{"id":6959,"date":"2020-07-04T01:46:00","date_gmt":"2020-07-03T13:46:00","guid":{"rendered":"https:\/\/ontrackbookkeeping.co.nz\/?p=6959"},"modified":"2021-03-10T15:44:01","modified_gmt":"2021-03-10T02:44:01","slug":"main-causes-of-stress-for-business-owners-how-to-counter-them","status":"publish","type":"post","link":"https:\/\/ontrackbookkeeping.co.nz\/main-causes-of-stress-for-business-owners-how-to-counter-them\/","title":{"rendered":"Main Causes of Stress for Business Owners &#038; How to Counter Them"},"content":{"rendered":"<p>Many business owners believe that hard work and dogged determination are all it takes to build and sustain a successful business. But when you consider the pressures of running a company, it seems wise to add effective stress-management to the list. Left unchecked, stress can erode your passion and undermine performance \u2013 not to mention, take a serious toll on your health.<\/p>\n<p>Research reveals that over 70% of professionals regularly experience the physical and mental symptoms of stress. And stress-related illness costs businesses a whopping $200 billion a year in missed work and medical bills.<\/p>\n<p>Are you wondering how you can stop stress from derailing your productivity, profits, and overall wellbeing? Follow these practical tips for avoiding the main causes of \u201cbusiness burn-out.\u201d<\/p>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium wp-image-7811\" src=\"https:\/\/ontrackbookkeeping.co.nz\/app\/uploads\/stress_1615343704-300x200.jpg\" alt=\"Stress\" width=\"300\" height=\"200\" srcset=\"https:\/\/ontrackbookkeeping.co.nz\/wp-content\/uploads\/stress_1615343704-300x200.jpg 300w, https:\/\/ontrackbookkeeping.co.nz\/wp-content\/uploads\/stress_1615343704-1024x682.jpg 1024w, https:\/\/ontrackbookkeeping.co.nz\/wp-content\/uploads\/stress_1615343704.jpg 1280w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/p>\n<h3>So many tasks, so little time!<\/h3>\n<p>Busy business owners have notoriously long to-do lists. Without effective strategies for managing time and sharing the load, you\u2019ll be forced into a <em>reactive<\/em> versus <em>proactive<\/em> position \u2013 the perfect storm for chronic stress and impaired decision-making.<\/p>\n<p>Try some of these approaches to free up more of your time:<\/p>\n<ul>\n<li>resist the urge to micromanage and begin delegating more tasks to others<\/li>\n<li>use a project management tool to prioritize and assign tasks,\u00a0 track progress, and share results with clients (here\u2019s a handy list of <a href=\"http:\/\/www.capterra.com\/project-management-software\/\">top-ranked tools<\/a>)<\/li>\n<li>hire an professional to help you navigate taxes and implement year round time and money-saving financial solutions.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3>Maintaining positive cash flow<\/h3>\n<p>All businesses, particularly start-ups, must ensure they have enough cash to keep running after covering expenses each month. Cultivating a consistent cash flow is crucial for managing both your finances and your stress levels.\u00a0 Do you have a cashflow forecast?\u00a0 These are critical for managing the ebbs and flows of the cashflow cycle in business.\u00a0 Here are a few ways to stay cash flow positive:<\/p>\n<ul>\n<li>follow up promptly on unpaid bills, and consider offering an incentive for early bill payment (such as a small discount when payment is received within five days of invoicing)<\/li>\n<li>be wary of slashing prices: if you must mark down a product or service, be sure you can recover your costs elsewhere<\/li>\n<li>think \u201cless is more\u201d when purchasing inventory to avoid sinking precious cash into excess stock<\/li>\n<li>have a trusted employee monitor your cash flow, and inform you once it dips below a certain threshold.<\/li>\n<\/ul>\n<h3>Attracting new customers<\/h3>\n<p>Starting to panic because you keep missing your sales goals? Reviewing your current approach and implementing better growth strategies is key to alleviating that stress. Here are a few ideas to get started:<\/p>\n<ul>\n<li>drill down into the behaviors and preferences of your customers, so you can better target your marketing<\/li>\n<li>analyze each step in your sales process to see where the holes are, and tighten your approach<\/li>\n<li>use your audience research to develop a new product or service \u2013 one that fills a unique need for your customers and gives you a leg up on the competition.<\/li>\n<\/ul>\n<p>Starting and growing a business takes tremendous energy. But you don&#8217;t have to do it alone.\u00a0 Reach out for help.\u00a0 By leveraging skilled help and improving key management processes, you\u2019ll learn to pace yourself \u2013 and keep that passion burning for years to come.\u00a0 If you need someone to talk to for support and guidance, <a href=\"https:\/\/ontrackbookkeeping.co.nz\/contact-us\/\">give the team at Ontrack Bookkeeping a call<\/a>.\u00a0 We are here to help take the stress out of keeping your books &#8216;Ontrack&#8217;.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Many business owners believe that hard work and dogged determination are all it takes to build and sustain a successful business. But when you consider the pressures of running a company, it seems wise to add effective stress-management to the list. Left unchecked, stress can erode your passion and undermine performance \u2013 not to mention, &hellip; <a href=\"https:\/\/ontrackbookkeeping.co.nz\/main-causes-of-stress-for-business-owners-how-to-counter-them\/\">Continued<\/a><\/p>\n","protected":false},"author":12,"featured_media":7811,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"Many business owners believe that hard work and dogged determination are all it takes to build and sustain a successful business. But when you consider the pressures of running a company, it seems wise to add effective stress-management to the list. Left unchecked, stress can erode your passion and undermine performance \u2013 not to mention, take a serious toll on your health.\r\n\r\nAre you wondering how you can stop stress from derailing your productivity, profits, and overall wellbeing? In our latest blog we have some practical tips for avoiding the main causes of \u201cbusiness burn-out.\u201d\r\n\r\nWhat are your top tips for avoiding the overwhelm?","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[203,188],"tags":[],"jetpack_publicize_connections":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Main Causes of Stress for Business Owners &amp; How to Counter Them - Ontrack Bookkeeping Ltd<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Main Causes of Stress for Business Owners &amp; How to Counter Them - Ontrack Bookkeeping Ltd\" \/>\n<meta property=\"og:description\" content=\"Many business owners believe that hard work and dogged determination are all it takes to build and sustain a successful business. 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