Life is stressful. Life as a business owner is even more stressful! The success of your business rides on your shoulders. But worrying about stress isn’t beneficial. Wondering about the what ifs will just hinder your business. Sometimes you can’t help but stress. But with these 7 tips, you can work to avoid stress and focus that energy on growing your business instead!
Roger: Welcome to Local SEO Today. I’m Roger Murphy.
John: And I’m John Vuong.
Roger: Welcome John! Today’s podcast, we want to talk about business owners and entrepreneurs… we called stress but basically… we all have it, whether you’re in business or just in life in general but we’ll have some proven strategies for our business and entrepreneurs who are watching today, and listening to this podcast. What can they do to manage or reduce the stress?
John: Yeah. Like this is a great topic because you know, as an entrepreneur myself and you used to be one as well, stress is all over the place.
Roger: Yes, it is.
John: Right? And you’re going to be encountering it on a daily basis and whatever profession you are in, you probably have to deal with it. If you’re a parent, you’re gonna deal with it.
Roger: That’s right.
John: With your children or what not. So stress is there everywhere and there’s good stress, and bad stress, right? But as an entrepreneur, you want to just reduce the level and amount of stress out there. So the first thing we want to talk about is really just acknowledging the source of that stress piece, right? Because you have to realize that there’s good stress and bad stress, right? And… you just have to deal with it.
John: Ultimately, right?
Roger: And it could be a financial stress, it could be staffing stress, it could be customer service. There’s sort of different ones, but really… just as you say set back and really just try to identify it and then we’ll talk about some strategies for each one.
John: Yeah, like corporations, like timing, staff, and calling in sick, equipment that is not functioning properly, like things will happen, it’s how you deal with it.
John: As a business owner, entrepreneur that makes you stronger. Makes you feel- like figure out how to become more redundant.
John: Figure out a solution so that you can reduce the time that is down time, right?
Roger: Yeah because we know in business as in life… stuff happens. It’s just how do you react to it because things are going to happen so it’s your reaction to that event that you can train yourself so you just don’t get lose it, or you know, flap a hand, work it, or beat yourself up for a poor decision that was made. Life is full of decisions, good ones and bad.
John: And acknowledge it, right?
John: So as long as you’re okay with things that will happen and things will happen as an entrepreneur. It’s how you accept it and move on.
John: And learn from it.
Roger: Because it’s called, number two, we see here, put in perspective.
John: Yeah. Put in perspective, right? Like what’s the worst that will really happen when that happens.
Roger: That’s right. Let’s say it’s sales, so sales are down, or profits are down, if you just break down to say, “Okay here’s my… you know, in terms of this situation I’m going to be taking action but as I stand right now, what’s my bottomline cost per today, or cost per week, to have my operation open, my business, etc.” Then you’re kind of go, “Okay listen, here’s my bottomline, here’s what I need to make everything pay for itself.” And if things are down a little bit, no problem, you know where your baseline is, don’t get all worked up to say, “Oh, my sales are off 22% from a year ago.” Relax and understand that things are going to happen in the economy, they’ll be seasons.
John: Exactly. And there’s ways to actually minimize that by calling somebody your supplies and vendors to maybe squeeze a little bit.
John: Right? So there’s ways around it, right? And you know, make sure that your… staff isn’t aware of some of the things that are detrimental to your business, right? Because ultimately, you want to make sure that they are loyal to you as well, right?
John: So stay positive ultimately.
John: You don’t want to break in front of them, right?
Roger: Right because they look to you as the leader and… yeah, if you’re in control then everything else is in control.
John: Exactly. The third thing I want to talk about is really writing it out, right? Because stress happens, maybe you’re good at keeping it all in your mind and you know, sorting it accordingly but when you write out situations, you’re able to then present it with different options.
Roger: I like it into… it’s refer to as the Benjamin Franklin list, that’s a tip and a trick I’ll give you today but the Benjamin Franklin list is, put a list on one side of all the positives regarding around reservation, the pros, and then all the negative on the other side, and really, it gives you a real perspective to say, “Oh, really things are looking better than I thought.” When you account for, here’s all the good things that are happening, here’s those- the other things that needs addressed and it helps you take that in any allowed situation.
John: Yeah and just making sure that you reflect on some of these stresses and overcome them, right? So even looking back like, yeah, journal things, right? And see if you can improve — serve a certain prospect of, you know, processes, right?
John: Because if you’re doing this on a monthly basis then you can actually handle it better moving forward.
Roger: That’s right.
John: Right? Prevent it from happening again or finding remedies throughout that process.
Roger: Exactly. because it might be a save…officialties.
Roger: If you can spend more time on things you’re strong with, in terms of maybe growing business or sales, maybe this sort of perspective, you look and say, “Oh, If I engage this type of software… for customer service or for accounting, I’m spending all this time doing this, I found a solution to cut my time half.” And all of a sudden, stress starts going down.
John: So the fourth thing I want to talk about is really not always cutting cost, right? Or if you think that revenue is there- not there, or sales is not there, it might not be a good time to really reduce the amount that you’re spending, it might mean you need to spend more actually, or figure out what is not becoming efficient, right? What can you really improve in terms of the process, right? Maybe you need to spend more on advertising and marketing, right?
