The coronavirus pandemic has had a significant impact on the day-to-day operations of businesses across the world. As Australians have navigated the twists and turns of keeping their business afloat, more and more business owners are feeling the effects on their mental health.

New research conducted by MYOB’s Business Monitor, featured in a recent Business Australia article ‘Almost Half of Business Owners Suffering From Anxiety’, has uncovered that there has been a considerable rise in mental health issues for Australian business owners. This study focused on small to medium Australian enterprises and found that:

  • 45% thought running a business had caused them a significant increase in anxiety;
  • 34% found that running a business has resulted in depression (Business Australia, 2022).

This research further identified that among working Australians the main worries impacting their mental health are associated with their own finances and cash flow concerns, in addition to how the COVID pandemic would have an impact on the wider Australian economy (Business Australia, 2022).

Our ‘Take Care’ Tips for Business Owners

We have witnessed first hand how the last few years have impacted businesses across Geelong and the Surf Coast. We want to remind you that it is important you look after yourself and should you need help, it is crucial that you ask for it. We have put together some tips on how to take care of yourself moving in 2022 and as always, we are only a phone call away.

1. Write A List Of Priorities

It’s easy to fall into the trap of focusing on the amount of work you must do, rather than the tasks themselves. This could lead to feelings of anxiety, stress or being overwhelmed. A great strategy for overcoming this is to write a list of daily tasks, break them down into manageable segments by prioritising the most important tasks into what is the most important, and focus on 1-3 tasks at a time.

2. Set Work Hours (And Stick To Them)

As a business owner, it can be difficult to escape always being available for work, especially when working from home. That is why creating a schedule or routine of set work hours is vital to ensure that you have time away to relax. Whatever the hours, make sure they work for you and that when it’s time to stop for the day, you actually stop.

3. Schedule Time To Relax

It’s common that during our workdays we can get caught up in our tasks, and never actually take a break. One way to make sure we can transform this habit is to schedule a break into your work calendar. Whether it’s pencilling in 10 minutes to mentally reset or 30 minutes to take a walk outside, treat it with the same mindset as you would an important meeting and don’t skip it.

4. Unplug From Technology Outside Of Work Hours

Do you often find yourself checking your work emails after 9pm on a weeknight? If so, this could be impacting your ability to switch off and relax. One way to stop this habit is to set yourself some technological boundaries. Whether it be turning off your notifications after 5pm so you don’t see new emails come through, or putting your phone in another room for the evening, setting boundaries can be the key to mentally switching off from work.

5. Ask For Help And Have A Support Group

Running a business is hard, and you do not have to do it alone. Having a group of people around you, whether they be family, friends, colleagues, or anything in between, is essential to feeling connected and supported during this time. Give them a call and talk about anything and everything, because feeling anxious, overwhelmed or stressed is not something to be ashamed of, it’s a part of being human.

Would you like to stay up to date on the latest accounting information impacting businesses from Geelong and the Surfcoast? Sign up for our monthly newsletter ‘The General Account’ by clicking here.

References

Business Australia. (2022, February 1). ALMOST HALF OF BUSINESS OWNERS SUFFERING FROM ANXIETY. Business Australia. https://www.businessaustralia.com/resources/news/almost-half-of-business-owners-suffering-from-anxiety.