Listed in: Staff & people

Five ways to reduce stress as a small business owner

Owning a small business can be quite stressful. You can make life a bit easier - and your business more successful - with these simple but essential steps.

4 minute read

Owning a small business is one of the most stressful things a person can do. Pressure comes from all angles - from staff, suppliers, and customers, all placing demands on a business owner’s time. So much so that there’s often no time left in the day to actually work on the business itself. Because of the hands-on nature of many small business owners, this can mean important business activities such as marketing, social media, and business development can fall by the wayside. This leads to stagnation, lower turnover and, sadly, more stress. It’s a vicious circle, but there is a way out.

1. Don’t be afraid to ask for help

Going it alone is a recipe for disaster. Once you realise there’s a lot of help available out there, you’ll be well on your way to a less stressful life as a business owner. Seek out and work with business coaches or mentors. Perhaps try a course or workshop like those run by The Icehouse, a not-for-profit organisation that specialises in helping businesses and business owners take their operations to the next level.

2. Look after number one

That’s you, by the way. There’s no getting away from the fact that, as the owner of the business, you play a critical role in the success of the company and likely wear many different hats along the way. But if you don’t look after yourself by finding ways to de-stress and tune out of work for a while, then everyone, including the business, will suffer.

Don’t just take our word for it, though. In an interview with the NZ Herald, Dr Mark Le Fevre said that the ‘my business is my life’ approach only works for so long. He suggests a change of “mind and attitude” is essential lest you run out of energy, not only for work, but for family and friends. “If you’re not taking care of your mental and physical health”, says Le Fevre, “you won’t be taking care of your business for too much longer.”

According to Le Fevre, one simple yet essential thing to start doing is ignoring interruptions until you’ve finished the job you’re doing. Don’t answer the phone until you’re ready. The first time you do it, says Le Fevre, “you’ll break out in a cold sweat and your heart rate will go up”, but he insists that soon you’ll realise you don’t need to drive yourself so hard to succeed and the business will be just fine.

3. Do healthy things

This isn’t just about eating healthily - although that’s always important - doing healthy things covers a broad spectrum of stuff that basically helps refocus your attention. It could be getting out and going for a half-hour bike ride a couple of times per week, going for a walk and soaking in some fresh air, or even redecorating the office to make it a more pleasant place to be.

4. Don’t forget to delegate

This one goes hand in hand with some of our previous entries. By delegating tasks to your staff you’re not only easing the workload on yourself, but you’re doing your business a favour by ensuring things won’t fall apart when you do take a day off.

And in case you’re getting the excuses ready for why you can’t delegate, a 2012 study by Harvard Business Review is a step ahead of you. Whether you’re a perfectionist who feels it’s easier to do it all yourself or if you simply worry that passing on work will diminish your own importance, the story says the first step to becoming a better delegator is to recognise the signs that indicate you’re not doing enough of it.

One sign of under-delegating is that you can’t remember how you spent your day. Keep a diary of how you spend your time and you should start to see some patterns emerge after a few days. Seek out the low priority activities in the list and hand them off to someone else. And remember, when you do delegate a task, don’t hang around and micromanage it.

5. Take advantage of technology

If you haven’t already, make sure you’re getting full use out of that smartphone, tablet, or laptop. Thanks to mobile internet connections and cheap or free cloud-based storage solutions, it’s relatively simple to take yourself out of the office while still being able to get some work done. Pretty much anything from accounting software to banking to video communications and invoicing can all be done from afar, allowing you to take some time out of the office, without being totally removed.

Whether you choose to try some or all of the tips outlined above, or come up with a plan yourself, you can be sure that everyone benefits from having a boss with less stress in their life.