John: Especially when there’s a downtier. It could be a seasonal thing, it could be, you know, just a market conditions of people aren’t spending as much as they’re used to, right?
Roger: This year…
John: Competition wise.
Roger: Where we are, the weather was cold to start off so a lot of seasonal businesses that were ready to rank up and going, even the farmers this year, the crops are all behind schedule because it was so wet and so cold, and they’re just trying to get back on track.
John: Yeah. so make sure like, you know, as long as you’re able to handle the downtier, you know, just spend what you can, and hopefully think will improve, right? But don’t give up, right? Also the next thing is really finding a silver lining. You know, there’s always good that will happen, when you’re just working things out, right? It’s stressful, life is stressful but you know, just make it sure you stay positive, right? Because you know, when you’re down, everyone feels it, your business will suffer, your relationships will suffer, your clients will notice it, your staff will notice it. So just make sure that you’re… you know, just positive.
Roger: Yep, and there’s again, that saying… the old saying of, “In every crisis, there is an opportunity.” So look for the silver lining and say, “Hey you know what, sales are down but that’s making us look at our operations and maybe we’re going to offer a different product, a more efficient product, a more valued product that the market is looking for.” So… so in every crisis, there’s opportunity so stay positive and look at the silver lining.
John: And maybe that gives you a chance to really reevaluate your service and products, right? Who are the new competitors? What are their price points?
John: What are you offering? How should you position yourself as, you know… your business, right? So it gives you an opportunity to really reflect on what’s going on as well, right? The… sixth one that I would like to talk about is really get out and enjoy exercises, and be healthy.
Roger: Get exercise so take care of yourself.
John: Exactly. So just get… healthy, right?
John: Improve your health so that you can have energy.
Roger: Everyone gets… everyone comes up with great ideas doing different things, some people like to jog and things clear on their mind. Some people like to do exercise.
Roger: Meditation. When you take care of yourself, all of the sudden some clarity comes through and this helps you reduce your stress cells so you know, the other topics that we talk about were all the… looking for business, and looking at different aspects but now, we are talking about you taking care of you.
John: Exactly and the more you do this under a consistent basis, it allows you to really reflect on a greater meaning of why you’re doing certain things, right?
Roger: That’s right.
John: It allows you to put everything in perspective, not just your business but your life, right? Like who is important to you, your family, your community, etc. right?
Roger: That’s it. So we’ve talked about internally looking at your business, talking about taking care of yourself. The last one, John, is really talking to other entrepreneurs.
Roger: And you get such terrific input when people shine a different light on your situation because they may have been in the exact situation you’ve been so it helps reduce your stress.
John: Yeah. So… I mean, as an entrepreneur, you’re so vulnerable because you basically are doing- putting so much pressure on yourself, right? And no one really knows what you’re going through.
John: But if you are talking to other entrepreneurs, other business owners that have kind of done what you’ve done — spend all that time building a business, they’re either been in it for a lot longer, they’re just starting themselves, if you’re surrounded by like-minded kind of individuals, you can throw things at them and learn. And hopefully, that relieves your stress because you know that you’re not the only one going through all these.
Roger: Exactly. And instead of trying to find this solution and reinvent this wheel as they call it, these other entrepreneurs have already been down the road so listen to their input, they might be able to give you- have some quick advice, and of course, it makes perfect sense to us.
John: Yeah. And take them to coffee or lunch if you don’t know them, go out and meet with them, get to know people, go out and build solid relationships, right? Because ultimately, this is what, you know, as an entrepreneur, you need to start building solid foundations at your business, right?
Roger. Exactly. And these… other entrepreneurs, if they’ve been doing it for a lot longer, been in business, they actually would be… very, very thrilled to be a mentor because they’re in business, they want to see other people succeed. Also, that’s when, you know, you’re actually giving them a reason for providing, you know, advice, and… entrepreneur ideas to younger business owners and entrepreneurs like yourself.
John: Yeah. It’s a great way to give back, right?
John: Especially when people are so stressed in life, right? There’s so many things that trigger stress, right? As an entrepreneur, you probably put way too much pressure on yourself but really should you? Why are you? Right?
Roger: That’s it.
John: Like, what is your ultimate goal, ultimately, right… as an entrepreneur? Is it to serve others? Is it just for money, or is it to support your family?
John: …give you more time, freedom? You know, whatever you may need, purchase some certain items like, figure that out and hopefully that, you know, we’re able to help you relieve some of your stress.
Roger: That’s it and with these different entrepreneurs or mentors, they’re literally guiding you, helping you… take some stress off your business because they’re telling you, “Listen, this is the way what it actually works out, things will be just fine.”
John: And maybe that means hiring a mentor or hiring a coach, whether or maybe, right?
John: Just someone that actually helps you get through the tough times.
Roger: Helps you take care of your business, you need to take care of yourself, of course with the exercise and mentally staying strong, and then of course, all the other topics John, in turn, looking at ways to reduce stress when you put any problem out of perspective. It’s really been a great time today, John.
John: Thanks a lot, Roger.
Roger: John, thank you and we want to thank you for watching, or for listening to the podcast today, and we’ll see you again at Local SEO Today.
John: Thank you.