Coping with Stress as a Businessman
A small business, especially a startup, is your first courageous step into a brave new world. The first few months can be pretty rough, and you may find yourself in some discouraging moments. They may put stress on you, discourage you, demotivate you, or even make you give up on your business. The majority of these problems arise from fund management, upkeep costs, and the profit-loss factor. One may be able to manage other issues with relatively less pressure but when it comes to finances, it can be unbearable. We are going to talk about coping with stress as a businessman in this article.
Additionally, 2020 has been especially hard on all of us. With the global pandemic and economic regression, a lot of businesses had to shut down. This was especially hard for those who had just started a business or had a small-scale business. However, in 2021, we are observing that the economy in South Africa is slowly springing up (Source: Brookings). Though, it will take some time before it is fully functional again.
This article is going to focus especially on those who are about to start or just started their own business. We are going to talk about coping with stress as a small businessman, or if you are about to start your business. Starting a business can be equally stressful. Let’s get to know more about it together!
Business Digitisation in South Africa
We have covered business digitisation along with a few business idea examples in this article before. It is important to understand what kind of world opens before you, thanks to the digital revolution. Digital Lime Green strongly suggests you digitise your business if you can. Of course, it may not be ideal for every business out there, but it can surely boost your presence in the market. From here onwards, traditional business practices are just going to decline more and more. To keep up with the progress, you should consider going digital. The world is changing and traditional business practices are only going to be outdated.
More and more people are owning smartphones and other digital devices in South Africa each year. Besides, the internet is cheap these days. With that, more and more people are taking their business online these days as it is profitable, cheaper than the brick-and-mortar model, and efficient. If you want to own a website for your business, feel free to contact us with your queries. You can take a look at our services here. We provide affordable and high-quality website designs for all kinds of businesses in South Africa.
How can you cope up with stress as a businessman?
Now that we are clear on digitisation, let’s talk about what you can do to cope up with the stress as a businessman.
1. Preparedness and Acceptance
This is a step to consider especially for those who are about to start their business. We have often observed that people believe that they can just start selling some products online and it will just continue to grow on its own. Well, it is not that simple. Profit and Loss are the two sides of a single coin. You must understand that a business requires determination and perseverance along with a rational strategy. Accept and be prepared for any kind of storm. So that when it actually happens, you will be prepared for it. A lot of people overlook this point and they just run a business for the sake of making a profit out of it. Well, a lot of businesses actually take a couple of years just to recover their initial investment.
Be prepared and accept the fact that there will be ups and downs in your business journey. Accepting and being prepared for such times will help you cope with the stress as a businessman in a better way.
2. Speaking out and Discussing
Even if you are a businessman, you are still a human. And as a human being, you are capable of experiencing all sorts of emotions. When you are stressed, when you feel like you cannot take it anymore, it is always a good idea to talk to someone about it. The second most important step in coping with your stress as a businessman is opening up to others.
This pandemic especially has caused enough troubles for all of us and we are all in this together. Talk to your parents, partners, friends, employees, or even professional therapists if necessary. Relying on someone in such situations helps greatly in alleviating stress and think clearly. Speaking out might feel difficult at first, but once you do it, you will definitely feel better. Who knows? You may even find unexpected support and solutions to your problems too!
Keeping all the problems and stress to yourself WILL be severe for your mental health. Don’t take your mental health lightly. Talk to someone and seek guidance whenever necessary.
3. Contingency Plans
Contingency plans or backup plans can help you deal with unwanted outcomes more effectively. As mentioned above, this will also prepare you for such tricky situations and help you to effectively tackle the problem. Knowing what to do in such situations will greatly help you with stress management as a businessman. The future is uncertain. Even if your business does well in its initial phase, it’s possible the revenue may go down as time passes.
This pandemic has taught us that consistency and stability are like a fragile glass. Hence, it’s always a good idea to have a plan B… and a plan C too! It will help you cope up with the stress better as a businessman.
4. Know your Strengths
Knowing your strengths (and weaknesses) will help you in determining the direction you want to take your business. With this, you can understand and grow your business for the better. Furthermore, knowing your weaknesses will help you in hiring a reliable team for your business operations. Use their abilities to the fullest and grow your business together! An efficient team like that can be a big saver in tough situations.
Know your strengths and weaknesses. It will help you in running your business efficiently. Furthermore, it will also help you in understanding the kind of team you would need for your business.
5. Take One Step at a time
When you are in a pinch, the actual management can be overwhelming. As a businessman, you should be prepared for such times. If it is too stressful for you, it is a good idea to have a discussion with others and come up with a strategy to tackle the issue(s). For such times, a backup strategy proves really useful. Discuss your possibilities with yourself or with another person (yes, self-talking helps and it is very effective!). Take one step at a time and prioritise your tasks. Remember to set realistic goals. It is also important to experiment with your methods and approaches to make the business grow and be successful.
Be realistic and practical with your goals. When you are in a pinch, try to stay as calm as you can and consider your future options rationally.
6. Self-care
This is probably the most important part of this article. You are not born to work 24/7. No matter how much you love your business, it will become stale at some point; that it will drain your energy. This may result in having unwanted stress as a businessman. Take your days off, spend time with yourself and your close ones, and set a time schedule for your business. Setting strict working hours for your business would help you in managing the stress related to your business for the better. Make it a rule that you shall not be taking any work-related calls or emails past your working hours. Manage and assign your time in compartments for all sorts of things you would want to attend in your life.
Self-care is important. You have to find a proper work-life balance so that you can live your life to the fullest without having to worry unnecessarily about your business.
7. Take a Time off
Got too much on your plate? Feel like you are stuck? Sometimes, it’s good to take a time off from such struggles, have room to breathe, then get back into the game. This will refresh and recharge you and will help you in making clearer decisions. Not to mention, it will also help you better in coping with stress as a businessman. During this time off, try your best not to think about the business, and invest your mental energy somewhere else. Do what makes you feel happy and relaxed. We know that it is hard, especially if your business is in a pinch right now. But yes, a time off will help you process your thoughts better. Who knows? When you come back to your business, you may even come up with a better solution and you may feel that the problem was not a problem at all.
Taking time off and recharging yourself is important. Don’t push yourself too hard! Calm down, gather your thoughts, and make a stronger comeback!
Conclusion
Your business is and will indeed be important, but so is your mental health. Don’t escape from your business-related stress. Seek help and get better at coping with stress as a businessman. If you are in a pinch, it is always better to discuss and seek help from others. There are people who care about you and your well-being. Having a clear goal and rational, practical strategy for your business idea will help you to cope up better. It is also important to know when to stop. If you are facing severe losses, it is better to stop pursuing that particular idea and try out another one.
Running a business can be difficult and you may face many challenges before you actually start making a profit. If you are planning to run an online business, you will also have to invest in proper advertising and representations. A tough piece of advice here would be that you should not run a business for the sake of running it; just because you have to make some money. Put some love in it, along with rational and practical strategies. But it’s important not to ‘devote too much’ to it, that you start forgetting yourself. In the end, it is all about finding that sweet spot between your Work-Life Balance.
If you require any help with website design or digital marketing, Digital Lime Green is here for you. We provide affordable and high-quality website designs and digital marketing solutions in South Africa. Please feel free to contact us for your queries.
Some extra useful information!
If you are planning to start a business soon, it is a good thing to know the beneficial industry sectors in South Africa. Then you should be aware of these lucrative economic sectors in South Africa.
Need help with how you can start a business in South Africa? This ‘start-a-business’ guide may prove useful to you. We can also provide assistance in that!