Mastering Stress Management for Small Business Owners

From chasing late payments, fighting with HMRC and managing struggling staff to battling uncooperative banks, mislaying vital documents and arguing with your IT setup, there’s no shortage of pressures when it comes to running your own business. Naturally this can (and usually does) lead to elevated stress levels, impacting both mental and physical health.

As a business owner, balancing the demands of business finances, managing employees and maintaining a supportive network is crucial in achieving the ideal work-life balance. In this post, we will explore practical stress management techniques, from effective time management and mindful self-care practices to the art of delegation and building a strong support network.

If you want to stress less without sacrificing your productivity and profitability then take a look through our tips and strategies on how to manage stress as a small business owner and make positive steps towards improving your wellbeing whilst also fostering a resilient mindset.

Effective Time Management Strategies

Prioritising Tasks and Setting Goals

Some will see this as stating the obvious but prioritising tasks and setting clear goals are essential components in managing stress for small business owners. Even those who believe they don’t need telling how important it is to set goals and monitor progress towards them will often find that in practice they’re failing to stick to the plan. And that’s because it’s easy to set a goal, but it’s a lot harder to reach it.

At its simplest level, you need a detailed to-do list, which will help identify specific tasks that need immediate attention versus those that can wait. This practice not only ensures you stay organised but also prevents feeling overwhelmed by too many tasks. Break larger goals into smaller, manageable steps to maintain progress without undue pressure. “Achieve £100k revenue target” is not an actionable task for a to-do-list but you could split this out into individual tasks you know will set you on your way to your goal.

As for goal setting, implementing the SMART criteria—Specific, Measurable, Achievable, Relevant, Time-bound—can aid in setting realistic aims and targets. This approach ensures that your objectives are clear and attainable, reducing the likelihood of work-related stress as your deadlines disappear into the distance of your rear view mirror.

You should also be regularly reviewing and adjusting your goals as needed, allowing for flexibility in the face of unexpected challenges. This is why it’s important to set aside time on a weekly or monthly basis to review your progress and reevaluate whether timelines are on track. Investor Warren Buffet once claimed “the difference between successful people and really successful people is that really successful people say no to almost everything” and this refers to spending too much time doing things that aren’t directly related to your primary goals. Prioritise, refine and prioritise again, then you can hone in your focus on that which matters most to achieving your desired business goals.

Delegation, Delegation, Delegation

All great leaders know the value of delegation. Learning to trust your team by entrusting them with specific tasks can significantly alleviate your work pressure and create space for strategic thinking. For many people it can be daunting handing things over to others, especially when it’s your name on the business and your reputation on the line, but if you have a team around you and you’re not utilising them, why are you paying them at all?

“It doesn’t make sense to hire smart people and then tell them what to do; we hire smart people so they can tell us what to do.”

Steve Jobs

You should be able to identify tasks that align with your team members’ strengths and expertise. This not only ensures the task is handled competently but also empowers employees, boosting their confidence and job satisfaction. The more they get things right, the more emboldened they become to take on more responsibility and make a good impression.

Clear communication is key when delegating tasks. Provide precise instructions and outline expected outcomes to prevent misunderstandings. There’s no need to be patronising but remember the mantra that vagueness in planning is the enemy of achievement. Regular check-ins can help track progress without micromanaging, fostering a supportive environment where team members feel valued and accountable.

Delegating effectively allows you to focus on higher-level responsibilities, contributing to that all important better work-life balance. What’s more, by trusting your team, you’ll cultivate a more resilient and cohesive work environment, ultimately enhancing your business’ productivity and success.

Embracing Technology for Efficiency

We live in an age of abundant technological resources to support daily working practices, with tools for time and task management contributing to an industry worth over $4.3 billion. By integrating the right software, you can automate routine tasks, streamline operations and reduce the risk of human error. From simple time trackers to comprehensive project management systems, choosing the right software to organise tasks, set deadlines and track progress can ensure you and your team remain aligned and productive.

Cloud-based services enable you to access important documents and collaborate with your team from anywhere, facilitating flexible working arrangements, whilst utilising modern communication platforms improves real-time collaboration, reducing unnecessary meetings and emails.

If you’re not already making use of software to manage business finances through automated invoicing and expense tracking, you better have impeccable records! Good accounting software can save you hours of time whilst also having a positive impact on you cashflow as late invoices don’t get missed.

Take a look at our post on essential software tools for SMEs to see some of our top picks for task automation and accounting software.

