EP80 Five effortless ways to de-stress running your business

Running a business can be so stressful. Here are five painless ways to reduce the stress of running your business.

• Upgrade your cash flow management: Small business owners often face inconsistent cash flow, making it difficult to cover expenses or pay employees on time. Monitor cash flow frequently and take action. What do the shortfalls mean for your business and longer term strategy?

• Monitor your long hours: Many small business owners work long hours, often juggling multiple roles within their business, leaving little time for personal life. Monitor your hours. Are they seasonal and predictable? If they are not, are you doing too much?

• Increase customer satisfaction: Managing customer complaints and meeting high expectations can be stressful, especially when resources are limited. Realise that customers complain about the product not about you. Good customer service is about listening to the customer and reacting positively to their comments. 

• Learn from the competition: Competing with larger companies or new startups in the same space can be challenging and create ongoing stress.

• Keep staff updated: Small business owners often feel a sense of responsibility for their employees, adding stress if business is slow or if layoffs become necessary. If you are transparent with staff about the business’s status, people can make informed choices.