Small business owners are currently battling high levels of stress, with more women than men reporting higher levels of daily stress (62% vs 51%) and worry (60% vs 47%) than men—as found in recent Gallup research. Workers are also experiencing more stress than in pre-pandemic years, with around 57% of workers saying that they feel stressed on a daily basis. Whether you are a business owner or employee, how can you reduce your chances of burnout and boost your physical and mental wellbeing as your business recovers from trying times?
Ensuring Administrative, Financial, and Tax Matters are Well Organized and Maintained
From the perspective of business owners, many of a company’s biggest worries are centered on administrative, financial, and tax obligations and changes. Even if you are a small business, investing in a trained, experienced accountancy firm is key. Not only can they ensure you comply with all financial and tax obligations, but they can advise you on important ways to save on costs. For instance, they can provide you with financial forecasting, advise you on your business plan as your company starts to grow, and free up your time so you can dedicate your energy to targeting new clients and investing in those you already have.
Prioritizing Employees’ Mental Health
If you are a small business owner, you can help to reduce your employees’ stress by implementing an employee mental health program. Losing an employee can cost you up to $42,000 per year, yet Mental Health America reports that 60% of employees do not receive enough support from their supervisors to manage stress. Some workers develop conditions like anxiety, depression, and PTSD. Although work related PTSD is covered by workers’ compensation insurance, employees who experience this disorder can take a long time to recover. People with PTSD relive their trauma and have personality changes that affect their personal and working relationships. It is important to take proactive steps to prevent PTSD and other work-related mental health issues. There are various ways to foster better health in employees. These include offering flexible work practices and a better work-personal life balance.
Defining Roles, Goals, and Procedures
Time management is one of the pillars of productivity and it can also help keep stress down for small businesses. If you find that as a manager, you are multitasking, overseeing every aspect of your employees’ work, chasing up projects, or worrying about deadlines, it could be a sign that you need to simplify or clarify the different roles, goals, and procedures applied in your office. Have a meeting with your employees and identify stages in your work processes that are wasting time. Refine roles minutely so all employees know what they are in charge of and so you don’t need to be reminding them of their tasks, and change procedures that are no longer working for your current goals.
Stress is not only debilitating but also counterproductive for a small business. If you are a business owner, invest in a good team and a professional accountant, who can take administrative stress off your hands. Prioritize employee mental health and wellbeing and reassess the current running of your business, making key changes if required to goals, roles, and procedures.
