Running a business comes with plenty of stress. In the early stages, you’re often doing the job of numerous people, some of which you may be learning on the job. Even in the later stages, managing a team and looking at opportunities can be challenging. So, how can you reduce stress?
It is not surprising that business owners feel stressed. In fact, a survey found that 83% of small business owners have experienced stress within the last six months. One in ten goes as far to stay that running a business has had a negative impact on their mental health. It also found the top ten reasons for stress among small business owners were:
- Managing staff (42%)
- Admin (35%)
- Feeling responsible for the success of the company (31%)
- Keeping up with compliance (26%)
- Paying for overheads and expenses (24%)
- Imposter syndrome (20%)
- Filing taxes (19%)
- Time pressures (17%)
- Multitasking (14%)
Could mindfulness help?
As a business owner, it’s normal to constantly be thinking about what you need to do. But it’s important to be able to let go and create a work-life balance that’s right for you. One trend that younger entrepreneurs are embracing is mindfulness.
It’s a practice that aims to help you live in the moment, rather than worrying about past mistakes or what’s coming in the future. If you find yourself often rehashing the past, it can be useful. It’s an exercise that can help you feel more in tune with thoughts, feelings and your environment.
When they were asked if they practice mindfulness, 87% of Generation Z business owners do. In contrast, just 6% of those aged between 55 and 64 do so. When you’re feeling pressure, mindfulness could help and doesn’t have to take long. To start with, simply setting aside 10 minutes a day can be enough.
Find a comfortable, quiet place to sit down and let your mind wander, paying attention to the present moment. Try not to let your thoughts wander back to mistakes you’ve made or the list of tasks on your desk. The goal is to focus your mind and body on what’s happening now. It sounds simple but it can take some time to get used to, you’ll often find your mind wanders to something else and you have to pull it back to the present.
It might sound a bit like meditation if you’re new to mindfulness but there is one key difference. With mediation, the goal is to empty your mind and think of nothing. Mindfulness instead is about focussing on what’s happening now.
Incorporating mindfulness can help improve your mental health and refocus your mind for the tasks ahead.
Planning to give you confidence
Sometimes when we feel stressed it’s because we don’t feel in control. Whilst mindfulness can be an effective tool for releasing tension and improving focus, planning is still important.
Creating an effective business and financial plan can reduce the stress you feel and give you confidence as you look to the future. Knowing, for instance, that you have other sources of income to rely on can give you the push needed to take the business risk that could help your business grow.
Financial planning can help ease the stress you feel around personal and business finances. From building up a Self-invested Personal Pension to protect your retirement to provide advice when the time comes for selling your business, financial planning can give you the confidence needed. Without having to worry about these areas, you can focus on those tasks that will help you realise business ambitions.
If you’re a business owner and would like to talk to us about your long-term plans, please get in touch.