The pressures of the coronavirus has brought into sharper focus the difficulties many business owners face daily, ranging from employee wellbeing to economic stability. As well as introducing challenges that many business owners have never even dreamed of, in some cases, having to face the prospect of losing their business altogether. In addition, continual news coverage of economic downturns, a predicted sharp recession and increasing unemployment rates will also have an effect on businesses.
The impact of this pressure is not just on business prospects, it’s also on personal lives, and the mental and physical wellbeing of business owners. For some this relates to addressing the ‘’fear’’ factor whilst for others the biggest threat is burnout.
How business owners can look after their wellbeing?
Business owners can be reluctant to ask for help, especially if they feel under pressure to know all the answers or are afraid of being shown up. As a result, they respond to challenges on their own, with varying degrees of success.
However, these are unusual times that very few would have predicted and there is no tried and tested blueprint for survival and recovery. At a time where effective leadership is more important than ever, looking after your wellbeing is vital.
3 ways to prioritise your wellbeing:
Ensure you have a business network
Once connected with like-minded business owners, parallels begin to appear between all kinds of challenges as many are now facing the same issues around remote working, social distancing, supply chains and cash flow.
It’s not currently possible to meet with other business owners or advisors due to restrictions on social movement but that shouldn’t stop you from still connecting via other means such as video calling or telephone. The best results come from communicating with people from a wide range of sectors and demographics and continuing to access the support available from your professional advisors.
You need to be able to discuss your concerns, issues and fears with people who will put a mirror up to your position and give a true reflection of who you really are. Importantly you need not to feel alone.
Nurture personal relationships
I also see personal relationships being the first thing to suffer when owners work long hours, get stressed and lose motivation. Having our social interaction limited to members of our household and our movements outside the home restricted, can amplify these issues.
Conversely, spending more time with friends and family (even virtually) can increase a business owner’s drive and dedication to succeed. Running a successful business and managing your time wisely means you can provide for them, enjoy your time together and make them proud. Accepting more support can help to find this balance.
Take time for yourself
Periodically taking some time away from the business to recharge and not answering emails after 8pm, for example, are simple rules to follow – if you have a strong team to rely on, people to support you and a plan to follow.
Whilst at this time we are restricted in many things, we can take advantage of going outside to exercise. This month is National Walking month, carve out some time in your week to dedicate to your physical and mental wellbeing.
Find and contact your local Haines Watts office