stress management tips

How to Handle Stress If Your Business Is Having Difficulties

Success doesn’t happen overnight and going through some difficult times is a reality that every entrepreneur should face. We all want to have successful businesses. Unfortunately, the journey may not always be smooth-sailing.

Are you feeling stressed and overwhelmed with everything you have to do? You’re not alone. Research shows that 45% of entrepreneurs feel stressed out.

Here are some stress management tips to help you focus and get your business back on the right track.

Relax, Don’t Panic

Sounds simple enough, right? But when you’re looking at your finances and all you could see is a downward trend, it could be tough staying calm.

When you lose focus and let anxiety eat you, it will be more challenging to evaluate the problem and make tough decisions. Keep your composure, take a breath (or two) and get to the root of the problem.

Also, it won’t hurt to step out of the office to relax and recharge. Caring for your well-being and mental health is just as important as keeping yourself physically strong. Take a vacation or unplug from your busy life for a few hours. Enjoy a good book, do some breathing exercises, meditate, or join a yoga class. You could also hit the gym to get your endorphins flowing, which could help stimulate an overall positive feeling.

The more rested you are, the better you’ll be able to strategise and assess your company’s situation.

See Things from Other People’s Perspectives

Isolation is one of the common causes of stress among entrepreneurs. Because you’re the head of the company, you’re often expected to make the right call all the time.

It’s easy to get yourself isolated from your people when you’re on top managing things. As a result, you only see your business from one perspective — yours.

Avoid stress by making sure to keep in touch with your team and even your clients. Ask for feedback. Experience your business in the shoes of your customers by going through the customer journey yourself.

Awareness is the secret to managing your business better. When you’re aware of what’s happening within the business and how the company is providing services, you’ll always be ready to face any problem or issue that may arise.

Be Social

If you’re feeling down and alone, spending time with friends, colleagues, and family could help lift your spirits. After all, people thrive on building and maintaining meaningful connections. Catch up over coffee or invite friends for dinner.

Identify the Things You Can and Can’t Control

Uncertainty is another common cause of stress among business owners. The key to winning over uncertainties is to know the things you can and can’t control.

There’s no point in dwelling on things you can’t control. Instead, focus all your efforts and attention on those you have control of. Create a to-do list and prioritise your tasks. Try to develop a routine around these tasks.

As humans, we find comfort in knowing what we have to do next and what we can expect to happen in the future. Developing a schedule could effectively help set your day-to-day expectations and limit any unforeseen and uncontrollable factors from stressing you out.

Seek Help from Experts

We get it, as entrepreneurs, you often need to wear many hats. But at some point, you have to accept that you may need the help of experts.

If your business is not doing well, it may be time to turn to experts like accountants and business advisors. They could help you identify opportunities to boost revenue or reduce your overhead costs.

Don’t give up just yet on your business. Get in touch with Sutherland Reid & Farrar for business and accounting advice. Call us at (02) 6752 9700 or fill out our contact form.

Related Posts

What Entrepreneurs Won't Tell You About Starting a Business

09

Jan
general

What Entrepreneurs Won’t Tell You About Starting a Business

For many, entrepreneurship is an adventure. You chase your next big idea, turn it into a business, and live happily ever after. Easy, right? What you don’t see in this story, however, is what happens between ideation and success. Yes, building your own business is exciting. But the fun of being an entrepreneur comes with days and […]

work-life balance

30

Dec
general

How to Promote Work-Life Balance in the Workplace

A healthy work-life balance reduces a person’s risk of burning out and quitting their jobs. It also helps improve their physical and emotional wellbeing. According to research, Australia ranked 27th out of 35 countries in terms of work-life balance. Although many individual factors affect a person’s capability to develop work-life balance, organisations could lend a hand to[…]

cash flow forecasting

23

Dec
general

3 Mistakes in Cash Flow Management You Could Be Making

Just as a fisherman must watch the ebb and flow of the tides, an investor and businessperson must be keenly aware of the subtle shifts in cash flow. – Robert Kiyosaki Sometimes, it’s not the lack of sales that causes a business to fall into difficult times, but poor cash flow management. Accurate cash flow forecasting helps[…]