While running any type of small business can be stressful and cause business owners some type of anxiety, this past year during the coronavirus pandemic has caused more business owners and small business operators some of the hardest stress we have all seen in recent times.
We worry about small business cash flow, hiring, and firing, regulations, permitting, community relations and so much more. We worry about reputation, various crises in our business and we agonize about bringing home enough money for our families. And of course, every industry has its own unique challenges.
If you are running a small business, then you know it can be stressful. But it can also be a rewarding experience if you learn how to lower the stress level associated with running a small business.
Improve cash flow and lower stress
Let’s face it, having adequate cash flow in your small business is most likely the number one way to reduce your stress. When you don’t have cash in the bank, have trouble making payroll, or paying your other bills, that can cast a dark cloud over your head and drag you down.
There are a number of ways to improve your cash flow. First, make sure you have up-to-date accounting practices. You should always have a clear picture of the financial health of your business. If you do not have time or have the internal staff, depending on the size of your business, make sure you get the help you need. There are many firms that offer outsourced financial help and small business accounting. If you are unhappy with who you were using, we’re confident you have plenty of options that she was from.
Along the same lines of accounting practices is making sure you are billing on time. You can lower your stress level by carving out the time needed at regular interviews to send out invoices. If you do not do this, and you fall behind in sending out invoices, you will experience stress because there will be no cash in your mailbox. We say it all the time, but your small business must send out invoices on time.
If your small business is not getting paid on time, one of the first steps you can take is a friendly customer service call to make sure that your customer was indeed happy. You can then bridge into a discussion and try to get that customer current.
If your invoices are not paid on time, and you have a pile of receivables, you can always search for outsourced debt collections and third-party help.
Find an agency that you feel is a good fit for your small business, that understands your industry, and find an agency that recognizes that diplomacy and tactful collectors are imperative to not only keeping your customers but lowering your stress level.
Have a support system for your small business
Most small businesses do not have the internal resources to address everything going on. That’s why it is important to develop and lean on a competent support system. There are so many ways to develop a support system according to your needs and it’s important to have that backbone to rely on.
As a small business owner, you have so many options and levels of support that you can take advantage of to help lower your stress, keep your Peace of Mind, and move your business forward.
Not everyone likes to have a business coach, but it is great to have somebody that you can check in with that understands your challenges, is a sounding board for various issues you might have, and can offer some accountability to help you move the ball forward. There are also various groups who can belong to such as masterminds, small alternative boards with like-minded business owners, and affinity groups connected to your networking groups.
Other valuable parts of your support system can be additional consultants who can help improve your business and pick up the slack for the resources you do not possess internally. That can be marketing, human resources, accounting, and other strategic planning consultants. And of course, you should have a business attorney by your side.
If you want to lower your stress level as a small business owner, take advantage of the professional services at your disposal.
Take time for yourself
One major contributor to small business burnout is not taking time to slow down or stop occasionally. We work all kinds of crazy hours, get up early, stay up late, and when we go to bed, we lie awake worrying about a whole host of challenges.
As a small business owner, you must force yourself to slow down and walk away sometimes. Not doing so could be detrimental to your health and your ability to be energized about your business.
Something as simple is running out to the gym in the middle of the day can improve your health and overall outlook. After all, no one is going to miss you for an hour and your business will not collapse in 60 minutes. Don’t think you can’t walk away for a few minutes.
Whatever you have to do to build in time away from your business both short term as well as long term such as vacations, you must plan time away.
If you are stressed out about cash flow in your small business, contact our team today. We can provide the necessary support that you need!