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9 steps to reducing the stress of business ownership

Written by: Susan Martin

Article Overview: If there's one thing I've learned in all of my years as a business owner and business coach is that there's a heck of a lot of stress that goes along with running a business. As a result, many business owners have a really hard time making things work and feel as though they have to sacrifice time and time again.

9 steps to reducing the stress of business ownership

If there's one thing I've learned in all of my years as a business owner and business coach is that there's a heck of a lot of stress that goes along with running a business. As a result, many business owners have a really hard time making things work and feel as though they have to sacrifice time and time again.

There's stress around money. Stress around deadlines. Stress around customers. Stress around employees, I could go on and on but I think you get the picture...

Getting that stress under control is one of the most significant challenges facing business owners today. It's also one of the best things you can do for your business and for yourself.

It doesn't have to be hard to eliminate some of that stress, here are some simple steps to help you do just that:

1. Revisit the reasons you started the business. Why did you go into business? What were the things you loved about it? What had you hoped to accomplish? Get back in touch with those things now and make sure your daily activities include the things you really want to be doing and that you enjoy.

2. Get your business finances under control. Don't be an ostrich! Face up to what's happening with your cash flow, receivables and payables. Take action to remedy any problem areas before it eats you up alive.

3. Create a personal game plan to take care of yourself while you're getting things under control. Most businesses produce casualties and often those casualties are to the business owner. We're the ones who have to sacrifice on a myriad of fronts: you take no money when things are tight, you lose out on time with friends and family when work has to get done, you skip the gym or exercise class because a deadline has to be met. But, how long can you sacrifice before it catches up with you? Take time to create a personal game plan to take care of yourself so that you don't burnout.

4. Enhance your sales and marketing skills. No business can survive if it doesn't have enough sales, period. And, the businesses who find it easiest to succeed are the ones whose owners have good sales and marketing skills. Sure, salespeople can help, but if you're serious about achieving business success and reducing your own stress level, don't risk the future of your company by ignoring these essential skills.

5. Improve time management and work performance. It's the rare business owner who doesn't need an additional 10 hours in the day. If time management and productivity are an issue in your business, take action to make sure you've got this critical area under control.

6. Replace crisis management with strategic planning. If there's one thing that really creates stress and backfires on you it's the lack of planning. Many business owners feel they're too busy to stop and plan. For some "shooting from the hip" has become a way of life. As a result, they get caught in the vicious cycle of crisis management. They're so busy putting out fires, that they never do any fire prevention. If this sounds familiar, please, take some time to do some planning right now. It's possible to stop the cycle if you put your mind to it.

7. Create systems and procedures to manage growth. Without them, things quickly get out of control. No company can grow properly if they don't manage what's going on. This crucial area can make the difference between success and failure. From managing production to dealing with money, employees, inventory or whatever; every business needs systems and procedures to help them manage growth.

8. Eliminate the personal issues affecting your business, and the business issues affecting your life. It's hard to get your business under control if your life is out of control and vice versa. Deal with the problems that exist in all areas of your life, and you'll find your stress level will drop dramatically.

9. Get your business on track and stay there! If things have gotten out of control, it may seem like it's impossible to change them, but take it from me it's not. Get centered, take time out and start developing a plan to get things back on track. You'll soon find that the stress starts to melt away

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Related Forum Posts
Depends on the conditions - If for example I give up ownership, but the owners commit to pursuing my vision with my product, then I will certainly considering giving up ownership. Contingent on my being able to buy back ownership in the event of incompetence or if the new owners fail to follow through with my vision.
Re: Soul Crushing Cubicles - Hi Evan, The emphasis is certainly on the ‘crushing’ judging by those pictures which were both interesting and disturbing at the same time. It’s the same philosophy that aero designers adopt when it comes to reducing the seat size to get more people in. I have a friend who works in a call centre and he says it is like being a battery hen and would love to get out but in the present climate alternative jobs are not that easy and even then would probably be for less pay. Many people put up with this and it can’t be good for your health and well being apart from the stress factor to work like that. thanks for the post, regards, Mal.
Worklife Balace - To create balance you have to set priorities and be realistic. When I first started my business I was also working. I worked almost everynight until 3 or 4 am on my business because I just couldn't get any work done until my nocturnal daughter went to sleep by 11:30 pm. After doing this for two years I got so burned out that my productivity and the passion I had for my business plummeted. I also realized I had been doing nothing for me such as exercise. So I made a decision to slow it down a bit. Things will get done that need to get done. It just may take a little while longer. Now me and my family are happier and I am healthier with a lot more energy since adding exercise to my routine and reducing stress. I also use spending time with my family/friends as incentive to get things done. I will work first thing in the morning for a designated period of time (including weekends) and then have the rest of the day free (both mentally and physically). It takes work to consciously be in the moment but you have to take the time to get out of your work headspace so you can come back to it thinking clearly and with more creativity.
Would you give up ownership of your company? - Basically I wouldn’t like to give up ownership. I would like the company to continue to reflect my ideas. But I may consider giving up ownership if economic conditions continue to worsen.
Re: Books You Wish Had Been Written - How did I miss this topic for so long!! haa haa I love it. Ok - procrastinate constructively - I'd probably buy that but then put off reading it...haa haa Hmm...I think someone should write a book about being a sometimes reluctant entrepreneur, or perhaps the reality of business ownership and PMS as a woman in business. kidding aside...I have an extensive library but I would love to see a book that really lays out the emotional side of business ownership. What to prepare for etc. I get the tools and information from reading a lot of biographies but somedays, I would love to go to my library and pull out a reference for 'one the days you dont feel like being the Boss etc..."or 'how to keep your game face on for your staff when stuff doesnt go right. I had a meeting today with a prospect and he was really candid, he said "i want my business to be doing better but I'm not sure if I have it in me today...." Instead of a sales meeting - we went for a heart to heart entrepreneurship coffee. Best 'meeting' I have had in forever!!


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