For business owners, stress can come thick and fast. It’s difficult during most times of they year, with lots to juggle, particularly today during the cost-of-living crisis.
In fact, a study among SME owners found that the anxiety of business owners can spike significantly during certain times of the year, while the likes of high energy prices, higher interest rates and increased staffing costs all have a major effect on their mental health.
At present, that’s unfortunately having a knock-on effect too, with more people than ever before turning to the likes of alcohol and other substances in a bid to cope with such stresses. Across many UK drug rehab centres,
But then there are also certain periods where stress becomes even more heightened, and it’s always useful for business owners to be prepared and have healthier coping mechanisms in place. So, if you’re new to business and feel like you need to understand what may be coming your way, here are some of the more stressful periods to keep your eyes on…
End of Financial Year
Of course, the most obvious one is the end of financial year. It’s the most important time of year for your finances but also among the most stressful too. As March approaches, you’ll need to finalise accounts, ensure you meet tax regulations and prepare for financial audits. There are deadlines to meet and accuracy is key.
It can be so, so stressful. The simple answer is, make sure you have plenty of help and plenty of experts to guide you through it and make sure it all goes off without a hitch.
Holiday Season
While it may be the most wonderful time of year for many, it’s also peak season for many businesses. There’s Black Friday to navigate, Christmas and then in retail you’ve got the sales to follow. It’s an incredibly busy time of year for most businesses, so getting through it in the most calm and controlled manner is key.
You’ve then at least got the Christmas party to let your hair down!
Product Launches
Whether it be launching a website, or a new product to market, you need everything to go right, so it can be a tense period of time as you look to ensure everything runs smoothly. It’s often a period where there are a lot of late nights and early mornings, but it all becomes worth it if everything goes without a hitch.
Ensure you give yourself some time back after this period, while during it do make sure you enjoy a small break, whether it be eating your lunch a little more mindfully or still getting your daily exercise in. This will all help in reducing stress.
Regulatory Changes
Complying with industry regulations – whether it’s having your LEV systems inspected regularly or providing adequate PPE to employees – is a top priority for all businesses. You may find yourself in an industry where regulation and legalities change regularly and you need to adapt and be flexible to that within your business. There will be set deadlines in which you must adjust for and again it can be a huge undertaking that causes a lot of stress.
While this won’t happen as frequently as end of year financials, an action plan should be in place should such things occur in order to make it as stress free as possible.
Of course, there are lots of other pain points in running a business too, and it’s so vital that people have coping mechanisms and systems in place to ensure they stay in control of their mental health, as well as their business!
