Small and medium-sized enterprises (SMEs) make up 97% of all businesses in New Zealand. As the owner of a SME business, you’re doing your bit to provide employment, aid the economy and put Aotearoa on the map in an increasingly globalised world.
But running your own business can be incredibly stressful!
New research from RFI Global Research, commissioned by Prospa, shows that seven in ten New Zealand SME owners feel stressed and burnt out. Overall, this stress comes down to economic pressures, cashflow worries and the time commitments of being an owner.
So, what can you do to remove some of the pressure and avoid business burnout?
Practical ways to ease your business stress
Let’s look at some simple ways to bring those anxiety and stress levels down:
1. Ease those financial worries
You can’t change external factors like the economy, but you can get deeper into cashflow forecasting, spend management and cost-cutting exercises to put your cashflow and revenue in a more positive position.
2. Look for a business mentor
Partnering with an experienced business mentor can work wonders for both your business knowledge and your mental health. Mentors can share their experiences of the lean times, and what they did to overcome the challenges.
3. Take time away from the business
You can’t have your business brain turned on 24/7. Schedule time away from the business to improve your work/life balance. Time away can be hugely beneficial, allowing you to return refreshed and motivated.
4. Focus on your own health and well-being
The long hours of running a business are not always conducive to healthy living, both for your physical and mental health. Try to eat and drink healthily, make time for exercise and social activities, and focus more on relaxation, mindfulness, and your personal wellbeing.
5. Work closely with your accountant
You don’t have to shoulder those cashflow worries alone! We can work closely with you to keep your cashflow in a more positive position, while also providing wider financial, advisory and business support.
To run a healthy business, you need to be fit, healthy and in a good place personally. Constantly pushing yourself can quickly lead to burnout, and that’s a recipe for disaster!
The team at ilumin understand the pressure you can feel as a business owner. Talk to us about dialling down those stress levels.
We’re here to help take on some of the load, whether it’s strategic business advice, cashflow forecasting or introducing you to the right mentor from our business networks.
