Summary: Small business owners often face high stress, but with proper coping mechanisms, they can manage it effectively. This blog offers tips on setting boundaries, delegating tasks, using relaxation techniques, building a support network, and developing skills for long-term success.
Do you have trouble falling or staying asleep? Does your chest tighten during the workday? Do you have trouble focusing on friends, family, or loved ones, even when off the clock?
You’re not alone.
According to recent survey data, 65% of small business owners live with anxiety. The last thing you want is for work stress to begin to seep into your personal life. Even if your business is successful, you owe it to yourself to manage your mental health so you can show up for your team. White-knuckling isn’t enough and can even have long-term negative health consequences.
In this guide, we’ll discuss the causes and solutions for managing stress as a small business owner. Continue reading to learn how you can handle stressful situations and maintain a work-life balance. It might be key to the long-term growth and success of your business.
Small Business Owners and Stress
As a small business owner, there’s a lot on your plate. There is always something else to do, from managing staff to never-ending administrative tasks. You might have cashflow concerns, an accounting backlog, or worries about achieving financial goals.
According to Forbes, more than half of small business owners work more than 50 hours per week. That leaves little time to decompress, enjoy favorite hobbies, or spend time with loved ones.
Furthermore, small business owners often take full responsibility for the success or failure of the business. You are a key decision maker with a lot of power. Crucially, that power impacts the livelihoods of your team and yourself.
On top of that, you need to manage relationships and keep your clients happy. Heap on a little bit of impostor syndrome, and you have a recipe for stress.
All to say, if running a small business is stressing you out, there is a reason. It is not a personal failing, and you should not blame yourself.
How to Handle Stress and Pressure: Tips for Self-Care
You cannot eliminate all sources of workplace stress. Taxes will be due on Tax Day, no matter how anxious you are. Still, there are many steps you can take to manage the pressure and strike a balance. Our tried-and-true coping mechanisms are below.
Set Clear and Consistent Boundaries
You wouldn’t ask your team members to work more than 40-hours per week. You should set the same boundary for yourself.
While it’s hard, only working during the workday is key to improving work-life balance. Establish a “hard out” when work must stop for the day, and permit yourself to turn off your work brain. You might even formally schedule downtime by putting it on the company calendar.
Plus, if you keep a strict schedule, you’re more likely to get things done during the workday. This can reduce the tendency to procrastinate for some people. Think of time as a limited resource and use it wisely and well.
Delegate Tasks Without Guilt
You hired your team because they are the best in the business. If you trust their competence, there is no reason why you can’t delegate tasks. By taking work off your own plate, you simultaneously show trust in your team. Not only will you look like a better boss, but your staff will likely rise to the occasion to show you what they can do.
Find a Relaxation Technique that Works
Everyone has a bad day in which problems get the better of them. Many business owners benefit from cultivating a toolbox to access to help them regulate their emotions. The right tools help them handle stress in the workplace, even if they experience anxiety mid-day.
The truth is that meditation videos don’t work for everyone. Meditation is a learned skill, and not everyone can clear their mind while they’re dysregulated.
Instead, consider one of the following tools:
- Journaling. Keep track of what causes your anxiety, and pay attention to trends. Notice if it’s something you can delegate, or if you could be setting better deadlines. In the best case scenario, putting the stress in perspective might help you calm down.
- Take a walk. If you feel anxiety impacting your mood and behavior, it’s okay to step away and clear your head. Walking releases endorphins, and changing your environment can help you gain perspective. Odds are good that you’ll return with a plan of action.
- Try deep breathing. Deep breathing has similar effects to meditation without the need for a new skillset. You can even use breathing exercises proactively, like before a stressful meeting.
Build a Support Network
If you’re burning the midnight oil to keep your business afloat, you probably feel alone. The truth is, there are over 30 million other small business owners in America. Many of them have been in your shoes, or are in your shoes right now. These fellow business owners can form the basis of an incredible support system.
We recommend using local business networking events to build a support network. You can often meet small business owners, including others in your niche or industry. Just having someone to talk to about the specific stress of running a business can make a major difference. Set up a weekly meeting where you can discuss your challenges.
By attending these events, you might even meet a mentor who can provide specific advice. They can help support you as you build confidence and grow your business.
Prioritize Building Your Skills
One of the best ways to battle impostor syndrome is to prioritize your development as a business professional. Building your skills can help you build your confidence. Plus, by attending live webinars, you can connect with others who have been in your shoes.
You can attend free webinars through our Small Business University. It’s a great first step toward handling stress at work.