How to look after your mental wellbeing as a business owner

by | May 13, 2024 | HR Resources

As a business owner, you care about your product and service, about your team and about the all-important bottom line. You also care about your family too – your ‘home team’ – they can typically be the driving force behind what you do. So, how do you make sure you take time to look after your own mental well-being too?

What are the most common causes of business owner stress? 

For small businesses and start-ups, the business owner tends to wear many caps—business development, Ops, credit control, marketing… the list goes on. This is until the company is able to increase headcount, at which point it can delegate or outsource certain tasks.  

Cash flow 

It will come as no great surprise that financial worries and cash flow is one of the top causes of business owner stress. Making sure you invoice on time and are paid in an equally timely fashion is a challenge. So why not look at one of the smart apps that chase your customers for you, or consider the positive impact on your business an accountant or bookkeeper might have, either outsourced or bringing in-house. 

Workload

Sometimes it’s difficult to step back. To switch your laptop off at the end of a long busy day. Are you experiencing any one of the following symptoms; irritability, headaches, poor sleep, muscle tension? If so, you are probably suffering from stress which could be caused by workload and working long hours; how you manage that is a real challenge. You might find some useful tips here.

People 

Your work family is your main asset, it’s they who keep the wheels of your own business turning. If your team is experiencing work or home stress, financial challenges, bereavement or family issues, clashes with fellow teammates or challenges with their own mental health, they can all create a knock-on effect on you and fellow colleagues. You should feel proud you’ve created an environment where they feel safe and encouraged to talk, but it’s beneficial to ensure that all employees have an outlet for their stress, including yourself. Consider handing over the management of this to a specialist EAP (Employee Assistance Programme) or Mental Health wellbeing expert. Spire HR can support you with this.

How can you support your own mental well-being?

Building a business, and positive mental health often don’t go hand-in-hand. After all, building the perfect product and brand, taking time to create the best customer experience and employee culture, making sure the profit margins are in place can all take time and energy which often means your mental health and well-being can be neglected. 

You are not alone in feeling this way. According to a 2022 study by Mental Health UK, four in five small business owners reported experiencing poor mental health. 

So how do you manage this? 

Take time for you. Even short screen breaks can be a good starting point or a quick walk around the block to clear your head. 

Set boundaries. This can include setting working hours, especially if you work from home, delegating to your team or outsourced support such as a VA, if there’s a way to automate your tasks then make sure you take it. And ALWAYS make time for time off; your team will cope and your customers will understand, and in turn you will come back into the workplace feeling refreshed. 

5 Ways to Wellbeing

Connect. Get Active. Take Notice. Learn. Give. 

The Five Ways To Well-being can be an invaluable resource in the toolkit of the busy business owner. 

How can you support your team’s mental wellbeing?

Lead by example; as with any business, the behaviour of the management team will cascade through the whole business. Offer a mental health day off, or provide free access to a meditation app, healthy office snacks or a subsidised gym membership. If you encourage your employees to prioritise their mental health and wellbeing will have a positive impact on your business.

What does work-life balance mean?

If you can complete all of your work deadlines whilst still having time for you, you’ve definitely achieved a healthy work-life balance. Time to yourself or to spend with family and friends; for hobbies or to exercise, even just to walk the dog around the block. Work-life balance is so difficult to achieve and so rewarding when you do. 

Spire HR

Whilst this article is intended to give you inspiration and is not legal or employment advice, using an outsourced specialist HR consultant such as Spire HR can help alleviate that business owner stress.We make your business our business and we’d love to be a part of your team whether on a short term or retainer basis, so get in touch with us today and see if you can reach new heights with Spire HR.

 

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