Reducing Stress through Better Practices
Conventional methods for addressing stress such as exercise, improved diet and breaks from the daily routine are all helpful, but do not deal with the underlying causes of the problem.
Instead, the focus should be directed at improving the fundamentals of the business to insure bona fide receivable and positive cash flow. Growth should only occur when it can be paid for through profits or a manageable debt service.
The entrepreneur should also work to broaden the client base so that no single customer accounts for more than 10% of the total sales. When the sales base is diversified, the loss of any individual customer will not prove to be catastrophic.
The business owner should also work to delegate responsibility despite reservations. Not only will scaling back personal tasks contribute to better stress management, it will usually lead to more overall productivity by the company as a whole.
Since employees play such a pivotal role in the success and smooth operation of a business, particular care should be given to key personnel. Competitive compensation packages as well as incentives should all be crafted to insure that the employee has a strong motivation to stay with the company.
Ultimately, stress reduction is most acute when the fundamentals of the business are strong, sales are robust and the staff is happy and productive. These are the best methods for reducing or eliminating stress and anxiety for the entrepreneur.