Whether it’s stress related to your finances, personal life, working remotely, supervising kids learning remotely, or any number of things, many of us can agree that 2020 has been an exceptionally tense year thus far. While we agree that money can’t “buy” happiness, researchers have noticed there is a high correlation between financial stress (typically related to debt) and mental and emotional difficulties such as depression and anxiety.
Improving your money habits can play an important role in the quest for positive emotional and physical health; not to mention, it also would be a great task to focus on while you are stuck inside. Below are three steps that may help ease some financial worry:
Entrepreneurial burnout can be a problem for many business owners, and the current business environment has the potential to make it worse. According to the Harvard Business Review (HBR), the combination of entrepreneurial passion, isolation, limited safety nets, and an environment of high uncertainty all can contribute to burnout; conversely, the article also stated that having a “flexible mindset” is key to avoiding burnout.
The stakes are high and competition is increasing, but the number of opportunities is infinite. To stay on track and remain passionate and eager, it’s important to prioritize your mental well-being, which is already an important step in reaching your goals. When you choose to spend more personal time reflecting, you are able to increase your creative muscles and mental clarity and ultimately make smarter, more sound business decisions.
Building more flexibility into your business can help put you on the road to avoiding burnout. To help you accomplish this, we’ve outlined three suggestions below, but remember that the options are truly endless when it comes to creating a more flexible company culture.
1. Set Personal Boundaries. Reconsider your boundaries at work to ensure you make time for yourself. You can even go as far as scheduling time on your calendar for personal thinking or scheduling a meeting-free day each week to let yourself focus on personal growth. Additionally, try stepping away from the office for a few days — this can often make all the difference in improving your mental clarity and helping you feel refreshed. Block off time on your calendar in advance and try to stick to it so that you give yourself a much-needed break.
2. Trust Your Employees. By gaining trust in your employees, you will be able to give them additional responsibilities, which will free up your time to focus on strategic, creative, big-picture thinking. Getting to know your employees on a personal level and helping them “think like an entrepreneur” also can help build trust. Making the jump from “employee-thinking” to “entrepreneurial-thinking” will give your employees an added sense of pride and personal responsibility for the outcomes of their projects and goals. Most importantly, it will feel great knowing that your team is all rowing the boat in the same direction.
3. Prioritize Flexible Planning. It’s important to proactively plan for your company goals, but try leaving a bit of flexibility in the strategy. Are there multiple directions in which the business could go to reach the same goals? You may want to consider hiring a business coach to provide input and help with strategy so that you don’t feel isolated in your decision-making.
Flexibility, in all areas of your life, is important to remaining rejuvenated at work. Whether you incorporate flexibility in your physical, cognitive, financial, environmental, or emotional choices, all can be impactful in helping you avoid burnout. Below are several questions that you can ask yourself to gauge the current level of flexibility in your life, and to find places where you can add more flexibility into your daily routine:
At Garrison Point Advisors, we understand the pressures and rewards that come with the entrepreneurial life. Let us help you build a financial strategy for your business that ultimately frees you up to connect with your true passions and core priorities. Contact us today.
To read our recent blog article, “Business Succession Planning: Why It Matters for Female Business Owners,” click here.
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