Lonely at the Top
The mental toll of being the one in charge
The Weight of Leadership
“It must be such a great feeling to have achieved what you have in starting a successful business.”
On days when you receive that sort of comment you feel proud and get a little buzz. Unfortunately not all days are like that.
If you are the Managing Director, CEO, Founder, or whatever term you use to describe yourself, one thing remains the same - the buck stops with you. There may be a senior team around you but when the really big challenges arrive, everyone will look to you.
It is in these difficult times that the pressure builds, you realise it is up to you and there is no one else. You are making real, hard decisions on which the future of the business, and your employees, rests. If finances are tight the threat of HMRC enforcement, payment of suppliers, and not being able to make payroll at the end of the month keeps you awake at night.
When It Gets Dark
Before I started a business I struggled to understand how a business owner could ever reach a point of killing themselves over their business. On the darkest days, during low points I can now understand how people reach that position. Running a business can be a lonely affair and it is easy to spiral into depression.
In 2020 a survey by ACCA, the chartered accountancy body, suggested as many as 1 in 10 small business owners were contemplating suicide due to cashflow issues during the Covid pandemic. Alongside this 89% of business owners were claiming significantly increased stress levels. Thankfully we may have moved away from those peaks but stress and the mental health of small business owners remain a significant and rarely talked about issue.
Building Your Support Network
Looking after your mental health and creating a support network around you is immensely important. There really isn’t anyone who will understand your business issues apart from other business owners. Family and friends will nod and make encouraging noises but they are unlikely to understand what you are going through. With your family you do not want to be passing your stress onto them, that is most likely only going to create additional issues.
Everyone is different, and the way we deal with stress and its impact will vary, there is no script to follow. Below are some thoughts on what has worked for me and others I have worked with over the years.
From day one of starting a business it is important to start building your support network:
Local networking groups of small business owners and entrepreneurs are a good starting place. I have generally found other business owners are open to share experiences and discuss problems as they feel part of the same club.
There are more structured national groups you can join, from organisations such as the Institute of Directors and the Federation of Small Businesses, to smaller, more personal groups which may be county or region based.
External trusted advisers can be an excellent source of support and advice but it is important to get a personal recommendation. It’s not just a case of their experience, their character and personality will play a large part of how well you can work together. Being outside of the day-to-day business, they can view things in an objective way and, if they are good, provide an element of personal support sensing when further help may be needed.
Knowing Yourself
It’s also worth spending time understanding how you operate as an individual, learning what causes you stress and the behaviours you exhibit when you are stressed. Knowing yourself helps you learn how to avoid or minimise those situations. You will never be able to remove stress entirely from running a small business but having mechanisms for coping with, and reducing stress, will help.
Any true founder and small business owner is likely to be to some degree, a workaholic. In the early stages a business needs all the focus you can give it, however, working crazy hours is not beneficial to you or the business. To be productive and make good decisions you need time out from the business and proper rest.
Finding Balance
A good distraction hobby, regular exercise and just pure relaxation all help maintain both mental health and the ability to make good business decisions. Taking time away from the business can help your mind see things in a different way and provide the clear path you need. I often would have revelations in my mind whilst doing something physical, be it exercise, gardening or DIY.
The stress from problems is always far worse whilst you are worrying about what the right course of action is, once you have decided on a course of action, no matter what it is, the level of stress reduces. You need to spend some time evaluating all options but procrastination is not going to help. Inaction is rarely a solution.
There is a reason ‘sleep on it’ is a cliché - it is generally true. A rested mind can see more clearly and a fresh mind will throw up new options. Sometimes even just a short amount of time can introduce unexpected options.
There’s Always a Way Forward
In my experience even when the situation looks completely unworkable, there is always a way forward. A business is never something you should consider ending your life over, and if those sort of thoughts ever enter your head seek support. It is not a weakness, many small businesses owners have been there.
I don’t want to end on a low note. There may be dark days but there are far more highs than lows when running a business and tomorrow may well be the next high. That’s what keeps you going.