Let’s Reduce Stress in our Business

Being an entrepreneur can be hazardous to your health. Many small business owners believe that the stress of running their business has damaged their health.
This is not surprising when you consider that entrepreneurs work longer hours than almost anybody else. Two thirds of small business owners work more than 40 hours a week.

To make matters worse, most entrepreneurs find it difficult to take time for much-needed rest and relaxation. More than half are afraid to take even a full week of vacation, often because they're afraid to trust staff to continue good service for customers.

Fortunately, there are ways that entrepreneurs can reduce their stress levels and recover both their health and sanity:

1. Learn to Say "No"
When you commit to 10 percent more than you can actually accomplish, it "feels" like you've got 50 percent more, thereby creating even more stress. By not taking on more of a workload that you can reasonably carry, you create more time for meaningful activity and therefore less stress.

2. Delegate, Delegate, Delegate
Taking on more than your fair share of the responsibility for getting things done leads to fear of things "falling apart" when you take a day off. Giving more responsibility to your employees and contractors--and trusting that they'll get the job done--can take a huge weight of stress off your shoulders.

3. Don’t procrastinate and postpone decision making. Difficult decisions are not made easier because you postpone them. At times conditions may worsen if issues are not resolved.

4. Stay Fit. Learn to relax, stretch and find some quiet time to ward off anxiety. Find the time to exercise regularly; being in shape helps deflect stress. A well balanced diet also improves fitness levels. Finally, get enough sleep to allow the body to restore itself. Deadlines may be more flexible than you think.

These suggestions won’t eliminate all of the stress in your business but you may find they help keep stress at a manageable level. Please let me have your comments. gerry@polarisgroupmc.com

Let’s Maximize Profit

There may be many options to choose from that can help you improve profitability. Analyse your strengths, weaknesses and capabilities for ways to improve. Here are a few measures that can have a surprising impact on profitability.





1. Examine key performance measures: Falling sales, shrinking working capital, and rising costs are key indicators to monitor.

2. Manage your costs: more effective purchasing can improve margins. Eliminate waste of materials and time.

3. Review sales to long term customers: you may find out some customers are not as profitable as you thought.

4. Increase productivity: Staffs are the largest cost center in most businesses. Increasing employee effectiveness can improve profits.

5. Review sales: ensure you are targeting the most profitable customers with the right product mix.

In most cases, a combination of these measures will give a boost to profitability. Incorporate these measures into your business plan and review frequently.

Be diligent and execute, execute, execute.