The findings of the second quarter 2018 SME Confidence Index reveals that 76% of small businesses owners surveyed indicate the pressure of running their own business can sometimes be overwhelming.
This could sometimes limit an entrepreneur’s potential.
With October being Mental Health Awareness Month, regional GM at Business Partners Limited (BUSINESS/PARTNERS) Jeremy Lang says stress is in many ways inevitable for entrepreneurs.
He advises that it is vital for entrepreneurs to know how to manage their stress in order to prevent it from negatively affecting their physical and mental health, which in turn may have a detrimental impact on their business’ growth.
According to Lang, as an entrepreneur, you first need to understand the underlying reasons for the stress and ensure that the corrective measures are in place.
“For example, many SME owners are currently – either consciously or unconsciously – concerned about how the depressed economic landscape will impact their businesses.”
“Although entrepreneurs – being agile, solution-driven thinkers by nature – will thrive in spite of difficult circumstances, it is a good idea to proactively prepare for difficult economic conditions by ensuring that the business has adequate liquidity reserves in place,” he says.
As it is often said that entrepreneurship can be a lonely road, Lang points out that it is key for a business owner to have a reliable and trustworthy management team in place to relieve them from day-to-day operational burdens when necessary.
“This will not only free up time to focus on what is needed to run and grow the business but also allow a business owner time to focus on their own wellbeing.”
He adds that entrepreneurs should also ensure they have a good support structure in place through family, friends or mentors to assist in getting through those difficult periods.
A visit to a health practitioner is also advisable.
“In order to operate at peak performance, physical health is imperative. Entrepreneurs should ensure that they schedule a time to exercise, go for regular check-ups, maintain a balanced diet and get enough quality sleep,” he notes.
When times are tough, he advises, take a step back and remind yourself why you became an entrepreneur – this passion and motivation can go a long way towards helping you in dealing with those difficult days.