10 Top Tips To Make Managing A Business Less Stressful

Becoming a business owner is one of the most rewarding career paths you can take. There’s nothing quite like growing a successful company from scratch. The limitless earning potential is very exciting too. Nonetheless, managing your venture can be very stressful, which is why you must take the right steps to keep stress at bay.

It’s impossible to eliminate stress from business management, but you can certainly reduce it. Here are 10 top tricks that will allow you to see huge benefits on a daily and ongoing basis.

Tip #1: Protect your assets and intellectual properties

Building a successful business is hard work. Once you do achieve that level of success, then, it’s vital that you prevent attacks against it. Aside from the fallout of damage on the business, the knowledge that you have left it in a vulnerable position can lead to major distractions.

Adding surveillance cameras and other relevant tools to protect workplaces and physical assets is key. Given that over half of all SMEs that suffer cyber breaches will stop trading inside six months shows that cybersecurity is also vital. Outsourced IT can be a great way to overcome the challenges and keep your mind at ease.

Intellectual property also needs protection. Copyrights and trademarks are ideal for preventing intellectual theft from other companies. When supported by non-disclosure agreements for partners, workers, and clients, you won’t go far wrong.

Tip #2: Become customer-centric

As a business owner, it’s imperative that you get many different factors under control. Ultimately, though, it’s the customers who have the power to determine whether you succeed or fail. As such, they will also become your greatest source of stress or relaxation. Naturally, you want it to be the latter.

Getting to know your client base will provide a solid starting point, which is why you must build a target consumer profile. Quick and clear communication is another vital tool. As such, finding the best live chat solutions for websites is advised. Aside from fast interactions, it allows you to track data to provide the best support at all times. 

Whether it’s B2C or B2B, clients will soon let you know what you do well or could improve on. But you must give them the opportunity through feedback efforts. Show that they are valued, and it should lead to increased conversions and loyalty.

Tip #3: Assemble the best workforce

You quickly learn in business that it is almost impossible to do everything with one pair of hands. Even if you have the necessary skills, many of the simple tasks aren’t worth your time and should be left to junior employees. Understandably, then, building the best team of staff members is crucial. 

A strong workforce will boost individual and collective productivity on a daily basis. Whether using a recruitment specialist or taking the DIY approach, be sure to analyze personalities too. After all, the right characters will inspire each other while also promoting a happier working environment for all.

Modern workforces won’t be limited to permanent on-site teams. You may use temporary staff, remote workers, and outsourced teams. Either way, the knowledge that your business is in safe hands can make a world of difference to your mindset.

Tip #4: Take care of your employees

Look after your employees and they will return the favor by ensuring that your company stays on a smooth path. Again, this will put your mind at ease too. For starters, you should ensure that you have invested in good health and safety, including mental health first aid. This prevents accidents and potential lawsuits.

There are many ways that you build a better company culture. Whether it’s stamping out workplace arguments and bullying or creating group perks is up to you. Meanwhile, pension contributions, medical insurance, and other small steps make a big impact. Not least because it shows workers that you care.

It is also worth investing in a water cooler and implementing screen beaks. Hydration will aid engagement levels and productivity, as will a few minutes of walking or exercise during the day. Above all else, you must be available for your team.

Tip #5: Be ready for challenging situations

If the past two years have taught us anything in business, it’s that unforeseen circumstances can occur. Therefore, it’s vital that you are prepared for every eventuality. Otherwise, there is a very strong possibility that unexpected issues could pose a major threat to the business. Even if they don’t, the fear that they could can cause distractions.

Knowing how to work from home and maintain your mental health is vital. Even if the pandemic doesn’t cause you to worry about this issue, there are many times it could be relevant. Maybe you’re ill, have to look after your sick relatives, or can’t get into work due to adverse weather.

Unscheduled downtime is another major issue that can cause immediate losses and an ongoing impact. As well as maintaining all machinery, you must also invest in backup power supplies. This could save you dearly in the long run - not least mentally.

Tip #6: Let customers aid your marketing efforts

As already discussed, customers have a huge influence on the future of your business. Their impact isn’t limited to their direct interactions with the company either. When embraced in the correct fashion, they can also become one of your greatest marketing assets. The power of recommendation is greater than ever.

Studies show that 93% of consumers will read reviews before making a purchase. Encouraging clients to leave feedback (perhaps by giving them a 10% discount voucher) can work wonders for your reputation. Verified testimonials will also boost your search engine visibility.

In addition to testimonials, you may want to consider affiliate marketing. This actively encourages your clients to tell friends and family about your products. When they do some of the work for you, winning new clients can be far less stressful.

Tip #7: Keep your finances under control

Every business decision comes down to financial matters. Therefore, you must ensure that money matters are organized at all times. Choosing the right accounting software is a great starting point. Knowing exactly where your finances stand will enable you to make calculated decisions, including when to expand.

