Can Result in Improved Personal Wellbeing
Running your own business can be a truly rewarding journey, offering you the autonomy of being your own boss. However, this freedom does not come without its own share of stress and demands. In the pursuit of harmony between work and life, it is essential to recognise that anxiety and pressure from your business has a profound impact on your overall well-being.
10 ways to approach your business so that you can feel healthier (physically, mentally and financially)
1. Improve Your Physical Wellbeing
Whether you’re sat at a desk or up and about all day, both can cause strain on your back, shoulders, neck, muscles and more. Your physical wellness is integral to you being able to run a functioning business and should always be a priority. That’s why, taking the time to be mindful about how you prepare your workspace or modes of transport for work is important. Investing in ergonomic equipment, such as adjustable standing desks, boosts productivity, alleviates fatigue and can be claimed as a tax-deductible business expense. You could also leave the car at home and try walking, cycling, or taking public transport to work (where possible) – all of which are free or again, can be claimed as a business expense. Manage your physical wellbeing and business by understanding what equipment comes under capital allowances to improve your comfort and help channel your energy towards the task at hand.
2. Improve Your Nutrition
One of the most common challenges shared between small business owners is the feeling of a lack of time, especially when you’re trying to fit in running your business with life. When we’re living a “fast-paced life”, it’s easy to fall into habits out of convenience, such as grabbing takeaway coffees, fast food, or squeezing in client meetings at lunchtime. However, if you keep in mind that these expenses are not tax-deductible business expenses, then this can help deter you from those costs. Instead, create a routine where time is carved out of the day so that a lunch break enables you to recharge and refuel. If you’re working from home, our advice is to avoid working in the kitchen where it can be too easy to needlessly snack or have one too many coffees.
3. Improve Your Mental Health
When managing your business efficiently, it can improve your mental health. The key to achieving this is… balance. So, do take well-deserved breaks and go on holiday, do accept, and learn from failures (they will happen), do INVEST in your business – both financially and emotionally – and do celebrate your milestones (whether it’s getting through your first year of being a business owner or becoming VAT registered). When it comes to making business decisions, seek out advice from professionals, such as trusted chartered accountants. Their advice can be invaluable and often help you implement tax-efficient strategies to minimise your tax liability and alleviate accounting anxieties.
4. Improve Your Relationship With Your Partner
Our relationship with our partner is one of our first lines of emotional support. Even if they help out in the smallest ways, it’s important to recognise the contribution they make to your business and your shared lives. Perhaps you can consider making your partner a shareholder in your business. This can demonstrate how you value their input as well as utilise their tax-free dividend allowance to extract more funds from the business into your joint household. If your partner is regularly assisting with your business, then be sure to follow the rules on paying them a reasonable salary. Don’t be tempted to pay them minimum wage or (on the flip side) an inflated salary for the work actually done in order to reduce taxes – you will be caught out by HMRC.
5. Improve Your Sleep
Being a business owner does not mean burning the candle at both ends. Whilst it’s important to keep to your deadlines, it’s equally as important to clock out. This can mean avoiding emails on your mobile at night or creating a to-do list for the next day. However, we understand that anxiety can creep in, and it can be difficult to mentally switch off at night. One way to better manage your business to ensure a restful night’s sleep is to invest in outsourcing. Whether it’s bookkeeping or marketing, it can be beneficial for both your business and your wellbeing to leave it to the experts. You can then rest easy knowing it is off your ‘To Do’ list.
6. Improve Your Access To Healthcare
Make the most out of being your own boss and the business owner when it comes to looking after your health. One of the perks of running your own business should be flexibility, however, all too often we become engrossed in our working routine. Nevertheless, it is crucial to listen to your body when you’re feeling run down. Do not make excuses about being busy at work when you need to go see a doctor, and certainly take their advice if much needed bed rest has been prescribed. Consider whether you can manage downtime by hiring employees. Taking on staff is a significant decision, but you should balance out any reservations with the opportunities available, including multiple tax incentives (employment allowance, apprenticeship schemes and more) as well as growing your business. Remember, managing your overall health is a multifaceted task when you’re running a business and illnesses are best kept at bay with some well-deserved and restorative downtime.
7. Build Your Mental Resilience
There’s no guarantee that business will be consistently good, and tough times are almost certain. A good way of reducing stress and anxiety is to build mental resilience. Working with an accountant to receive management accounts can be an effective solution. By utilising management accounts, you can gain insight into seasonal cashflow patterns, identify profitable and non-profitable areas of your business operations, as well as more accurately create future cashflow forecasts depending on different situations. This in turn will allow you to make more informed decisions and provide reassurance that you’ll be able to weather the storms. Being able to understand your business finances is key to your business’ success and building your mental resilience.
8. Reduce Stress And Anxiety
Being able to pay your tax bill is one of the most significant responsibilities when it comes to managing your business, and it’s naturally one of the biggest causes of stress and anxiety. However, it doesn’t have to be! One way to reduce your stress is to spread out your personal tax bill into a manageable payment plan. Fill in your self-assessment tax return early as this will let you know how much tax is due and give you more time to pay. We can’t emphasise enough how leaving your tax return to the last minute will only make matters far more stressful.
9. Focus On Your Longevity
There is nothing wrong with dedicating your life to your work, especially when it’s doing something you’re truly passionate about. However, at the same time, the saying of whether you live to work or work to live comes to mind. Every minute of life cannot be spent on work alone and can be detrimental to your longevity. Instead, we would recommend planning an exit strategy for when the time is right. This could mean getting your business into a good position so you can sell it or understanding how to tax-efficiently pass it onto family members, such as your children. Knowing what will happen to your business when you no longer want or can manage it can give you peace of mind and allow you to enjoy other pleasures in life. Remember, an exit strategy isn’t about the end of your business journey – it’s about planning for its succession. By understanding that not every moment needs to be consumed by your business, allows you to enjoy the longevity of life.
10. Pursue Your Personal Goals
Whilst running your own business can be a constant balancing act between building your financial security or stability and your personal well-being, it nevertheless remains one of the most rewarding personal goals you can pursue. When managed well, it can offer the freedom and flexibility that will allow you to thrive. This can sometimes involve finding the right support systems, such as accountants like Ridgefield Consulting, that can help take the pressure off when you’re on your journey.
In today’s fast-paced and demanding environment it is important to achieve harmony between work and life. Striking a balance between professional aspirations and personal fulfilment is a crucial determinant of overall well-being and sustainable success. By maintaining an equilibrium a sense of fulfilment will be achieved resulting in reduced stress and stronger relationships (contributing to improved mental and physical health) enabling us to lead more purposeful, joyful, and fulfilling existences.