Running your own business can be incredibly rewarding. You get to build something of your own, make decisions about its future and see the results of the work you put in.
But let's be realistic – running a business can also be stressful.
Whether you're managing a growing company in Devon, running a family business in Cornwall or building an SME elsewhere across the South West, there's often a lot resting on your shoulders.
Customers need looking after. Employees need supporting. Bills need paying. New business needs winning. Emails keep arriving. And somewhere amongst all of that, you're expected to find the time to actually run the business.
It's easy for your own wellbeing to gradually move further down the priority list.
But looking after yourself isn't separate from looking after your business.
A healthy business needs someone at the helm who has the energy, clarity and headspace to make good decisions. That's why wellbeing deserves to be considered alongside your finances, growth plans and business strategy.
One of the challenges of being a business owner is that the working day doesn't always have a clear finish.
You might leave the office at 5pm, but that doesn't necessarily mean you've stopped thinking about work.
There's tomorrow's meeting.
That invoice that still hasn't been paid.
The employee you need to speak to.
The customer you're waiting to hear from.
The tax bill that's coming up.
And, of course, the email you suddenly remember just as you're trying to go to sleep.
When you're responsible for a business, switching off can sometimes feel impossible.
Some pressure is a normal part of working life. However, prolonged stress can affect both physical and mental health. The Health and Safety Executive (HSE) warns that prolonged stress can contribute to mental and physical ill health, including anxiety and depression.
That's why recognising when everyday business pressure is becoming something more is important.
For many business owners, one of the biggest sources of uncertainty is money.
You might have a healthy order book but still worry about cash flow.
Perhaps several customers haven't paid their invoices on time.
Maybe costs have increased and your margins aren't quite what they used to be.
Or perhaps you know there's a tax bill approaching, but you're not completely sure what it will look like.
Not knowing can sometimes be more stressful than the actual number.
This is where having a clear understanding of your business finances can make a real difference.
Up-to-date bookkeeping, cash-flow forecasting and knowing what money needs to be set aside for tax can give you a clearer picture of where your business stands.
It won't remove every challenge that comes with running a business, but it can remove some of the uncertainty.
And when you know what's happening financially, you're in a much stronger position to make informed decisions.
Having financial clarity doesn't mean checking your bank balance every hour.
Instead, focus on understanding a handful of key figures.
Do you know how much money is coming into the business each month?
Do you know what it costs to keep the business running?
Are you profitable?
How much are customers currently owing you?
What tax liabilities are approaching?
And what does your cash-flow forecast look like over the next few months?
When those questions have clear answers, it becomes easier to plan.
For example, if you're considering recruiting another employee, moving premises or investing in new equipment, you can make that decision based on your actual financial position rather than simply hoping the numbers work.
Good financial information gives you greater control.
And greater control can help remove some of the worry that comes from not knowing what's around the corner.
Business owners are often used to wearing multiple hats.
One minute you're dealing with sales, the next you're handling HR, then you're chasing invoices, answering emails, updating social media and trying to find time for the work that actually generates revenue.
Particularly in smaller businesses, it can become normal for the owner to be involved in almost everything.
But just because you can do something doesn't necessarily mean you should.
Take a look at where your time is going.
Are there tasks someone else within the business could handle?
Could you outsource areas where you don't have the expertise?
Are you spending hours every month doing something that a professional could deal with much more efficiently?
Delegating can be difficult, especially when you've built the business yourself. But creating a company that depends entirely on you isn't necessarily healthy for you or sustainable for the business.
Sometimes, the smartest business decision is simply accepting that you don't need to do everything yourself.
When you run a business, the line between work and personal life can become very blurred.
Technology doesn't make it any easier.
Your emails are on your phone. Customers can message you. Notifications continue after you've left the workplace.
Before long, checking "one quick email" at 7pm can turn into another hour of work.
Setting boundaries doesn't mean you don't care about your business.
It means recognising that you need time away from it.