When you manage your finances in a more structured way, it’ll help you identify problems too. In turn, you can take the necessary action to save money in key business settings. From getting cheap utilities to finding more affordable stock, low expenses will help you stay competitive in pricing.
The harsh reality is that many businesses fail simply because they run out of capital before reaching a profitable stage. Even if it means borrowing money from the bank, knowing that you have the right levels of working capital is a wonderful thing.

Tip #8: Automate where possible

One of the most important ingredients in the recipe for success is to keep things running smoothly. So, if you can get computers and advanced tech to complete tasks, you should. From order fulfillment to manufacturing processes, they can boost productivity and cost-efficiency. 

Aside from working at faster speeds, automated tech will rule out human error. So, you will find that automation leads to fewer defects and product returns. The capabilities have been underlined by smart factories, but the possibilities of automation and AI extend to all areas. You would be foolish to overlook it.

Some people may worry that this removes the ended for human workers. However, you still need workers to oversee the tech. Their roles will just be different. Moreover, when they are no longer distracted, they can provide a better service for clients. This especially true in the hospitality industry where a Hospitality Management System can help your staff focus on serving the clients. 

Tip #9: Know your goals

When first starting out in business, your goals are probably quite simple. You want to work for yourself and earn a better salary. As time evolves, though, your goals may too. Sadly, if you persist with outdated motives, you will see outdated productivity levels. Frankly, this is an issue that requires immediate attention.

New goals should be quantifiable and achievable. You should set milestones along the way that will encourage you to operate like the business you want to be. Only then will you reach the desired performance levels and keep moving in the right direction. Similarly, it will provide guidance for your teams in workflows and branding.

Confusion and ambiguity can lead to disruption while also causing stress. Once this happens, it’s only natural that you will notice an increase in mistakes. And it will allow your competitors to take advantage.

Tip #10: Be confident

The right mindset is a vital tool for running a business. Aside from helping you stay motivated and productive, it will influence workers and clients. You need to have confidence in your ideas, which is why careful planning is vital. As well as the strategy, though, you must also consider your self-confidence. 

If you are not a naturally confident person, body language courses are available. The fake it until you make it mantra can ring true. In time, you should find that you become the perfect leader as well as a skilled expert in your field. This added assurance can make running a business far more enjoyable.

Finally, you must remember that this is only one aspect of your life. Be sure to make time to do things you like with the people you love too. It will make the hard work of running a company feel worthwhile.

Priming Your Pieces: Understanding And Fixing Your Business Weaknesses

It is not something that anybody likes to do. But when you are running a business, you've got to learn how to hold the mirror up to yourself. For the first 12 to 18 months of any business' existence, there can be that feeling of flying by the seat of your pants. When you overcome this difficult period, you have to learn to address weaknesses. But more importantly, you need to turn these weaknesses into strengths. And while we can't be good at everything, it can be demoralizing to address where we are going wrong. So how can we do this in a constructive manner?

Get Guidance From An Exterior Source

Trust is pivotal to business progression. When we are looking to address our failings, it's important to find an exterior source that is impartial. When you get the guidance of someone that you trust it could become heated and personal. And when we start to get exterior help through technical processes whether it's something like an Office 365 assessment or putting a key business process out for feedback, guidance from an exterior source can result in more constructive criticism.

It is difficult to bring someone in from the outside but when they are impartial, this can yield significant results. If you decide to bring someone in that you can trust that you've also got a long working relationship with, it's important to be prepared for that person to pick holes in your process.

Learning To Accept Your Weaknesses

Firstly, you have to recognize that there is a weakness. Many entrepreneurs bury their heads in the sand and deny that there is any problem. But when you decide to face up to the fact that you have weaknesses but also determine what they are, this can be an incredibly painful procedure. But admitting that there are weaknesses is the first step to turning it around. It could be to do with business processes but it could also be to do with your leadership skills. Nobody likes to hear that they are bad at something. But being bad at something is where you learn to make it better.

Bringing In People That Have The Right Skills

When you lack something, you can either learn to do it or you can find someone that already has the skills. This is where outsourcing comes in handy. When you outsource a process to a company that can do it, it becomes a lesson for you but it also gives you a unique perspective on the situation. It also gives you the chance to empower people that work for you. There is a correlation between people that ignore their weaknesses and those that refuse to delegate.

As soon as you start to bring people in that can achieve what you want, you're not just getting the job done, but you are putting your trust in these people. This is an important hurdle for anybody to jump over when addressing their weaknesses..

Why Is Planning So Important?

You’ve probably heard the saying ‘fail to prepare, prepare to fail.' Is this something that rings true with you? How often do you think that there isn’t enough time to plan and it’ll be alright on the day? While this might work some of the time and you may have succeeded in the past without planning, but imagine how much better you would have been if you had planned too?

So, why is planning so important? 

American clinical psychologist, Fitzhugh J. Dodson once said: “Without goals and plans to reach them, you are like a ship that has set sail with no destination.”

