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Business burnout: 6 ways to avoid it happening to you

Business burnout: 6 ways to avoid it happening to you

Starting, running and growing a business can be a huge drain on your time, energy, relationships and finances. We outline some strategies to help you avoid the business burnout.

Keeping your nose to the grindstone without coming up for air is a recipe for disaster. This can be especially true for small business owners. Business burnout can floor even the most seasoned entrepreneur. Here are 6 ways to avoid it happening to you.

1. Balance is out, blend is in

Making time for everyone is possibly the toughest challenge you’re going to face. It’s hard not to succumb to pangs of guilt when your business demands that it comes first, not your family.

Unfortunately, missing magic moments, whether they’re with your family or friends, is going to happen. Try not to make this an acceptable habit though - you’ll do yourself no favours in the long run. 

You’re wearing lots of hats as a small business owner, but with some careful planning and prioritisation you can make them work for you. After all, your business is not the only legacy you’re creating. 

2. It’s OK to say no

Being a gutsy risk-taker is part of the entrepreneurial psyche. Saying “no” isn’t always an easy thing to do, especially if you’re hardwired to embrace change rather than settle into your comfort zone.

But uttering this one word can be empowering. It may lead you to reclaim time, establish boundaries, relieve guilt, maintain respect and regain control.

3. Retreat, regroup, refocus

Working crazy hours is nothing to celebrate, and being well rested should not be considered indulgent. By doing this you’ll be a great role model for your team - and it can help you maintain healthy relationships with your friends and family. 

When was the last time you took a really nourishing break? Stop thinking of it as a perk – it’s a necessity. Time out will undoubtedly help your productivity soar. 

4. Get a support network

This is crucial. Surrounding yourself with people who’ll support you, personally and professionally, is invaluable. 

A group of trusted advisers can help you take your business in a direction you hadn’t even thought possible or provide wisdom that will help you navigate the highs and lows of running, growing or winding up your business.

Your network could be your crutch. And they work both ways. You’ll inevitably cross paths with someone who you can help avoid a business burnout too.

5. Relinquish the reigns 

Stepping aside is a tough call, but you and your business could really benefit from it. A trusted adviser from your network may give you just the nudge you need when the time’s right. 

For many entrepreneurs expanding their leadership team or appointing a CEO takes them out of the day-to-day, giving them the freedom to nurture a burgeoning part of their business or simply reclaim some much-needed breathing space to enjoy life.

6. Use time-saving tools

Running a business isn’t a 9-5 job. Knowing this, we’ve developed tools that could give you back some of your valuable time including:

  • Accounting data feeds so you can quickly and easily integrate your online accounting software, such as Xero and MYOB, with your online banking
  • Real-time alerts so you know if your account balance is low, high or if you’ve just been paid 
  • Essential Super - a straightforward super fund for you and your employees that's easy to set up and manage in NetBank. It’s SuperStream compliant too. 

This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice.