a number of different time management strategies that can help you reduce stress and take back control of your time. One effective strategy is to create a To-Do list for each day.
This will help you prioritise what needs to be done and avoid forgetting important tasks.
Pomodoro Technique
Another helpful strategy is known as the Pomodoro Technique. This involves break down your work into 25-minute intervals, with five-minute breaks in between each interval. This helps you stay focused and prevents burnout.
It’s also important to learn how to say “no.”
When you’re constantly trying to please everyone, it’s easy to spread yourself too thin and end up feeling overwhelmed. Learning how to say “no” will help you focus on what’s really important and avoid taking on more than you can handle. This is as true for customers as it for staff and suppliers.
Good Time Management Is Essential for Business Owners
If you want to reduce stress, then take back control of your time.
Steven Covey’s book, the 7 Habits of Highly Effective People is a timeless classic which provides strategies for effective time management. It’s worth a read.
Other Time Management Strategies
Timeboxing: This involves allocating a specific time frame for each task and then working towards completing it within that time.
Planning: Plan out your day in advance and try to stick to the schedule as much as possible.
Prioritising: Figure out what tasks are the most important and should be done first.
Delegating: If there are tasks that can be delegated, do so without hesitation.
Automation: Use tools and software that can automate certain tasks and save you time.
Tracking Time: Keep track of how long you spend on each task so that you can identify areas where improvements need to be made.
Taking Breaks: Make sure to take regular breaks throughout the day in order to rejuvenate yourself. And on the subject of taking breaks…
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3. Take Breaks!
It’s easy to get caught in a cycle of long working hours, short weekends and working through holidays when you are a small business owner.
If this is you, it’s okay to surge your working patterns from time to time. It’s all part of the business owner’s experience. But if it becomes the norm, you might just be building up issues for your mental well being.
Performance actually drops off when someone has been focussing for too long.
Breaks are a Business Discipline
Taking breaks is a discipline and it can actually be beneficial to your performance to get away from work from time to time.
Exercise is a great way of putting your mind somewhere else if you need to reset and refresh your thinking.
And you’ve got such a fun variety of breaks to choose from. It’s a break buffet that you can dip into – from micro breaks, flexible lunch breaks, finishing early from time to time and holidays that don’t involve work.
Recharge and Come Back With Fresh Ideas
Taking breaks helps business owners recharge because it allows them some time to step away from their work and put their mind somewhere else.
It can be used for anything, such as taking a walk, reading, or simply relaxing.
Having this time away from work can help refresh the mind and give business owners some new ideas to implement when they return. Many entrepreneurs say they have some of their best ideas whilst walking or exercising.
Additionally, breaks help improve productivity by preventing burnout. When someone is constantly working, they eventually reach a point where they are no longer productive.
Taking regular breaks allows people to avoid this burnout and continue being productive.
Other Benefits of Taking Breaks
Breaks help improve your focus and productivity when you return to work.
They help prevent burnout and help you maintain your passion for your work.
Breaks allow you to reset and refocus, which can lead to new insights and solutions.
Taking breaks helps promote creativity and problem solving ability.
A break can provide an opportunity for social interaction, which is beneficial for both your mental and physical health.
And speaking of physical health…
4. Get Some Exercise
We all know that exercise is good for us, but did you know that it can also help reduce stress? You probably did. But it’s worth reminding ourselves of how and why it’s so important.
We’ll look at how exercise can help improve your mood and reduce the negative effects of stress.
It’s no secret that exercise is good for our physical health. Regular exercise can help to improve our cardiovascular health, increase our strength and flexibility, and even help to prevent conditions such as obesity and type II diabetes. But what about our mental health? Can exercise really help to reduce stress and improve our mood?
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A Little Exercise Helps Keep Stress Under Control
Just 30 minutes of moderate-intensity exercise (such as walking or cycling) five times per week can help to reduce stress levels and improve mood. So, if you’re feeling stressed out, why not go for a walk or go for a swim? You might just find that it helps more than you think.
Exercise and Mood Improvement
Exercise isn’t just good for reducing stress levels; it can also help to improve your mood. This is because exercise releases endorphins, which are hormones that have been shown to boost mood and create a sense of wellbeing. So, if you’re feeling down in the dumps, a quick workout could be just what you need to pick yourself up.
5. Delegate Where Possible
When you run a small business, you wear many hats.
You’re the CEO, the CFO, the head of HR, and maybe even the cleaner.
It’s a lot of responsibility, and it can be overwhelming at times. One of the best ways to reduce your stress levels and increase your efficiency is to delegate tasks to other people.
When your business is particularly new, you might not have the internal resources (ie staff) to be able to pass off tasks to others. Even still, the golden rule as a business owner is to try and spend your time on the tasks that only you can do.
For everything else, delegate it. If you’ve not got staff, substitute delegation for outsourcing.
What is Delegation?
Delegation is the process of assigning tasks or responsibilities to other people.
When you delegate tasks, you are giving someone else the authority to complete a task on your behalf. This can be helpful when you have too much on your plate and need some help getting things done.
How Does Delegation Make Life Easier?
Delegation can make your life as a small business owner much easier. By delegating tasks, you can focus on the most important aspects of your business while delegating others to handle the less important tasks.
This can help you to be more efficient and productive overall.
