Disclosure: This is a sponsored post.
You probably knew when you started your business that being an entrepreneur is not the most relaxing career path. If you’re finding that the stress of being your own boss is starting to take its toll, you might want to make 2018 the year that you prioritize your mental health as much as you prioritize your business. Consider making one (or all) of these stress-busting resolutions for entrepreneurs.
Resolution #1: Master your cash flow.
A survey of small businesses showed that not enough entrepreneurs have a handle on their cash flow: of companies with five or less employees, only 57 percent have cash flow projections. Why does it matter? Your cash flow projections will tell you a lot about your business, such as knowing whether or not you’ll have enough money on hand to cover your expenses, understanding where you can save to create extra cash for your business, and identifying periods where you’ll have a decrease in revenue so you can make adjustments before a problem arises.
It might seem like a stressful exercise, so ask for help from an accountant or a money-savvy colleague if you need it. Once the numbers are out of your head and on a spreadsheet, they’ll seem less scary and you’ll be able to make better plans for your business. As an added bonus, you’ll hopefully feel less stressed about finances once you’re managing them proactively.
Resolution #2: Learn to delegate.
You might have started your business as a one-person show, but as you’ve added team members, have you been able to give up control and accept some help? It’s a scary proposition, especially for entrepreneurs who are used to doing it all themselves. If you can’t rely on others to do their part, your business may not be able to reach its full potential.
In order to become more comfortable with delegating to others, make sure you are taking time in your hiring process to find people that you can trust. This will mean doing a couple of interviews, checking references and doing background checks if necessary. The extra time you spend hiring will pay off in the long run, when you’ll have an engaged team that is just as focused on the success of your business as you are.
If you’re not at the point where you can hire full-time help, consider freelancers and part-time employees who can take on some of the workload, or lighten the load in your home life by investing in a cleaning service or a meal delivery program.
Resolution #3: Make sure you have the right insurance coverage to protect your business.
Have you ever heard the saying, “plan for the worst, hope for the best?” That’s actually solid advice for entrepreneurs. While it’s not productive to spend too much time worrying about all the catastrophes that could befall your business, it is worth your time to put a plan in place to protect you, should disaster strike.
Almost 50 percent of small business owners don’t have insurance, because they don’t understand why they need it, or because they’re afraid of the cost. The truth is though, no matter how small your company, you need business insurance to protect you, your property and your employees. You’ll sleep easier at night knowing that your business is covered, and that you’re ready to handle whatever comes your way.
You’ll never completely eliminate risk or stress as an entrepreneur, but making a few changes to your personal and professional life could go a long way in protecting your mental health. Not only will you feel better, but when you eliminate some stress from your life you’ll have even more excitement and energy to put right back into your business.
About the Author:
Ari Rush is a small business expert and the President of Rush Ventures, a Toronto SEO and digital marketing agency has helped over 1,500 clients generate more online traffic. He has also founded an online telecommunications firm, which he later sold to a private equity group. His public lectures range from Ryerson University to BizLaunch, and the City of Toronto.