The desire to make a venture profitable is a major driving force for most entrepreneurs. During their quest to achieve success they are likely to encounter many highs and lows that will require close and skilful management. During busy/quiet spells, an entrepreneur will feel the pressure and may consider his/her role as business owner stressful, to the extent that giving up, selling or closing down the business may even appear to be an attractive option.
When dealing with stress and pressure, an entrepreneur must manage the issue effectively, as the buck stops with him/her.
There are many ways of dealing with pressure. These include;
1. Talking the issue through with someone who has experience If you run a business you're likely to encounter problems and issues that others have almost certainly faced before, not only on a general administrative front but also industry specific. In such instance, it may be worthwhile engaging with an experienced Director who can help provide advice and support. You don’t always have to take their advice, but listening and thinking things through with somebody experienced can have a positive effect. Take counsel.
2. Breaking the problem down in to bite size pieces Any problem that you may encounter could possibly seem to be a big issue and insurmountable at the time when it arises. Break it down in to sections, as smaller underlining issues will possibly be easier to deal with.
An example may be cash flow, managing is so that payments to suppliers are made regularly and calls, letters and chasers then are not required, saving precious and unnecessary time for your staff. If you have a big purchase ledger with many accounts, then pay anyone owed under £500 as a matter of course each week, then handle the major accounts on a monthly basis. This will undoubtedly stop the interference and allow staff to do the right thing. Reduce the major issues to smaller problems.
3. Understanding the source and how the issue was created Investigate any issue that occurs and understand why it occurred. This will allow you time to take all the steps mentioned in this blog, reduce the pressure and also, most importantly perhaps stopping the issue or problem repeating. Enquire in depth and understand the process.
4. Not jumping to a conclusion or answer Take your time when considering how to deal or answer a problem. Do not jump to a conclusion, it may well and possibly will be the wrong answer. Investigate the issue and consider various actions that you could potentially take. Take your time.
-- Don’t worry about what could go wrong; think about how much could go right.
Next week I will be giving an entrepreneurs view of 'Grexit'. In the meantime if you have any questions or wish to share your opinion on this post then please do get in touch.