February 08th, 2023
3 life-changing ways business owners can take care of their mental health every day
As a business owner working with professional connections of your own, you’ll be able to empathise with the fact that entrepreneurs often feel the weight of the world is on their shoulders.
Indeed, you and your clients are tasked with simultaneously managing both your personal and corporate finances. Doing this successfully, while overseeing a team of people and attempting to maintain a solid personal life, can be an immense challenge.
Since the beginning of the Covid-19 pandemic almost three years ago, it could feel as if there’s been one challenge after another thrown your way. Lockdown adjustments, supply issues from overseas, and the cost of living crisis may all have presented challenges – and as business owners, you and your clients have been at the helm, steering through these stormy seas.
While it may feel like there’s never any time left in the day to look after yourself, ignoring your wellbeing as a business owner can lead to burnout. Glassdoor research, published by HR News, reports that burnout cases increased by an astonishing 48% in the year to July 2022, bringing them to a record high.
So, here are three life-changing ways both you and your clients can manage your mental health while running a business.
1. Learn to delegate
You might be surprised to find this point in a list of mental health tips, but delegation could be a life-changing move for your and your clients’ wellbeing.
When your business was just a seedling, you might have been able to shoulder most of the responsibility of tending to it. But as a company begins to bloom, its needs grow too – and this means sharing tasks, even those you deem crucially important.
By refusing to delegate, you and your clients could be careering towards burnout. Some symptoms of burnout include:
- Dreading getting up for work in the morning
- Feeling physically or mentally exhausted, especially while you’re working
- Neglecting things that are important to you, including your health, family, and hobbies
- Developing a cynical attitude to all things work-related, especially your team
- Lashing out at those who try to support you
- Experiencing little to no empathy with others when it comes to work.
The importance of delegating to reduce the chances of burnout cannot be understated. Research from Champion Health found that 76% of participants said the reason they experienced overwhelming stress at work was due to an ever-increasing workload – something all business owners can relate to.
So, mitigating workload by delegating to a team of trusted colleagues could leave business owners time to take care of themselves – not just as a one-off, but on a daily basis.
2. Establish an open dialogue about mental health
Although society has come on leaps and bounds in this area, especially for men, there remains huge stigma around mental health.
Sadly, statistics published by the Priory Group show that while 77% of the men polled had suffered with anxiety, depression, or other mental health issues, 40% had never discussed it with anyone.
What’s more, 36% of participants said the reason they don’t talk is because “I don’t want to be a burden”, while 20% cited “negative stigma”.
Meanwhile, the study found the number one reason men gave for experiencing mental health difficulties was “work-related pressure”. Business owners often swallow feelings of doubt, fatigue, anxiety, and depression without telling a soul – but this can change, and the change starts with you.
In today’s world, business owners of any gender have the opportunity to open up the mental health conversation both at work and at home. By doing so, you and your clients could establish a culture of openness around these stigmas, and may receive better support from colleagues as a result.
Leading by example can be a powerful tool, and could soon become a daily practice that no longer feels frightening or “taboo” for business owners in all industries.
3. Stop trying to be an island
One common misconception that affects business owners is feeling as if they’re the glue that holds everything together.
This belief can lead to an “island” mindset, when in actual fact, everyone involved in your or your clients’ businesses contributes to their success. To run a fully functioning business long-term, you need a great team in your corner. No ifs, no buts.
Those making up a business owner’s support network could include:
- A close group of friends who have similar experiences running their own enterprise
- A therapist you see regularly
- A business adviser who can help oversee your operation
- A trusted financial planner.
When it comes to managing finances as a business owner, you and your clients will know that wealth can be a huge stressor – particularly in the past 12 months.
For both your own and your clients’ businesses, creating a wealth strategy with a financial planner could help:
- Keep a business on track to meet its targets
- Mitigate the company’s tax liability where possible
- Set achievable growth goals for the future
- Share the load of responsibility
- Give invaluable peace of mind.
If you already work with us, you might be reaping the benefits a financial planner can offer. Your clients, however, could be missing out – so introducing them to us could be immensely constructive for everyone involved.
By following these steps, business owners could improve their mental health for the better – not just in one big intervention, but little by little every day.
Get in touch
For a conversation about how working with a financial planner could improve your mental health as a business owner – or to put us in touch with your clients – email email@example.com or call 01905 619 100.
This article is no substitute for financial advice and should not be treated as such. To determine the best course of action for your individual circumstances, please contact us.