One of the most beneficial parts about planning is that part of it is creating the goals you want to accomplish. While many view planning as boring and an ‘inconvenient’ step, at its core, planning can prove to be of great help to everyone. Planning may not seem like such an integral part of success, but once you yield its benefit, it’ll prove fundamentally crucial in every area of your life. Proper planning is not only needed to encourage you to achieve the goal you set out for yourself but also to break it up into bite-size pieces and small goals that makes achieving much more attainable. 

Brian Tracy, motivational public speaker and self-development author, says: “Every minute you spend in planning saves ten minutes in execution; this gives you a 1,000 per cent return on energy.” 

When you start by writing down your goals, then planning will give you a clear perspective on what needs to be done and how much time it is going to take for you to do it, how much time your need to spend on working on your goals. Planning is closely associated with having proper time management as it encourages you to set aside a reasonable time for a specific task before moving ahead to the next. Planning and resource scheduling helps you to prepare a guideline, and a timeline for how you can maintain and reach goals that you have set up for yourself and the good thing about this is that everyone can do this, but a timeline can be adapted for each individual. 

Even if you don't think you are a planner, when you think about it, you are actually planning all the time. Take your holidays, for example; they wouldn't happen unless you planned. It's a simple way to look at it; you decide your goal which is where you want to go, then you decide when you want to do it and next you work out how you're going to do it. This is planning, and what is the benefit? A fantastic holiday where you not only have everything you need and will have done everything you needed to before the trip but also you'll visit everywhere you want to and won't miss a thing during your trip. 

So, when you travel, you plan your trip. When you are getting married, you plan your wedding, and when you throw a party, you plan the event. You would never do some of these things without planning for them; they would never happen if you didn't plan and other things in life are no different. Even if you just want happiness and fulfilment in life, you need to plan for how you're going to get it and then work at it. Many people neglect to plan their lives and then get disappointed and discouraged when they do not get what they want. Just like planning anything though, planning your life is just the same as having a road map that helps you to reach where you want to go.

Unless you have already been somewhere numerous times and know exactly how to get there, then you will need to get a good map or your sat nav out. Otherwise, you would be stupid to get into your car and try to get there. All you will do is drive around aimlessly, make mistakes, probably go back on yourself, get frustrated and then if you do eventually reach where you want to go, you will do it in a lot more time than it would have taken you if you had had a map in the first place. Apply this to life and having a road map to getting to where you want to go, it makes sense, doesn't it? However, so many people in the world today fail to plan their lives and end up lost or stuck where they are.

But taking time to plan your life, means that you are not only taking the right steps to identify and reach what you want from life, but also to do it in the most efficient way possible. Rather than relying on pure chance in life or in business, a life plan will detail the exact route and steps that you need to take. It helps you get there in the shortest time possible without and running out of fuel.

This planning can be applied to both big and small aspects of your life. It could be that you want to wake up earlier than you have been, stop smoking, start going to the gym, move to France, be closer to and spend more time with your partner and children, or be a kinder person, or start your own business, or lose some weight, or get a promotion or better job. 

By planning, you can reduce so much stress and frustration which allow for a better experience on holiday with your friends or family. So, if you can translate that planning to every other part of your life, then life could be one big holiday. 

Not only does planning reduce stress but it also means that you can then be flexible, once you have a plan, then if there needs to be a small change, then it can be done with little to no effort.

Planning offers direction

Whether it's a holiday or a business, planning helps you to create your goals and then take the first steps towards achieving them. Planning a direction for your business or your holiday or anything involves creating a roadmap and this planning can take many different shapes and sizes, and as you create this roadmap for accomplishing your goals, you will find your planning offers you the direction you need to get there.

Planning uncovers problems

When you create your goals and know the direction you're going in, it means that you are prepared for what is coming next and the more prepared you are, the better you can handle problems as they arise. In fact, it won't just be a case of handling issues as they appear, with clever planning you will uncover the potential problems before they even occur. When you work to plan out a direction carefully, you’ll undoubtedly reveal possible obstacles you may run into along the way, but if you aren't careful when planning, you may never discover these issues until its too late.

When you uncover problems, you also find solutions there and then and can implement them before the problems even become a reality. Being able to resolve and work around issues is invaluable in business and in any area of life. 

Finally, planning gives you perspective, and it provides you with a clear view of what matters and what you can accomplish. As you plan your goals and focus on what you want to achieve, working out how to achieve those goals will force you to get organized, prioritize and put them in perspective. 

There is no point working on something that isn't important; no one wants to waste time doing that. However, it can be easy to get distracted and for your objectives to get lost in the daily grind. Planning helps you to stay focused and to keep your perspective on your purpose and your future and on what you really want, no matter what it is. Then you will experience success and will see the rewards for your planning.

As much as people love to believe in overnight sensational success stories where people who came from nothing simply fell into selling something online and made millions, the truth is that it while this might have happened to the odd person, success really does take planning and the planning makes it rewarding too. Planning makes perfect, and the benefits of planning far outweigh any disadvantages. Once you start planning, it will just become an essential part of your life and success will follow.