Late nights, not much money. All the work and few of the rewards of business ownership. Plus the worry. How can you get through the severe downturn your business has taken? How can you deal with the stress?
Okay, let's say you have determined a course of action, or choices based on how circumstances proceed - business downturns aren't easily "fixed," so your next step is to monitor how your business is doing. Ignorance is not bliss, and it will not reduce your stress levels, sorry to say.
Second, you must come up with various courses of action based on scenarios you may face. Sometimes, you can envision cutting corners, reducing staff and getting through a twelve-month recession. Or perhaps you can borrow funds and survive two years. Assess whether the moves you are making will pay off. Will the business genuinely rise again and make you a living? Or will you borrow too much money, go through your own resources and be sorry? Talk to your accountant or other trusted advisor. After all, many times, when we're stressed, we're stressed for good reason. Then again, you may find a path through this difficult time that lets you keep your business afloat, even if it must be smaller for a time.
Now that you have taken control of the business situation, you have gained strength. Nonetheless, you are probably still stressed as heck. Now comes the fun stuff. Take some time to exercise, go to a movie with your kids, sit in a hot tub. Go for a long bike ride, hike or drive. Have friends over for dinner. Come home from the office on time - at least once in a while! Look at everything that IS good in your life, whether it's the love of family and friends or the motorcycle in your garage.
Not having fun owning a business these days? That's no surprise! Let's not oversimplify the process of managing the stress you feel as a business owner navigating a serious downturn.
First, you must honestly assess your business and financial situation. Is yours a solid business? Is it suffering because of the economy, or because it has other, more fundamental problems? Does it need to change in some important way? Do you need to lay people off, get better salespeople, cut major expenses, or make other moves? The toughest question of all: can and should your business survive this downturn?
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