Are you stressed out? If you are you are not alone. According to The American Institute of Stress and The American Psychological Association, "77% of people regularly experience physical symptoms caused by stress. Additionally, 76% of people cite money as the cause of their stress".
Stress and Your Business
As an entrepreneur in the health and wellness space, you help others deal with the effects of daily stress in their lives. The problem is that you put your needs on the back burner and this can cause havoc in your business and in your life. It can show up when managing operational tasks such as your finances. For example, if you are stressed out then most likely you won't stay on course with taking care of receipt management for expenses, monthly bookkeeping, budgeting and forecasting and adjusting prices with your clients to ensure you are bringing in enough revenue. When you are not bringing in enough revenue then you might be tempted to work with anyone instead of your ideal clients and that can certainly add to your stress.
"How you deal with stress determines how well you and your business do".
So what is the solution?
Stress Management Tips
1. Get enough sleep. If you are not well rested there is no way you can do your best work or make good business decisions. Set a specific time to power down each night and stick to it. If you are having challenges powering down check out apps like Sleep Cycle to help you relax.
2. Create a financial emergency cushion for your business and personal life. Dave Ramsey has great tips on how to do this on his site www.daveramsey.com.
3. Create a financial business team. This team which should consist of a CPA, an attorney, a financial planner and, a good bookkeeper. They can assist you with managing your business finances and ease stress related to planning for your financial goals.
Financial stress is a daily challenge that most entrepreneurs face. It doesn't have to sink your ship. The key to stress management is prevention. If you put a plan in place to mitigate stress it will have no room to slow you down from reaching your business goals. Do you have tips you can share on how to manage financial stress?
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