16 Feb 5 Easy Fixes For The Stress of Running A Business
Every working environment has the potential to create stress but when you’re running a business, the pressure can be intense. It is not uncommon that with this added pressure, as a business owner, you experience more stress. We sat down with Rachel Clements, Director of Psychological Services and Principal Organisational Psychologist at the Centre for Corporate Health who explains how you can fix it when running a business.
“In business, you’re often forced to juggle different roles and, when you’re a senior manager, the buck stops with you”, says Rachel.
“(You’re) constantly trying to attract enough work to keep you busy and ensuring your team can handle it is also very stressful”.
1. Look after yourself
“The people who cope best in difficult times are good at looking after themselves all the time,” Clements says. “They exercise, eat well, get enough sleep, don’t engage in damaging habits and seek support inside and outside of work.”
Clements suggests spending 20 to 30 minutes every day doing something you enjoy that provides a genuine break from work, whether that be exercising, engaging in an interest or hobby or spending time with friends and family.
2. Exercise to trigger better mental resilience
Any form of regular exercise can trigger the cycle of eating better, sleeping better and avoiding harmful habits. Plus, the endorphins released during exercise can go a long way towards improving your mood.
“In a recent study, people with mild to moderate depression were either treated with antidepressants or regular exercise,” Clements says. “The group on exercise alone did far better in terms of recovery and in sustaining that recovery over time”.
3. Recruit a supportive team
Modern businesses have no room for difficult people. Managing them takes a lot of time and energy and they can have a very negative impact on the business as a whole. A supportive team can also actively protect a business owner from stress, anxiety and depression.
“I recommend putting a lot of effort into recruiting people who can step up when required,” Clements says. “It’s common for staff to take on more than their official job. However, it’s imperative you know you and your employees’ work limits.”
4. Accept you can’t do everything
Even the best, happiest and most productive team is of little value if you don’t delegate. “Delegating can be particularly difficult for people who started their own business from scratch,” Clements says. “Some still want to sign off on every decision while others are too busy to see that what they’re trying to do is no longer possible.”
5. Talk to someone
Running a business can be a very lonely occupation and many owners feel they have no one to talk to. A coach or mentor can help. “Most people find it easier to discuss difficult issues with someone who is independent and can be trusted to keep their confidences,” Clements says. “Sometimes it’s only when they start talking openly that they realise what the real problems are – and that’s the first step to resolving them.”
Managing stress at work is all about maintaining small but effective strategies. That way, you have better resilience and ways to cope when the pressure mounts.
How can Master Your Money Now help?
One of the added stressors you may be experiencing as a senior manager or business owner is financial stress. The Master Your Money Now team are a team of expert financial planners who can create a tailored financial plan for your business. Within our plans we can help you identify non-negotiable expenses, income streams and opportunities and provide you with sound advice on how to better manage your cash flow. If you are in need of some financial planning do not hesitate to get in contact with us by calling 1800 734 225.
If this is a topic that you would like to discuss in more detail, please go to www.MasterYourMoneyNow.com.au/getstarted to book in your complimentary 30-minute strategy session.
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Disclaimer: This information is general only. You should consider the appropriateness of this information with regards to your objectives, financial situation and needs. Past performance does not guarantee future returns.
Chris Carlin is an Authorised Representative (No. 1235031 for financial services and No. 514748 for credit) and Master Your Money Now Pty Ltd ABN 65 627 229 681 is a Corporate Authorised Representative (No. 1265677 for financial services and No. 514747 for credit) of Infocus Securities Australia Pty Ltd ABN 47 097 797 049 AFSL and Australian Credit Licence No. 236523