As a business owner, you’ve likely experienced some level of financial stress — especially over the past year. And because financial performance is most often the primary source of your livelihood, any time internal or external factors threaten your monetary security it can become overwhelming. But there are many ways you can control your financial stress. Consider the following factors to get started:
- Educate yourself. Learn as much as you can about the various factors playing a role in your fiscal success. Fortunately, you can find many different resources to help. For example, enroll in an introductory financial management course (or advanced if you’re ready) or attend a free webinar about digital marketing. You can read blogs or watch free videos about nearly every topic imaginable, but you have to do the work. As with anything else in life, the more you learn about something, the more prepared you’ll feel.
Solution: Ask a Pinnacle Bank representative any question you may have about your circumstances. We’ll help you find ways to make money and time work in your favor. Contact one of our Business Bankers here.
- Get organized. You have a lot on your plate, which is likely contributing to some of your financial stress. But organizing your finances will not only reduce the risk of cash flow problems but will also give you a better view of where your company stands at any given time. Find a system to track and pay bills that works for you. Work with your clients or vendors to automate as many things as possible.
Smart idea: Pinnacle Bank offers many resources to help you manage your finances and stay organized. Find out more here or talk to one of our Business Bankers at 877-759-7939.
- Delegate and outsource tasks. Make a list of all you do on any given day. Identify what responsibilities you don’t enjoy or feel someone else could do better. Then, determine things you think about doing for your business but never have the time to do them. From that list, you can decide whether to delegate tasks to your employees or outsource something to an expert. For example, hire a freelance marketing or HR professional, accountant, or IT guru. Many experienced professionals are looking for work right now, so you may be able to find more talent than ever before to help you.
- Prioritize your mental health. One of the best ways to ease the burden of running a business is to practice self-care — and everyone is different. For some, taking a 20-minute walk during the day is helpful, and for others, a hardcore workout after a long day relieves stress. You may consider practicing yoga or learning how to meditate. And if you find you’re carrying too much anxiety or stress in your life, it’s wise to talk to a professional to help you manage your day better and create more work-life balance. And while you may be thinking you don’t have time for self-care, it will improve your productivity and give you more clarity for the future. Start by dedicating an hour of your day to self-care, and you’ll see the difference it can make in your life.
- Hire a financial manager or accountant. Unless you’re an experienced accountant or financial manager, some of the fiscal responsibilities of managing a business can be challenging. Hire a financial manager or accountant to help keep your books in line, create accurate financial statements, and give you general advice about growth strategies. While it may be a little costly at first, it’s an excellent option to help you stay on track and eliminate stress.
Most industries have been affected by the pandemic in one way or another, causing increased financial stress for many business owners. Depending on your situation, one or more of these recommendations might help manage the pressure of your day and create more work-life balance.