Being a business owner is undoubtedly rewarding, granting independence and the ability to bring your dreams to fruition. However, this all comes at a cost: stress, and potentially even burnout.
One of the biggest factors affecting business owners is the financial stress of running a business. A big reason for this is the challenge in obtaining alternative financing options for businesses causing business owners to have to manage financial stress with limited cash flow. Poor business owner stress management can be detrimental to both the business and to you. Therefore, your mental health and burnout prevention for business owners should be the priority even when it comes to running your business.
This article is dedicated to providing essential tips for business owners to navigate the path of entrepreneurship with a focus on stress management and achieving a healthy work life balance.
Understanding Stress Triggers
Stress can stem from different sources. It is important that we identify what our triggers are, in order for us to evaluate our situation and improve our stress management process. Here are some common stress triggers:
Overloading Yourself With Work
As a business owner or CEO, the temptation to take on every role and responsibility is a common pitfall. You tend to take on multiple roles, and it may be more than you can realistically handle. Overworking not only increases stress but also has ripple effects on your employees. The phenomenon known as “quiet quitting” may occur, where employees fulfill minimum requirements but withhold enthusiasm and effort. In countries where mental health may still be seen as a taboo topic, many employees often choose to “quiet quit”, resulting in an unengaged and unproductive workforce.
Financial Concerns As A Business Owner
Financial challenges, including cash flow issues and unexpected expenses, often contribute significantly to business owner stress. These concerns have the potential to become a pressing issue for your business, causing business owners to jeopardise their mental health.
Traditional financing avenues such as banks may be challenging to access, making alternative funding solutions a crucial aspect of stress reduction. In situations where the invoices have a long payment term, consider invoice financing solutions like Payd to gain immediate access to working capital funds to keep your cash flow operations and business going.
No Work Life Balance
Blurring the lines between work and personal life is a prevalent challenge for business owners. This is further cemented by the pervasiveness of technology allowing business owners to stay connected to work almost 24/7, negating a good work life balance. Being unable to achieve work life balance as a business owner may lead to burnout and negatively affect your mental health.
Educating about mental health in Singapore is becoming increasingly prevalent, especially those urging employers to create healthy work boundaries for better mental health practices. Recently, Singapore was ranked as one of the most overworked countries in the world, with more than 50% of employees experiencing burnout. The most obvious indicator to prove that people in Singapore are overworked is the common occurrence of going to work on MC (medical certificate).
Business owners should aim to implement better work life balance and stress management practices to prevent themselves and their employees from suffering burnout. These steps could potentially save your business from experiencing a decline in productivity and reduce the occurrence of employees quiet quitting.
How Can A Business Owner Deal With Stress?
As a business owner, especially of a small business, commitment and dedication to the operations and growth of the business often take up a significant amount of your time. You may often find yourself thinking that you do not have the time or chance to rest. Nevertheless, the following are some practical solutions to lower your stress levels, while still ensuring the well-being of your company
Delegate To Lessen Your Workload
Delegating tasks is a strategic move that not only reduces your workload but also fosters a motivated workforce. By entrusting important responsibilities to trusted employees, you create a sense of value and prevent “quiet quitting”.
Taking advantage of technology through tools and products can be another way to lighten your workload. It is good to automate repetitive tasks so that you can save on cost, time, and manpower. Incorporating technology into your daily business processes can also go a long way in freeing up time for strategic planning and reducing the risk of burnout.
Turn Business Owner Work Mode Off
Achieving work life balance requires a conscious effort to put work aside and focus on other priorities, such as your mental health. Instead of equating long hours with productivity, focus on efficiency during designated working hours. Additionally, going to work on MC should not be an option whether you are a business owner or employee. It is important that you take the time to refresh your mind and stay healthy. Through this, you can increase your productivity, and be more efficient during working hours.
Do Not Be Afraid To Ask For Help
Financial stress is often a significant burden for business owners. Exploring alternative financing options, such as Poss Capital’s Quik business loans, can alleviate the strain. The ability to secure additional funding ensures the continuity of day-to-day operations and prevents burnout during challenging times. The COVID-19 pandemic in Singapore demonstrated how additional funding can help businesses pull through months of little to no revenue.
In the dynamic landscape of entrepreneurship, stress is inevitable, but its management is crucial for sustained success. By recognising stress triggers, implementing practical solutions, and seeking help when needed, business owners can navigate challenges with resilience and protect their well-being.