The Risks of Delegating
There are some risks associated with delegating tasks, however. If you delegate to the wrong person, they may not complete the task correctly or on time. Additionally, if you do not delegate properly, you may end up with more work than you originally had. As such, it is important to carefully consider who you delegate tasks to and how you will delegate those tasks.
Delegation VS Outsourcing
Delegating is the process of assigning tasks or responsibilities to other people. When you delegate, you are still ultimately responsible for the successful completion of the task.
Outsourcing
Outsourcing is the process of contracting with another company or individual to perform a specific task or service.
When you outsource, you are not responsible for the successful completion of the task. Instead, that responsibility lies with the company or individual that you have contracted with.
The Differences Between Delegating and Outsourcing
There are a few key differences between delegating and outsourcing.
Delegating is typically done within your business, while outsourcing is usually done between two companies.
When you delegate, you typically retain control over how the task is completed. When you outsource, the company or individual that you have contracted with has more control over how the task is completed.
The Benefits of Delegating
Delegating can have a number of benefits. First, it can help to increase efficiency by allowing multiple people to work on a task at the same time.
It can help to free up your time so that you can focus on other tasks.
Done well, it can help to build trust and collaboration within an organisation by giving others a chance to show their skills and abilities.
The Benefits of Outsourcing
Outsourcing can also have a number of benefits.
It can save money by allowing you to contract with another company or individual who may be able to do the job more cheaply than if you were to do it yourself.
Outsourcing can save time by allowing someone else to handle the task while you focus on other things.
When you outsource, you can improve quality by allowing you to contract with a company or individual who specialises in the task that you need to complete – such as accountancy, bookkeeping, or marketing.
With less on your plate to action, the less stress you’ll have.
6. Handle your Business Finances Proactively
If you have a clear picture of what’s going on financially in your company, you’ll feel far more in control.
It’s not a nice feeling getting unexpected tax bills (or any tax bill for that matter). At least if you know roughly where your business finances sit, you can avoid stressful shocks.
Start Right End Right with Business Finances
The first step to managing your business finances well is to understand them.
This means knowing where your money is coming from and where it’s going.
You should also have a clear understanding of your business’s financial goals. Once you have a good understanding of your finances, you can start to make a plan for how to manage them.
A lot of stress management is about placing yourself in control of events, not being controlled by them. Understanding your finances is super important for this.
Keep Track of Your Expenses
One of the most important aspects of managing your business finances well is tracking your expenses.
This means knowing how much money you’re spending on things like inventory, rent, marketing, and employee salaries.
Keeping track of your expenses will help you stay on budget and make better financial decisions for your business.
Better decisions equals a happier business owner.
Make a Budget and Check In With It From Time to Time
Another important part of managing your business finances well is creating a budget.
A budget will help you track your income and expenses so that you can make sure you’re not spending more than you’re bringing in.
It’s also a good idea to set aside money each month for things like taxes and savings so that you don’t have to worry about them when they come due.
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7. Roundup of Other Stress Management Techniques
Okay, this is a bonus round up of a few other stress reduction tactics you can deploy – all bundled in under item 7.
Here goes:
Meditation
One of the best ways to reduce stress is to meditate.
Meditation is a practice that allows you to focus your attention and become more aware of the present moment. When you meditate, you can learn to control your thoughts and emotions, which can help to reduce stress. There are many different types of meditation, so it is important to find a practice that works for you.
Use Relaxation Techniques
There are also several relaxation techniques that can be helpful in reducing stress. These techniques include deep breathing, progressive muscle relaxation, and visualisation.
Relaxation techniques can help to calm the mind and body, which can lead to reduced stress levels.
Eat a Healthy Diet
Eating a healthy diet is also important for reducing stress levels. Foods that are high in sugar and unhealthy fats can increase anxiety and make it difficult to concentrate. Eating plenty of fruits, vegetables, and whole grains can help to improve mood and reduce stress levels.
Get Plenty of Sleep
Getting enough sleep is vital for reducing stress. When you are well-rested, you will have more energy and be better able to cope with stress. Aim to get seven to eight hours of sleep each night.
Connect With Others
Spending time with friends and loved ones can help to reduce stress levels. When you feel connected to others, you will feel supported and less alone in your stress.
Make time for social activities that you enjoy, such as going out to eat or taking a walk in the park.
If you still need a work fix, combine connecting with others with business by joining a networking group where you can speak with other business owners who understand your pressures.
Goal Setting as Stress Management Device
One way to help manage this stress as a business owner is to set realistic goals.
When you set realistic goals, you are less likely to become overwhelmed or stressed out.
You will also be more likely to achieve your goals, as they will be attainable. As a business owner, it is important to stay organised and focused on your goals in order to reduce stress and achieve success.
Final Thoughts
Some stress can be a good thing. It can make you push yourself that bit further, and, handled correctly you can grow as a person when you learn to manage stress.
You probably didn’t get into running a company if you were unwilling to take on a little extra pressure. And yet, too much stress for too long is a little like stretching a rubber band beyond its maximum limit – if you’re not careful it can break and then never return to its original form.
Don’t end up as a broken elastic band! Learn to know yourself, spot when you are stressed and find time to look after yourself. You’re the greatest asset available for the long term success of your business – so you’re worth taking care of!