That could mean deciding not to check emails after a certain time, keeping parts of the weekend work-free or simply turning off notifications when you're spending time with family and friends.
You don't necessarily need a dramatic lifestyle overhaul.
Small boundaries can make a big difference.
When was the last time you took a day off and actually switched off?
Not a day where you answered emails from the beach.
Not a weekend where you checked your laptop every couple of hours.
A proper break.
For some business owners, taking time away can create its own anxiety. You might worry that something will go wrong or that customers won't get what they need.
But if your business can't function for a short period without you, that may be something worth addressing.
Processes, systems and trusted employees can help make the business less dependent on one person.
Building that resilience doesn't just give you more freedom; it can create a stronger business too.
If you employ people, wellbeing shouldn't stop with the business owner.
Employers have responsibilities when it comes to work-related stress. HSE states that employers have a legal duty to protect workers from stress at work by assessing the risks and taking appropriate action. Businesses with five or more workers are required to record that risk assessment.
HSE identifies six key areas that can contribute to work-related stress when they aren't managed properly: demands, control, support, relationships, role and change.
Think about how these apply within your own company.
Are workloads manageable?
Do employees understand what's expected of them?
Do people feel comfortable raising concerns?
Are significant changes communicated properly?
And are managers genuinely listening to their teams?
Looking after employee wellbeing isn't simply about offering occasional perks.
It's about creating a working environment where people feel supported, understand their responsibilities and can raise concerns when something isn't working.
There is a business case for this too. HSE highlights the potential impact of work-related stress on productivity, staff turnover, attendance, recruitment, retention and even customer satisfaction.
Planning might not immediately sound like a wellbeing activity, but for business owners it can be incredibly valuable.
Uncertainty creates pressure.
Knowing what is coming gives you an opportunity to prepare.
Instead of reaching a tax deadline and suddenly wondering where the money will come from, plan ahead and regularly set money aside.
Instead of discovering a cash-flow problem when the bank balance becomes uncomfortable, use forecasting to spot potential gaps earlier.
Instead of waiting until costs become unsustainable, regularly review your expenses and margins.
The same principle applies beyond finances.
Look at staffing requirements, busy periods, holidays, major contracts and planned investments.
The more you can anticipate, the fewer unpleasant surprises you are likely to face.
It's easy to get caught up in the numbers.
More customers.
More revenue.
More employees.
A bigger office.
Another record month.
Growth can be exciting, but bigger doesn't automatically mean better.
Ask yourself what you're actually trying to achieve from your business.
Perhaps you want to build a large company.
Perhaps you'd rather have a smaller, highly profitable business that gives you more flexibility.
Maybe your goal is to create something you can eventually sell.
Or perhaps success simply means earning a good living while having enough time to enjoy life outside work.
There's no single definition of a successful business.
Your financial goals should support the life you're trying to build – not come at the expense of it.
One of the best things about running your own business is having the opportunity to shape it.
That doesn't mean every day will be easy.
There will always be busy periods, difficult decisions and unexpected challenges.
But constantly feeling overwhelmed shouldn't simply be accepted as the price of being a business owner.
Take time to look at how you're working.
Consider what's causing unnecessary pressure.
Look at your finances.
Delegate where you can.
Plan ahead.
And remember to make space for life outside the business.
Because your wellbeing isn't something to think about only once everything else has been dealt with.
It is part of running a healthy, sustainable business.
At GW Accountants, we know that running a business involves far more than submitting accounts and meeting tax deadlines.
Having a clear understanding of your finances can give you greater confidence when making decisions, help you plan for what's ahead and remove some of the uncertainty that comes with running a business.
We work with businesses across the South West to help them understand their numbers, stay organised and plan for the future.
Whether you're worried about cash flow, planning for growth, trying to get your accounts under control or simply want a clearer picture of where your business stands, having the right support can make a difference.
Your business deserves looking after – and so do you.
If you'd like greater clarity and confidence around your business finances, get in touch with GW Accountants and let's start the conversation.
