A Manpower Group Ireland survey revealed that 63% of workers say they have experienced burnout at some stage in their working life.

The two primary causes of burnout cited were stress (28%) and heavy workloads (24%).

Given that business owners and senior executives often face heavier workloads and are exposed to stress-inducing financial risks and managerial responsibilities, it’s reasonable to assume that burnout rates are likely higher than those among employees.

What’s more, it is often hard to know when you’re heading for burnout – you could miss the signs when they happen.

So, read about some key causes and symptoms of burnout, and discover ways to mitigate it for yourself as a business owner.

The challenges of running a business can lead to burnout

As the owner of a business, it’s perfectly understandable to want to give all you’ve got to ensure its long-term success. However, this can lead to normalising a “going above and beyond” mindset, which can result in you starting to work excessive hours. Although sometimes unavoidable, regularly overworking creates a poor work-life balance, which in turn can result in additional stress from tensions at home and a lack of relaxation time.

You can then find yourself in an ongoing spiral in which you do not feel in control, work extra hours to stay on top of your workload, and are unable to structure your time effectively.

By wanting to always be available to deal with issues, even outside standard working hours, you easily find yourself answering emails late at night, so you are never actually switching off from work. As a result, you can start losing sleep and missing out on time with your loved ones.

As the person in charge, you will always feel that the buck stops with you. This is likely to result in you understandably feeling responsible for every decision and business outcome. As a result, you may be unwilling to delegate tasks, even if the opportunity is there.

Then there are the financial challenges of owning your own business. These can create significant anxiety and burnout, especially at times when they are being driven by events out of your control, such as an economic downturn or regulatory and reporting demands.

All of this can add up to constantly having to make decisions and solve problems, with little time to step back and plan ahead.

Understandably, this sort of pressure can affect your health and wellbeing, and ultimately jeopardise your business – something you may have spent much time and effort building from scratch.

Recognising the symptoms of burnout

It’s important to recognise how burnout can manifest itself, so you can take proactive steps to address the problems you are facing.

These can be both mental and physical. For example:

• Struggling to feel motivated and to get any personal satisfaction from what you do
• Finding yourself constantly looking for the next problem to sort out or deadline to meet
• Feeling constantly tired, even at the start of the day
• Generally feeling “unwell” without a clear idea of what the issue is.

Take proactive steps to help reduce your potential for burnout as a business owner

It’s important to have a clear understanding of how you can be affected by burnout and of the key reasons for it in relation to your own circumstances.

This will give you awareness of the issue and its effects on you, your health, your business, and your life outside of work.

You can then start looking for ways to mitigate these effects and reduce your chances of burnout.

Of course, these will be dependent on the structure of your business. What works for a business with several employees won’t necessarily be appropriate if you are a sole trader.

Some steps you may want to consider include:

• Demarcate regular time to focus on decision-making processes and planning ahead.
• Create clear boundaries between your work and personal life, and use your time not working, including weekends and holidays, to recharge and relax.
• Appreciate that you are the biggest asset of your business, so make self-care a priority rather than an afterthought.
• Create effective personal support structures and get expert advice when you need it.
• Delegate tasks to others, perhaps using freelance support to give you some valuable breathing space.

Working excessive hours can be counterproductive, as you are likely to be tired, and, as a result, the work you do may not be optimal.

Finally, worrying about your business 24 hours a day will not improve the situation. If you’re feeling overwhelmed with stress, consider talking to a spouse, friend, or therapist about it.

Get in touch

Knowing that you are on track to meet your financial goals and that you have plans in place to secure your long-term future can give you a big mental boost and valuable peace of mind.

If you would like some guidance on planning your finances, please get in touch.

Email us at clients@iqf.ie or call 353 71 915 5560.

Please note

This 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.