Small business (SMB) owners are some of the most stressed out workers in the U.S. Not only do they feel the pressure of sustaining and growing their business, SMB owners face currently unprecedented business challenges from evolving sales channels to increasing tax complexities. With stress levels reaching new highs, it’s more important than ever for small business owners to take steps to control and reduce their stress. It’s good for owners and for their business. Read on to see what’s at stake and how reducing stress can help you improve your business’s operations.
The impact of stress on your business
Failing to address the high-stress levels you feel as a small business owner can negatively impact your business. Your stress, and your employees’ stress, can cost your company 50 percent more in health insurance costs. Between 60 to 80 percent of workplace accidents are caused by stress and the American Psychological Association estimates that the U.S. economy loses more than $500 billion due to workplace stress.
Additionally, the serious health problems associated with stress (e.g., heart disease, high cholesterol, obesity and substance abuse) can take you out of commission, which could have a lasting, negative impact on your business.
Finally, succumbing to high levels of stress means you aren’t taking the time to think creatively about how to grow or adapt your business to shifts in consumer habits or the competitive landscape.
Productivity increases as stress decreases
When you take steps to decrease stress, your productivity increases and your business thrives. International studies have found that increased stress causes reduced productivity, while decreased stress levels lead to increased productivity. Reduced stress has halo effects – energetic and active individuals positively affect the productivity of those around them. This is especially important to business owners who are the leaders of their Read More Here