When it comes to the economy, business owners are often overlooked.
Government at all levels seems to cater to the wishes and desires of midsized or large companies that have more employees per company and generate more sales by facility but do so much less overall for the communities. The problem lies in the fact that small business owners pay more taxes and have been proven to contribute so much more to society in terms of jobs, charity and community involvement but are often under supported compared to larger businesses. Also small business ownership can be stressful because of what a business owner has to deal with on a regular basis. This includes worrying about paying the bills, trying to ensure that you have work for your employees, trying to balance family and business demands.
According to a 2014 study by the American Psychological Association that reviewed stress levels of Americans, 72 per cent of respondents were stressed about money sometime in the last month.
Dr. Gabor Mat, in his bestselling book When the Body Says No: The Cost of Hidden Stress, talks about the relationship between internal and hidden stress and significant health issues, including cancer.
Having experienced firsthand the effects of long periods of significant stress, I can honestly tell you that when my businesses are making money and my stress levels are low I have better health.
This relationship between profits and health is often overlooked. Healthy profits allow business owners to afford themselves the time they need to exercise and be proactive in looking after their bodies.
They are able to afford medical treatments and take the time to do what they need to do to reduce stress with exercise or leisure. Being profitable can reduce the stress that often leads to disease.
Many business owners can tell you that when they enjoy profits, they enjoy them with their family and friends. These profits allow business owners to take memorable vacations, have a guest house or cabin, or buy or build a home where they can be comfortable and cherish loved ones.
The key here is that without the profits, business owners like you and I would be working more and spending and less time with our family and friends.
In fact, the same American Psychological Association survey mentioned above stated that 31 per cent of adults with partners report that money is a significant source of stress.
Without profits derived from their business, entrepreneurs are forced to work long hours in order to avoid hiring staff and pay additional wages, which can put pressure on a marriage or relationship.
In a study by Dr. Brian Robinson of the University of Northern Carolina, divorce rates among workaholics were 55 per cent compared to only 16 per cent of marriages where the spouse was not a workaholic.
When healthy profits are available, business owners will use these profits to better their life and the lives of those around them and in doing so take the time to build better relationships.
Small business ownership can often be stressful but ensuring that businesses are successful and profitable can offset these stresses. In order for small business to meet those requirements the business owners needs to understand how to enable healthy profitability in their business.
Often people like you and me get into business because we have certain technical requirements, perhaps a trade, or education to become a dentist, doctor, lawyer, or other professional, but lack some of the business skills necessary to move the business from start up phase to profitability phase.
We need this knowledge so that we can be successful and lower the risk of business failure and reduce our stress load. Many times if someone comes alongside business owners for a period of time to support them in this journey, the chance of success is much greater. If you know a business owner that is stressed by the day to day aspects of owning a business encourage them to reach out and get the help they need to reduce stress and enable them to be healthier and have better relationships.
Dave Fuller, MBA, CPBC is the owner of Fuller Business Development and can be reached at [email protected] or 250-617-7467
