Fear causes stress and that is not an ideal situation for a small business owner.
Taz Rajan, community engagement partner at Bromwich + Smith, shared some financial tips for entrepreneurs to manage their fear of the unknown.
Emergency Plan: Surprises like rent increases and supply chain delays cannot always be predicted or avoided. These can turn into high stress situations. Rajan says having an emergency fund and plan can dissipate stress that comes along with unexpected expenses.
Tracking: Tracking business progress allows business owners to celebrate wins and monitor any budget shortfalls. Tracking provides concrete information to make informed business decisions.
Have a System: Burnout can happen very quickly if entrepreneurs try to do all their tasks themselves. Have systems and processes in place to alleviate some of the workload is imperative.
Self-Care: Burning the midnight oil isn’t something to be celebrated. Thinking about business 24/7 will eventually take its toll. Create small time blocks for self care and stick to these appointments. It can be as simple as a 20 minute walk in nature. Self care relieves stress and brings more creativity and productiveness.
Reach Out: Business owners wear many hats. It can sometimes feel challenging to ask for help or bring in other professionals. When business debt is mounting, profits are dwindling and the stress is rising, Rajan recommends reaching out to a Licensed Insolvency Trustee. At Bromwich + Smith, their licensed professionals can help business owners make informed decisions about their financial future.