If you’re a business owner who is passionate about what you do, it’s likely that your work becomes all-consuming at times.

Over the years, you may feel that in trying to balance the needs of both your business and your personal life, you have given up essential family time and personal development.

One example of this can be seen in research by Skillshub, which says that of those entrepreneurs that found the time to take a holiday, 81% said they “had to work” during it.

If you can relate to this statistic, you’re clearly not alone – but over the long term, sacrificing your personal life for work can lead to some unfortunate consequences. With the right professional support behind you, there should be no need to work constantly just to keep your business going.

Here’s why prioritising work-life balance is essential for your wellbeing, and how building a support network as an entrepreneur can help you achieve it.

Burnout cases are on the rise

A Forbes report, released in October 2022, revealed global research that suggests burnout is an “international crisis”.

Indeed, various studies, including a poll of 20,000 people worldwide conducted by Microsoft, found that:

• 53% of those in a managerial role are burned out at work
• Ireland leads Europe in burnout statistics, with 3 in 10 workers feeling burnt out “very often” or “always”
• Reported levels of burnout between November 2021 and September 2022 “haven’t improved”
• 48% of small business owners (polled in the US) are suffering from burnout.

All this points to one thing: without making significant effort to prevent work-related exhaustion, it could easily find its way to you. This is especially true if you find it difficult to delegate responsibility to others, potentially leading you to overworking when you should be taking a break.

Checking your emails or making a quick phone call might not seem damaging, but always being “on” can contribute to chronic stress over time.

High stress levels can have significant long-term health consequences

Working while you’re meant to be on holiday is just one of many ways that chronically high stress – often synonymous with burnout – can manifest itself.

Other symptoms of high stress for business owners include:

• Difficulty sleeping
• Feeling glued to your phone, laptop, or other work devices at all times
• High blood pressure
• Feeling as if your fuse is becoming shorter by the day
• No longer experiencing happiness, excitement, or passion for the business you’ve created.

While you might feel “fine” running on adrenaline now, sooner or later, never switching off could have an impact on your health. Research conducted with thousands of participants worldwide, published by the University of Galway, says that rising stress levels can increase your risk of an acute stroke by 17%.

This is just one example of the physical effects of burnout that many people experience. Remember that acting now to ensure you are supported as an entrepreneur can help prevent a buildup of chronic stress.

Building a strong network of support can help entrepreneurs take valuable time off

You could be reading this article and thinking: “I hear what you’re saying, but how am I supposed to take time off when my business relies on me day-to-day?”

While this may be true, and you could have to make some sacrifices now, it could be helpful to begin thinking about your long-term plan. Eventually, you will have to prioritise work-life balance to protect your health – so now is the time to think about what “balance” might look like for you.

One way you can begin to work towards this goal is by building a strong network of support around you. These could be:

• Scaling up your team according to your business’s needs, rather than taking on more work yourself
• Investing in an appropriate technology stack that can automate many administrative and back-office tasks
• Forming a team of financial professionals, including a financial planner and tax adviser, who can take some fiscal pressure off your shoulders
• Communicating with your loved ones about your schedule and your needs, so everybody is on the same page.

Having these aspects in mind, even if you are unable to execute them all right away, can help you set long-term targets that prioritise work-life balance.

Get in touch with financial planners who work with business owners and professionals every day

Here at iQ Financial, we work with entrepreneurs and professionals every day. We can help you prioritise what matters most and let your money work for you in the background.

To get started, email us at clients@iqf.ie, or call 353 71 915 5560.

Please note

The article is for information only. It does not constitute advice.

It describes financial planning services that iQ Financial can offer to you. Financial planning services are not regulated by the Central Bank of Ireland.