According to the latest Bibby Financial Services research released today (13th February 2004) the one thing that stresses out the UKís entrepreneurs more than anything else is the challenge of maintaining cash flow. Almost a quarter (24 per cent) of owners and managers agree that the issue of juggling their finances is enough to make them reach boiling point and feel under immense pressure.
Given the importance of cash flow to a businessís survival, and the fact that most firms fail due to a lack of available finance, it is no surprise that the issue of maintaining cash flow takes the top spot as the number one stress aggravator.
However, cash flow is not the only thing keeping Britainís bosses awake at night. A further 22 per cent of entrepreneurs find that being accountable for absolutely everything makes them feel incredibly stressed. This reflects the burden of responsibility that owners and managers have to shoulder when they not only have their customers and suppliers to contend with, but also are responsible for other peopleís livelihoods.
Dealing with the precarious balance between family and work life is also a major source of contention for 18 per cent of owners and managers. This reflects the conflicting demands that modern working day Britain inflicts on anyone who is trying to cope with a demanding career whilst bringing up a family.
When it comes to the symptoms of stress, almost half (45 per cent) of bosses find themselves taking out their frustrations on their nearest and dearest and have grave concerns about the negative impact that their stress levels are having on family life.
38 per cent of owners and managers admit to having problems sleeping due to feeling under pressure, whilst almost a quarter (22 per cent) state that they are now suffering from health problems as a direct result of the stress of running their own business.
For the majority of owners and managers (63 per cent) by far the best way to cope with stress is to socialise with their friends.
David Robertson, Chief Executive of Bibby Financial Services, the UKís leading independent business finance provider said, ìBeing the boss isnít easy with all the pressure that entails from managing cash flow, meeting sales targets, dealing with red tape, recruiting skilled staff, keeping up with the competition and juggling the work/life balance. The fact that smaller businesses have fewer members of staff with often higher levels of responsibility, fewer resources, tighter margins and less room for manoeuvre when it comes to making mistakes, can all add to the tremendous pressure that owners and managers are under.
ìWith work-related stress affecting nearly one in three employees in the EU and contributing to over half of all staff absenteeism, it is vital that owners and managers take steps to alleviate the symptoms of stress before they result in more serious health conditions.î
In order to help, Bibby Financial Services has developed their top 10 tips to help owners and managers beat their stress levels.
(1) Have a plan ñ list the tasks you need to get done at the start of the working day, but be realistic. Accept the fact that you wonít always get everything done and donít be too hard on yourself.
(2) Learn to let go ñ as your business grows, it is important to accept that you cannot do everything or be everywhere all of the time. Try to delegate work to others or train staff so that they will be able to take on additional responsibility.
(3) Just say no ñ realise that sometimes you just have to say ìnoî to someone or at least negotiate with them to see if it would be possible to do the work on another day.
(4) Work to rule ñ whenever possible, establish a time that you finish work and try to stick to it. Let clients and customers know your working hours and donít make yourself available after this time, unless itís mission critical.
(5) Itís good to talk ñ a problem shared is a problem halved. Talk through what is stressing you out with a close friend, relative or even a business mentor.
(6) Take a break ñ make sure that you get away from your desk even if itís just a walk round the block for some fresh air to clear your head.
(7) Donít procrastinate ñ avoid putting jobs off. Take firm decisions and act on them.
(8) Avoid doing your homework ñ donít get into the habit of taking work home with you. Establish strict ground rules for yourself and try to reduce the amount and frequency of work you take home.
(9) Work smarter ñ take control and work more effectively. Dedicate slots of time when you are not available so that you can complete tasks. Modern technology means that you can divert your telephone or mobile to voicemail to create those ëquiteí times.
(10) Enjoy your work ñ try to remember why you decided to be your own boss in the first place and look for the positives. If you enjoy your work more, you will send positive signals to those around you and make their life less stressful too.
Cash flow concerns top entrepreneurís stress list
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