Running your own business can be incredibly rewarding. You have the opportunity to take an idea you are passionate about and grow from a small one-person operation to a fully-fledged company. If you are successful, you may enjoy the financial benefits of being a business owner, too.
However, the journey to success is long, and you will face many challenges along the way. As the business expands, there are always new hurdles to surmount. That is why many business owners experience excessive stress.
As Stress Awareness Month approaches in April, now is a good time to consider some of these challenges and how you might be able to manage your own mental wellbeing.
4 out of 5 business owners reported symptoms of poor mental health
The pressures of running a business can lead to high stress levels and affect your mental health. If you experience this, you are not alone.
According to the Small Business Commissioner, a survey from Mental Health UK found that 4 in 5 business owners experience symptoms of poor mental health at least a few times a year. The research also showed:
- 66% of business owners reported an inability to focus
- 63% had disrupted sleep
- 64% experienced anxiety.
As such, it is important that you find ways to manage stress, so you can protect your mental health and remain focused on running your business.
Here are five ways for business owners to manage stress during Stress Awareness Month and beyond.
1. Learn to delegate
When you first started your business, you likely took on many of the responsibilities yourself. Those early days can be very difficult, but as the company grows and you take on more employees, you can delegate.
Unfortunately, some business owners find this difficult as they want to retain control over the company. While this is a natural impulse, you may experience heightened stress if you do not share the workload.
That is why it is important to hire a management team you trust and delegate certain responsibilities to them, so you can focus on the overall direction of the business. This could help you improve your work-life balance and reduce stress.
2. Set clear boundaries around the work day
Separating your work and personal life is crucial if you want to manage your stress levels. This could be more difficult if you do not have clear boundaries in place.
For example, you might leave the office at 5 pm, but if you are still answering emails in the evening, you are not fully switched off from work. Additionally, you might work very long days as you try to grow your business.
It is important that you have clear boundaries, so you work set hours each day and give yourself enough time to rest. Crucially, avoid any work-related activities such as emailing outside of your set working hours.
3. Practise mindfulness techniques
Even if you have clear boundaries in place, you will have stressful days as a business owner. Finding ways to unwind during your downtime can help you keep your stress levels under control.
Simple mindfulness techniques, such as breathing exercises or meditation, can reduce your heart rate and help you avoid feelings of stress and anxiety. Even five minutes of mindfulness techniques could make a difference on those difficult days.
There are lots of excellent free resources online to teach you meditation and breathing techniques.
4. Take restful time away from the business
Taking extended periods away from the business to rest and recuperate can help you maintain a positive work-life balance. You may encourage your employees to take annual leave and spend time away from the office, and it is important for you to do the same.
When taking a holiday, it is important to fully separate from work. This means no answering emails and taking calls unless it is an emergency that only you can deal with. Learning to trust your employees to look after the business in your absence means you can rest properly and return to work feeling relaxed and productive.
5. Review your financial plan
There are many sources of stress for business owners, including financial concerns. The research reported by the Small Business Commissioner found that 4 in 10 business owners who experienced poor mental health said it was down to financial worries.
Managing your finances well can alleviate some of these concerns. We can review your financial plan with you to ensure you extract wealth from the business tax-efficiently. We can also help you contribute to savings and investments for the future, so you can build financial stability and reach your long-term goals.
When you are more in control of your finances, you may be less likely to experience stress.
Get in touch
If you need guidance with the financial side of your business, then please do get in touch with us at DBL Asset Management.
Email enquiries@dbl-am.com or call 01625 529 499 to speak to us today.
Please note
This article is for general information only and does not constitute advice. The information is aimed at retail clients only.
All information is correct at the time of writing and is subject to change in the future.
Please do not act based on anything you might read in this article. All contents are based on our understanding of HMRC legislation, which is subject to change.
The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.
Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.
The Financial Conduct Authority does not regulate tax planning.