Stressors Unique to Small Businesses
There may be no busier people than small business owners. Wearing multiple hats and trying to juggle a myriad of personal and business obligations, we’re busier than most people we know. So does it go without saying, we’re all stressed out? Maybe, and maybe not. In our last blog of the month on stress, let’s look at some of the triggers unique to small business and how to handle them.
In my research I ran across Maxwell Davis and his excellent discourse on the stress of small business management. He cited the ten stressors reported by Xero in Small Business, Big Stress, and ranked them in the percentages given.
#1 Managing Staff (42%) Creating the perfect team isn’t easy. Focus on building consensus, team building, and shared responsibility. The degree to which the team owns the outcome is inversely proportional to the stress of managing employees.
#2 Administrative details (35%) The Federation of Small Businesses estimates that business owners spend 4 days a month just trying to handle that sticky red tape. The best solution? Find an administrative assistant to lighten your load.
#3 Feeling the weight of success (31%) Sometimes it may feel like the weight of the world rests on your shoulders, with so many people counting on you…but let’s be honest here. You have no control over the economy, over plagues, over other companies, over elections…and the list goes on. At the end of the day you do the best you can and shake off the rest. Ease that burden by celebrating the little victories, and letting your team know what the company is up against.
#4 Compliance (26%) Regulatory processes are like the wind. They blow in, sometimes unexpectedly. You have just as much control over them as the wind, so adopt a more matter of fact attitude. Bend with the wind. Do what’s required. Seek shelter when you can. Focus on the benefits of change. That’s all I can say about that!
#5 Overhead and expenses (24%) It doesn’t take a bottomless cash flow to stay in business, but you can’t let the well run dry. If you aren’t a number cruncher by nature, bring someone on board to help manage the books. Keep on top of the bank account.
#6 Keeping your client base happy (23%) In an environment in which everyone is feeling the pinch of inflation and looking for bargains, keeping clients is harder than it used to be. Communication is still your number one hat trick. Be up front about price hikes. Focus on making your client’s experience a good one. Listen to feedback. Cultivate friendships, not customers.
#7 The imposter syndrome (20%) Do you ever feel like you maybe aren’t qualified, don’t deserve the blessings you’ve earned? You are not alone. It lives within all of us…but remember all those little victories. Laugh at your failures. Ask for help when you need it.
#8 Taxes, taxes, taxes (19%) Taxes are not going away, so be better prepared. If you can’t afford an accountant, do the next best thing: find the right software to make filing reports easier. Don’t let tax penalties eat up your safety net.
#9 The sands of time (17%) Are there not enough hours at the end of your day? It’s a common complaint, but one you need to handle more effectively. Before you lengthen your work day, try these solutions: Streamline your processes. Learn the art of sliding parts of the to do list into the next day. Schedule some self-care.
#10 Too many hats (14%) If you are multitasking wonder, juggling more and more balls in the air, you may have fallen into the trap of equating productivity with busyness. They are in fact, antithetical. Too much to do increases stress and decreases productivity. Shrug off the things that just aren’t you and focus on what is your gig. My best advice (coming for an over-doer from way back)—learn how to write it down on the list and forget about it.
Stress is a silent killer.. It sneaks up on you with less warning than a predator in a dark alley. Be honest about your stress load and find a way to minimize its impact. Recognize the symptoms of busyness: headaches, digestive upsets, insomnia, fatigue, chronic infections, and get help. Your family, your employees, your community will thank you. Managing stress = longer life, better life.