Building a Supportive Network

Networking Groups and Professional Connections

A problem shared is a problem halved, as the old proverb goes Joining networking groups allows you to connect with peers facing similar challenges, providing a platform to share experiences, advice and solutions. Such interactions can lead to valuable insights, reducing the isolation often felt when running your own business.

Moreover, professional connections can open doors to collaborations, partnerships and new opportunities, fostering a sense of community and support. Meanwhile regular participation in industry events and seminars not only expands your network but also keeps you informed about the latest trends and developments in your field. They can be a welcome distraction from your daily grind in some cases too.

Building a robust support network through professional connections can also offer emotional support during stressful times, as fellow entrepreneurs will understand the pressures you face. By cultivating these relationships, you can create a safety net to help you navigate the complexities of business ownership, ultimately contributing to your mental wellbeing and business success.

There will almost certainly be local business associations in your area welcoming of new members (we’ve previously shared some of our recommendations for business networking groups in Brighton, Hove and Sussex) but you should also keep an eye out for industry specific groups. You might think a network full of business owners you’d consider competitors would be a waste of time but you may find these actually present more opportunities to learn, develop and collaborate – maybe even winning new business from firms that don’t have the capacity or specialism to handle the work.

Embracing Mentorship and Advisors

Finding mentors and advisors can be a great way to build a supportive network and manage stress effectively. Specialist mentors offer experienced guidance, sharing insights from their own entrepreneurial journeys that can help you avoid common pitfalls. They provide an external perspective on your business challenges, helping you make informed decisions and cultivate entrepreneurial resilience.

Advisors, on the other hand, bring specialised knowledge and expertise in areas such as finance, marketing or legal matters. Engaging with the right advisors can fill skill gaps within your business, enabling you to focus on strategic growth while they handle specific tasks or provide valuable advice.

To find suitable mentors and advisors, you may wish to reach out within your industry or professional network. You might be surprised to hear how many of your peers have benefited from professional mentorship who’d be happy to share their experiences and make recommendations.

Online platforms and local business groups can also connect you with potential mentors. Establishing these relationships can lead to meaningful support during stressful situations, offering reassurance and confidence as you navigate the complexities of running your own business. Take a look at our post on the top 5 benefits of business coaching to learn more about how bringing in a business mentor can help you achieve greater things.

Incorporating Mindfulness Practices

Don’t Discount Mindfulness Routines

Integrating daily mindfulness routines into your schedule can significantly help manage stress as a small business owner. Mindfulness involves focusing on the present moment, reducing anxiety about past or future challenges and establishing a routine can begin with simple practices such as deep breathing exercises or short meditation sessions each morning. These activities can clear your mind and set a positive tone for the day ahead.

It’s easy to discount meditative practice as wishy washy pseudo science but the reality is that many great entrepreneurs consider it a vital component in achieving success. Billionaire hedge fund manager Ray Dalio claimed that “meditation, more than anything in my life, was the biggest ingredient of whatever success I’ve had.” And he’s far from alone.

Consider setting aside a few minutes during your workday to pause and practice mindfulness. This could involve stepping outside for fresh air or engaging in a brief body scan meditation to relax tense muscles.

Mindfulness apps such as Headspace and guided meditation resources like Waking Up can assist in maintaining these practices consistently. By prioritising mindfulness, you can improve your emotional state, increase focus and foster a healthier mind-body connection. Ultimately, daily mindfulness routines contribute to better decision-making and a more balanced approach to the demands of running your own business and being an effective leader.

Recognising When to Seek Professional Support

While mindfulness practices can be beneficial, there are times when professional intervention is necessary to address deeper issues. Signs that it may be time to seek help include persistent anxiety, depression or overwhelming stress that does not improve with self-care techniques.

Consulting a mental health professional can provide you with strategies tailored to your specific needs, helping you navigate challenging times more effectively. Therapists or counsellors can offer valuable insights, coping mechanisms and a safe space to discuss your concerns without judgment. There is no shame in seeking help, and poor mental health will negatively impact your business in the long run, not to mention relationships with colleagues, friends and family. So getting a handle on your situation sooner rather than later cannot be underestimated.

Additionally, engaging with professional support can prevent stress from escalating into more severe mental health conditions, ensuring you maintain both personal wellbeing and business productivity. By acknowledging the need for assistance and taking proactive steps, you can foster a healthier mindset and continue to thrive in your entrepreneurial journey.