FROM BURNOUT TO BALANCE || Transforming Entrepreneurial Stress into Success
She fired everyone.
Well, not everyone, but 70% of her staff. I learned this when my fellow entrepreneur called me last week, admitting that to prioritize her mental health, she needed to make some drastic changes. As a result, she eliminated all the toxic staff, who, unfortunately, made up a big portion of her team. She confided in me that since she has scaled down the team, she has experienced much better mental health. Even though it means she now has to start almost from scratch again, she hopes she is better equipped to hire this time.
Some may say she should’ve done a better job hiring at the outset, but just like any other relationship, can you say with 100% confidence that your new boyfriend or girlfriend will work out without actually having them in the role? Both parties don’t know if it will last. Business relationships are the same.
Small to medium-sized business owners have navigated a stormy sea of challenges in recent years. The journey has been anything but smooth sailing, from the unpredictable waves of COVID-19 to the relentless headwinds of staffing issues, rising costs, inflation, and climbing interest rates. These external pressures have tested their business models' resilience, personal well-being, and mental health. In my friend’s case, sometimes you have to clean the slate and start over.
The importance of entrepreneur well-being cannot be overstated. Studies have shown that entrepreneurs often face a higher rate of mental health challenges than the general population. According to a report by the National Institute of Mental Health, entrepreneurs are 30% more likely to experience depression than their non-entrepreneurial counterparts. This statistic highlights a critical need: ensuring entrepreneurs' mental health and overall wellness is not just a personal priority but a business imperative.
So, how can entrepreneurs navigate these turbulent waters and ensure their well-being? Here are five life-saving tips:
1 | Master Your Time
Time management is more than a buzzword; it's your life raft in choppy seas. Start by auditing how you spend your day and identify time sinks. Implement systems that automate or streamline these tasks.
If you manage anyone, it shouldn’t be your task to review emails for clarity, grammar, or spelling—Grammarly can do that. And if your staff can’t handle writing their emails, maybe it’s time for a change.
Whether setting aside specific times for email, using project management software, or delegating tasks, the goal is to ensure you focus on what truly moves the needle. Remember, being busy isn't the same as being productive.
2 | Establish Clear Cutoff Times
Setting clear boundaries is crucial in a world where technology blurs the lines between work and home. Determine a time each day when you're officially "off the clock." This doesn't mean emergencies won't crop up, but it does mean that you're committed to giving yourself time to recharge. Your brain is your most valuable asset; don't treat it like a machine that can run non-stop.
I now leave my room outside of my bedroom in the evenings and have a routine for me to wind down after a long day. Yes, I still work until 10 PM or 11 PM on select days, but simply not having my phone next to my head when I sleep has been a big help.
3 | Prioritize and Delegate
Every task does not deserve your equal attention. Apply the Pareto Principle: 80% of outcomes come from 20% of efforts. Identify which tasks yield the most significant results and focus your energy there. Delegation is not a sign of weakness but of smart leadership. Build a team you can trust to handle tasks that don't require your unique expertise, freeing you to focus on strategic planning and growth.
In my experience, the toughest part is finding team members who are confident in their skills to handle issues while you’re not there. You also won’t know whether they're truly capable until a new team member is six months into the job. It also takes time to figure out what a new hire is actually good at. Sometimes, you hire them for role A but discover the role needs tweaking to play to their strengths. I get it, it’s hard. I’m just telling you it takes time and patience; sometimes, employers and employees don’t have time for that, so there isn’t a long-term fit.
4 | Foster a Support Network
Entrepreneurship can be a lonely journey, but it doesn't have to be. Surround yourself with mentors, peers, and a support system that understands the unique challenges of running a business. Whether it's joining a local business group, finding an online community, or simply having a trusted friend to talk to, a strong support network can provide advice and emotional support.
I make it a point to message my fellow entrepreneur friends for a mental health check every few weeks. We tend to bottle it all in, and that’s not healthy. We think we can work away the stress, but this only exacerbates the implosion when you hit the breaking point. It’s okay not to be okay.
5 | Prioritize Physical Health
The mind and body are inextricably linked. Regular exercise, a balanced diet, and enough sleep are foundational to mental health. It's easy to neglect physical health in the grind of business, but this is a surefire way to burn out. Set and keep regular health routines just as you would business meetings. Your body will thank you, and so will your mind.
I spend 15 to 20 minutes every morning doing yoga or light stretching, whatever my body is calling for that day. A small commitment to align your day’s vibes and energy!
In conclusion, the voyage of entrepreneurship is fraught with challenges but rich with opportunities for personal growth and resilience. By implementing these wellness strategies, entrepreneurs can weather the storm and emerge stronger. Remember, taking care of your business starts with taking care of yourself.
