You aren’t likely to stay in business long if you don’t prioritize your health – that’s physical, mental, and emotional health. In fact, we’d argue the reason that 50% of small businesses fail within 5 years is due in large part to failing to manage their health. Not enough business owners think of this before starting their small businesses. The stress of owning a small business can take its toll, but don’t let it ruin your company.
Your business is doing well. But what’s next? ProStrategix knows how to help. Read some of our other articles below, or feel free to connect with us and get a complimentary thirty-minute consulting session.
Don't Believe Us? Here Are Some Key Stats
We often believe in the Amazon or Edison myth. Working 20 hours a day with only 3 hours of sleep is the way to win. It’s a heroic image, but it is also false. It’s no wonder that 39% of small business owners claim to work over 60 hours a week — now that’s stress! No one can keep that up forever.
Eating well: If you eat healthy, you are 25% more likely to have improved job performance
Exercise: Improves cognitive function and health
Sleep: According to WebMD, “not getting enough sleep slows down your thought processes, impairs memory, makes it harder to concentrate, and can put you in a bad mood”
4 Amazingly Simple Ways to Reduce Stress
These may seem simple, but they are, in fact, quite powerful tools to keep your health in check. Follow these four steps and you can minimize the stress brought on by your small business drastically.
If you’ve read any of our posts, you know that we are a huge fan of delegation. Burnout is very real. It’s a cause of a number of the problems that most of our clients face. When you start a business, you expect to have complete control but that is a myth. These posts will provide you with the tools to delegate effectively:
2. Plan B's
All businesses have some degree of risk. Having contingency plans in place will help reduce the fear and the worry when something inevitably goes wrong. You don’t need a plan B for everything, just the critical steps of your operations. Here are the three most common:
- Talent – make sure you identify the key talent in your organization. Who’s key? The easy answer is if that person left tomorrow, how much pain would you be in? It’s a good idea to have job descriptions, recruitment specs, and succession plans in place to deal with the inevitable.
- Cash – While profit is like food, cash is like air. All businesses should strongly consider a cash contingency plan to deal with any major short falls. Lines of credit, reserves, etc. are all good ways to hold approximately 2 months of operating expenses in some liquid format.
- Equipment – Key equipment, be it hard drives, servers, or industrial equipment, need back-ups. Insurance is a good way to manage the financial risk. Identifying what you would do in case of a major failure is a great way to manage the physical risk.
3. Take a Break
We all have felt that taking a step away from the business would be impossible. But, if you’ve taken steps 1 and 2, this one should be easier than it would be otherwise.
A study released last year by the American Psychological Association concluded that vacations work to reduce stress by removing people from the activities and environments that they associate with stress and anxiety.
In fact, taking vacations also reduce the risk of heart disease and heart attacks in people with elevated risk factors.
4. Find a Trusted Advisor
A trusted advisor, who has been down this path before with a small business, can help you manage stress by putting things into perspective. Everything looks bigger the first time you see it. But, once you’ve dealt with it, you can see it more clearly. Having a trusted advisor can also improve your emotional support network. Look, everyone has messed up at least once. Having someone who overcame the screw-up can help you realize that you can, too.