Tips To Take The Stress Out Of Running A Small Business

Running a business can be hugely rewarding, but it’s also hard work. If you’re launching a start-up, or you’re in the process of expanding an existing enterprise, here are some tips to take the stress out of managing your company. 

Avoid overpromising

One of the most common reasons business owners experience stress is customer complaints and bad reviews. In an age where over 90% of consumers read online reviews and horror stories can go viral in seconds, it’s essential to impress and satisfy clients. Try to avoid overpromising to reduce the risk of complaints and bad feedback. There may be instances where you can’t deliver on a promise due to factors that are out of your control. If this is the case, contact the customer, apologise, explain the situation and offer a solution or an alternative. If an order is delayed, for example, you could refund the delivery charge and offer 10% off the next order. 

Seek legal advice

Managing a company can be challenging due to complex regulations and processes involved in structuring and restructuring a business, providing services for customers, looking after employees and paying shareholders. Dealing with legal matters can be stressful for new business owners as well as those going through changes, such as a merger. Seek advice from firms that specialise in corporate law. It’s wise to have a positive relationship with legal experts from the outset to minimise stress, ensure that your business runs as smoothly as possible and reduce the risk of complications and issues that could cost you money or impact your reputation. 

Manage your schedule

Time management is one of the most stressful elements of running a company. For many entrepreneurs, there are limited opportunities to take breaks, especially in the early days. If you run a business, it’s crucial to manage your schedule to prevent burnout and protect your mental health. Learn to delegate, set yourself a routine to separate your personal and professional lives, and consider automation or outsourcing if you are spinning too many plates. In terms of automation, investing in software to simplify your operations can save you time and minimize errors in the long run. For instance, if you run a business with a large inventory, it may be worth exploring the barcode scanning system benefits to see how a system like this can improve your productivity and optimize your packaging and delivery processes. Likewise, outsourcing offers an alternative to recruiting employees and provides access to skills you may not have in-house. If you’re trying to promote your start-up on social media, or you’re struggling to find the time to enhance your online presence through SEO, working with a marketing agency will free up time and improve results. 

Keep a handle on your finances

Money worries are one of the most common causes of stress among UK adults. As a business owner, you need to be able to keep the company afloat while also dealing with your personal finances and taking responsibility for paying wages if you have employees. Keep a handle on your finances from day one. Manage expenses and outgoings, set deadlines for customer invoices to lower the risk of cash flow issues and limit borrowing. It’s beneficial to seek financial advice if you have queries about corporate tax, investing, or using accounting software and tools.

Running a small business can be challenging but there are steps you can take to alleviate stress and protect your mental health. Avoid overpromising, manage your time effectively, seek legal advice and keep a firm grip on your finances.