Starting a company from scratch can be stressful, no matter how well-prepared you are. Many entrepreneurs can be vulnerable to burnout, which can quickly turn a dream business into a nightmare. What can business owners do to reduce stress and avoid losing their zest for entrepreneurship? Check out these five helpful tips below.
Solid and clearly-communicated boundaries are crucial for any business owner. There will never be a time when there isn't something to do—so without clear boundaries between your work life and your home life, you run the risk of being tied to your business 24/7. This can mean limiting after-hours calls to emergencies only or delegating a backup to handle all business decisions so that you can truly unplug while on vacation.
Track Your Time
Spending a week or two tracking how you spend your time can be eye-opening. You may find that you're spending more time than expected on fairly minor tasks, or allowing important tasks to be pushed to the bottom of your list. Having a time log can help you make the changes you need to get more done in less time.
Prioritize and Delegate
As the saying goes, 80 percent of your results can come from 20 percent of your efforts. Put another way; you could spend 80 percent of your time getting just 20 percent of your results. It's important to focus on the projects and expenses that can give you a good return on your investment and delegate or outsource those that don't.
Entrepreneurs can be tempted to take on every new opportunity available, so turning down work, especially in the fledgling stages of a business, can feel like a bad idea. But overloading yourself can be one of the quickest ways to burn out. Declining projects or customers that aren't worth your time can free up time for more lucrative projects.
Focus on Physical Health
It's important to take time every day for certain tasks, including:
- Regular breaks. Your productivity can start to wane after a few hours of unbroken work, so taking quick breaks to do something enjoyable or relaxing can help you keep focused throughout the day.
- Plenty of sleep. A few nights of too-little sleep can leave you going through the day like someone who has had a drink or two.1 Be sure to leave enough time for a good night's sleep so that you can be clear-headed the next day.
- Adequate exercise. Spending all day at a desk can leave you feeling so drained that, after the workday, you may not be in the mood for much else but a couch and salty snacks. By scheduling exercise into your day, you can maintain physical health and release mood-boosting endorphins.
- Entrepreneurs can also benefit from finding someone to talk to about the specific issues they’re facing—whether this is another group of entrepreneurs, a mentor, a trusted friend or loved one, or even a therapist.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.
This article was prepared by WriterAccess.
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1 “Risks from not getting enough sleep: Impaired performance,” Centers for Disease Control and Prevention, https://www.cdc.gov/niosh/emres/longhourstraining/impaired.html#:~:text=Being%20awake%20for%2017%20hours,drunk%20driving%20level%20of%200.08.