The True Cost of Owning a Business - Personal Life and Wellbeing
- Date: Thursday 21st June 2018
- PDF: Download
The majority of business owners find that the stress and responsibility of running their own Company has a negative impact on their personal lives away from work, new research has revealed.
The study shows almost 46% of business owners feel they miss out on ‘me time’ and 39% feel they miss out on family time.
When asked what are the current biggest fears and stresses of running a business, more than a third (37%) of business owners said not having enough sales or orders, followed by cashflow of the business (34%) and not delivering work on time (22%). Well over a third of business owners rarely take a lunch break, and 30% feel they lack human interaction and are guilty of checking their phone at mealtimes at home.
Of the 501 business owners surveyed, almost half have not taken a holiday in the last year.
Older business owners (aged over 55) and sole traders tend to be less stressed and have fewer fears for their business.
Business owners will already know that the best way to overcome the stresses of running a business is to employ the right people, but this in itself is another key challenge. Surrounding yourself with a great team gives confidence to take time away from the business, recharge batteries and meet personal commitments. So always aim to recruit people with the requisite skills, roles and responsibilities to manage the business in your absence.
Top Tips - How to Manage a Hectic Work-life Balance
- Exercise is a great stress reliever and helps get endorphins flowing and can put you in a better place to tackle the challenges you will face in your job.
- Enhance the mental and physical health of the team by introducing a wellbeing programme with helpful exercise tips and advice to staff. Provide subsidized access to exercise classes and yoga classes or set up your own running club and fitness challenges in which staff can win prizes.
- Avoid procrastination by having a power hour where you write a realistic task list for an hour of time, include a couple of jobs that are draining you and you are avoiding. Then turn off your phone, e-mails and social media and then work through your list. At the end of the hour have a 15 minute catch up on calls and e-mails and then repeat the process.
- Make time for yourself each week to develop yourself on a personal level. Having a hobby to focus on can be a helpful way to attain balance. It gives you a sense of achievement and perspective on the position of yourself and your business.