2020 was a challenging year for most business owners, but we still need to be grateful for the many blessings we receive. Here are 5 tips to help reduce the stress levels your business creates. Insurance can play a big part in relieving stress, by creating some certainty and limiting potential financial pitfalls.
As an insurance advisor, I can assist you by providing a no-obligation review of your current coverage and ensure that your family, business and employees are taken care of.
Ryan Van Niejenhuis, BA
Credential Financial Strategies Inc.
Bring your work and your life into balance
As a business owner, chances are you need to balance your business demands with personal and family needs, which can be stressful.
Follow these five tips to help you reduce stress and keep your work and life in balance.
1. Take a break
2. Build a buffer
Give yourself breathing room between work and home. If you don’t have a commute, clear your head by doing some gentle stretches, listening to music or reading a few pages of a book. Taking time to transition can be a big stress reliever.
3. Let some things go
You don’t have to do everything yourself—though business owners often try. Identify tasks at work and at home that you can delegate. Even better, eliminate unnecessary steps and tasks so no one has to waste time on them.
4. Tackle money stress
Money is the number one cause of stress globally, and a challenge for 37% of Canadians. Business owners have two sets of finances to worry about—business and home. In both cases it can help to:
- Understand spending patterns and stop money drains by creating a budget
- Manage health costs with health and dental insurance
- Ease concerns about the future by considering how to save for retirement or other big expenses through a workplace retirement savings plan
5. Have a contingency plan
Determine what will happen if you can’t go to work—whether you have the flu or something more serious. Having back-up plans allows you to relax and stress less. These may include:
- Finding solutions to bridge cash flow gaps with an emergency fund or line of credit
- Getting insurance that will help replace your income if you become disabled or if you’re diagnosed with a critical illness
- Protecting your business and your partners with buy-sell life insurance and buy-sell disability insurance
To help you succeed in business and keep your life in balance, access resources available to you including talking to a financial advisor.
Note: Since each person’s situation is different, you may want to speak to an advisor who can help you with your insurance and investment choices before you make a decision.
This article was published by The Manufactures Life Insurance Company. Retrieved December 1, 2020, from https://www.manulife.ca/business/plan-and-learn/business-owners/five-stress-relievers-for-business-owners.html