A survey conducted by Harvard Business Review shows that all entrepreneurs experience some level of burnout. However, those who are obsessively passionate about their business feel more emotionally drained by work than other entrepreneurs. Harmoniously passionate entrepreneurs, on the other hand, report being able to balance their jobs and personal lives better.
How do you achieve that balance and avoid burning out? Here are some tips.
1. Quit the Hustle Mentality
The hustle mentality tells you that you need to work hard to be successful; that you need to be always doing something to get to your goal. It’s a “go, go, go” mentality with no place for rest because “sleep is for the weak.” It’s precisely the reason many entrepreneurs and leaders burn out.
A “go, go, go” attitude isn’t sustainable — especially for business owners taking on multiple roles for their companies. Instead of working hard, choose to work smart. Busy doesn’t always mean productive. Look for efficient ways to make the most of your day.
Switch from living the hustle mentality to following the 80/20 principle, which says that 80 per cent of your business revenue must come from 20 per cent of your actions. Assess your business. Identify areas that produce the highest revenue and prioritise them.
2. Delegate or Outsource
You may have to do everything on your own in the beginning. As your business grows, however, it might be best to learn to delegate tasks to others. If you’re not ready to hire and have employees, think about outsourcing some tasks to free up your time. Outsourcing or delegating tasks could improve your efficiency and productivity, as you’re able to get more things done.
3. Improve Your Quick-Decision-Making Skills
As the head of your company, you make numerous decisions daily. Being undecided or getting stuck with all your “maybes” could lead to unnecessary stress.
Learn to make decisions confidently and quickly. Drop the “maybe” from your vocabulary. When presented with a task or problem, make a decision as soon as possible. Are you doing it, delegating it, or putting it on your non-priority list of things to do?
4. Listen to Your Body
When your body tells you to stop, stop. Pushing your body to its limit will only make you more prone to burnout. Take time to rest. Make it part of your daily or weekly agenda. Consider scheduling a few minutes or hours within the day to step away from your computer.
You need more than just passion to be a successful and happy business owner. Consider developing a smart and efficient strategy for handling your daily responsibilities to avoid burnout.
At Kidmans Partners, we aim to support entrepreneurs like you in growing your business. Whether you need advice in starting a new venture, building your team, or managing your cash flow, we have you covered.
Call us at (+613) 9836 2900 or fill out our contact form to learn more about our services.