According to the latest statistics, in 2013 there were 78,430 small businesses brought to life, and 83,240 closed. That’s left the country less 4,810 small businesses. We don’t have the statistics for the years since, but we do have some thoughts on why small businesses tend to fail, and what entrepreneurs can do about it.
While it’s true that business is business, and you can’t control the economy, you may be surprised to learn that as the owner and operator you have many ways to support the success of your business, and it starts with your mental health!
Are you an entrepreneur? Do you know what burnout feels like? Yeah, you do! When the weight of your company’s pass or fail rests squarely on your shoulders, you feel the burn. For many, if not all of us, that burn is exhilarating. There’s a real thrill in wheeling and dealing, making customers happy, hiring new employees, and expanding. You’re watching numbers climb and you’re enjoying the ride, but at what cost? Burnout, which is the unofficial term for the end result of chronic stress, is becoming a popular end result. When you’re burnt out, you may have trouble with concentration, fatigue, emotions, and even physical problems with your digestion, sleep, and blood pressure. Ah, living the dream! Right?
This is bad for you, and bad for your business. In not taking care of yourself, you’re also sabotaging your business. If you can’t work, you can’t work! And if you aren’t at your sharpest, you’re going to neglect important aspects of a new and expanding business, which will lead to disaster. You need to be able to review your books and make strong decisions in hiring, layoffs, supply purchases, and keep your own pricing both competitive and profitable. You have to catch mistakes and design exemplary fixes. Logic is an entrepreneurial must-have, which is difficult to harness when you’re grumpy and tired.
You also need to be able to connect with customers, vendors, and suppliers in order to perpetuate sales! Don’t miss out on a fabulous partnership opportunity because you were stuck behind your desk catching up on 4 months of work that should have been delegated to an employee. Or because you were rude. Recognize when it’s beneficial to grow your business and when it’s worthwhile to slow things down.
Most importantly, take time to take care of you. As leader of your team, you set the pace and work environment expectations. It means that you take breaks, you don’t eat lunch at your desk, that you critically weigh the pros and cons of each project, and don’t take on more than you can reasonably produce.
If you’re constantly battling headaches and a belly ache, are you really giving your business your best?
Easy ways to start taking care of yourself right now include eating healthy food, joining a lunchtime fitness program, and booking a vacation with your family – even just a day trip or weekend away! We understand that you can’t ignore your email the whole time you’re away, but you can shut it down for a few hours and refresh your mind and body so that you can come back on Monday ready to dominate your competition! Or, you know, meet them for lunch and grow your network! Also, especially if you’ve been at this for a while, it’s not a bad idea to get your blood pressure checked.
Jelly Triangle can help you stay on top of your marketing strategy! Book a free consultation to find out what’s trending and get your business into the conversation by calling 519-624-8888.
