Burnout. Overworked. Stressed.
These are just some aspects of business owner stress. Studies show that 44% of business owners feel financial stress and fear about the future of their business. These stresses can not only negatively impact their professional life but their life outside of their business as well.
Impact on Mental Health
Recently, the conversations about mental health have grown as more and more people bravely share their stories about their depression, anxiety, and overall mental health. 50% of business owners shared that they have experienced symptoms of mental distress for the first time. 25% experienced depression, 20% had anxiety, and 18% experienced chronic stress for the first time.
An article from Inc. shares, “Complicating matters, new entrepreneurs often make themselves less resilient by neglecting their health. They eat too much or too little, don’t get enough sleep, and fail to exercise.”
Business owners, especially new founders, often spend most of their time working on their businesses. They feel responsible for the business’s success and any failures that may occur. Additionally, the stress of being a business owner includes feeling responsible for the livelihoods of all their employees. Their career not only impacts them but has a ripple effect that can affect hundreds of families.
Impact on Physical Health
Medical research estimates that up to 90% of illnesses and diseases is related to stress. Mental health and stress levels can directly impact physical health. Some physical manifestations of stress can be high blood pressure, cardiovascular issues, and heart disease.
High-stress levels can also tragically lead to death. The American Institute of Stress reports that 120,000 people die every year, directly as a result of work-related stress.
How to Mitigate Stress at Work
Business owner stress continues far beyond the traditional 9-5 workday. To mitigate this stress and run their businesses effectively and successfully, business owners should follow these tips.
Identify Your Stressors
To properly mitigate a business owner's stress, the owner must first understand the root cause. Similar to the Exit Planning Institute's® (EPI) Five Stages of Value Maturity, the first step is to identify the problem. Once owners have a deep understanding of which tasks or job functions cause stress, they can develop a plan to mitigate that stress. This can include delegating the task to another leader on their team, reworking the process that caused the stress, or simply giving themselves more time to work through it to limit stress.
Create an Organized Plan
Developing a strategic plan to optimize processes and tasks can reduce a business owner's stress. Studies show that routine and structure are some of the ways to reduce daily stress. Routine provides a sense of peace and control that owners might otherwise lack.
Recognize and Celebrate Successes
When the stress of owning a business becomes overwhelming, business owners should take a moment to recognize their successes. The feeling of making even little progress is one of the best ways to relax and reduce stress. By identifying areas of a business that are successful and thriving, owners adopt a positive mindset, which makes it easier to manage other stresses of their job.
Prioritize Your Time and Say No
Owners tend to work beyond the typical working hours each day. With much of the responsibility for the business’s success resting on their shoulders, they can feel like the business would collapse if not for them. This leads to an unmanageable amount of stress in their life. By prioritizing their time in and out of their business, they will have a more balanced life.
By setting professional boundaries early on, business owners will have the framework in place to say no to customers, tasks, and opportunities that can add to their stress. Taking on an unmanageable workload is one of the key stressors in a business owner’s life.
Decentralize Yourself From Your Business
Business owners often can resist delegating tasks or relinquishing some control to team members. However, not only is taking on more than they can handle a source of stress for them, but it also negatively impacts their business. By delegating tasks that owners struggle with or dislike, they encourage employee growth and limit dependence on individual successes for the overall success of the business.
How do you limit the stress in your business? What strategies would you recommend to owners with high-stress levels?
About the Exit Planning Institute
The Exit Planning Institute® (EPI) is the exit planning market leader, providing education, tools, resources, and the ecosystem to support professional advisors across the globe on all things Value Acceleration. EPI’s offerings include the Certified Exit Planning Advisor (CEPA®) credential, the annual Exit Planning Summit, EPI Academy, an extensive Chapter Network, and more.
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