Are you frequently stressed or fearful about your small business? Then you?re not alone.
In February, 2012, polling firm Populus interviewed 500 small business leaders in the U.S. to find out how work stress was affecting their health. They found that the stress of owning and leading a business can take a toll on business owners? mental and physical well-being.
A similar study released in May by the Bank of America found that maintaining a small business causes owners twice the stress as maintaining a healthy spouse or partner relationship, nearly three times the stress of raising children, and more than four times the stress of maintaining personal finances. Participants also indicated that 57% had sacrificed time for themselves for the sake of the small business, and 37% had sacrificed keeping physically fit.
Here are some highlights from Populus? findings:
- 43% of small business leaders feel more stressed than a year ago
- 75% reported recurring ailments at work, the most common being lack of energy, anxious thoughts, headaches, and back pain
- Their workday increased by an average of 4 minutes in the last year
- 43% say that their business faces more risks than it did a year ago
- Only 46% say that they plan to definitely plan to take a holiday or vacation in the next year, while 19% say that they will definitely not take a vacation, and 35% are either uncertain or plan to bring work along on their vacation
- The top three reasons for work-related stress were the fears of losing their business altogether (54% of participants), repaying personal debt, and the risk of losing clients
- Participants cite ?working harder to service current clients? as the top reason for working more hours in the past year
One bright spot in the two studies is the sense of optimism that small business owners feel about the future:
- 53% say that they feel confident about the prospects for their business in the next year
- 57% say that they think their company will grow in the next year
- The top business challenges they expected to face over the next year were: loss of customers, customer loyalty/retention, improving business performance, and political uncertainty
- The Bank of America study found that 42% of participants expect their own local economic conditions to improve over the next year, but cited the effectiveness of U.S. government as their number one national concern
If this all sounds familiar, then it may be time to take a step back and find ways to put your well-being first. If your health suffers, your business ultimately will in return. Although putting aside ?me? time may seem daunting, it?s important to schedule time to exercise and to relax and nurture relationships in order to prevent burnout. Learn to delegate. Even small breaks during the day, such as taking a short walk or stopping to read a chapter of a novel, can give your brain and body the important refreshment they need to function productively.
Have you experienced this kind of stress and subsequent side effects, and how do you deal with us? Come find us and discuss on Twitter (@DwyerGroup) or Facebook (www.facebook.com/thedwyergroup).
Tags: franchising outlook, small biz tips, small business owners, work stress
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