Many entrepreneurs believe hard work and 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 – not to mention a severe toll on your health.
Are you wondering how to stop stress from derailing your productivity, profits, and overall well-being? Follow these practical tips for avoiding the main causes of "business burnout."
Cause: So many tasks, so little time
Solution: Without effective strategies for managing time and sharing the load, you'll be forced into a reactive versus proactive position – the perfect storm for chronic stress and impaired decision-making.
- Prioritize your tasks.
- Make a to-do list and prioritize your tasks based on urgency and importance. This will help you focus on what must be done first and avoid feeling overwhelmed.
- Use a project management tool to organize and assign tasks, track progress, and share results with clients.
- Don't try to do everything yourself. Delegate tasks to reliable and competent employees or outsource them to a trusted contractor.
- Hire an accountant to help you navigate taxes and implement time- and money-saving financial solutions year-round.
Cause: Cash Flow
Solution: All businesses, particularly start-ups, must have enough cash to keep running after covering monthly expenses. Cultivating a consistent cash flow is crucial for managing your finances and stress levels. Here are a few ways to stay cash flow positive.
- Follow up promptly on unpaid bills, and consider offering an incentive for early bill payment (such as a slight discount when payment is received within five days of invoicing)
- Be wary of slashing prices: if you must mark down a product or service, be sure you can recover your costs elsewhere.
- Think "less is more" when purchasing inventory to avoid sinking precious cash into excess stock.
- Have a trusted employee monitor your cash flow and inform you once it dips below a certain threshold.
- Again, this is where your construction bookkeeper comes in. I recommend reviewing your Five For Five At Five.
Cause: Attracting New Clients
Solution: Starting to panic because you keep missing your sales goals? Auditing your current approach and implementing better growth strategies is critical to alleviating that stress. Here are a few ideas to get started.
- Drill down into the behaviors and preferences of your customers, so you can better target your marketing.
- Analyze each step in your sales process to see where the holes are and tighten your approach.
- Use your audience research to develop a new product or service that fills a unique need for your customers and gives you a leg up on the competition.
Practice self-care. Taking breaks throughout the day is important to clear your mind and recharge. Go for a walk, grab a snack, or do something you enjoy. Take care of yourself physically and mentally. Get enough sleep, exercise regularly, and eat a balanced diet. Consider meditation or other relaxation techniques to reduce stress.
Final thoughts
Starting and growing a business takes tremendous energy. But by leveraging skilled help and improving key management processes, you'll learn to pace yourself – and keep that passion burning for years to come.
Running a construction business is challenging, but taking care of yourself is essential to effectively manage your business without burning out.
About The Author:
Sharie DeHart, QPA, co-founded Business Consulting And Accounting in Lynnwood, Washington. She is the leading expert in managing outsourced construction bookkeeping and accounting services companies and cash management accounting for small construction companies across the USA. She encourages Contractors and Construction Company Owners to stay current on their tax obligations and offers insights on managing the remaining cash flow to operate and grow their construction company sales and profits so they can put more money in the bank. Call 1-800-361-1770 or sharie@fasteasyaccounting.com
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