Updated: 29th January 2021
Many people dream of being their own boss, but unfortunately the reality of running your own business can sometimes be more like a nightmare. The stress of working long hours and worries about getting sales, paying suppliers, paying staff, along with many other things, can all mount up and the pressure can sometimes be too much.
If you’re finding that the stress is beginning to take its toll, then you need to take action. Sit down and try to look at things objectively. Make a list of all your issues and talk to somebody with business experience, perhaps a friend or your accountant. Often someone who’s not as closely involved in the business as you can look at things differently and can suggest new ideas.
Many business owners find it hard to relinquish control, but delegating and learning to let go a little can free you up to do other tasks and reduce your stress levels. Consider offering staff incentives such as bonuses or a profit share to motivate them. Look at outsourcing some of your operations to take some of the pressure off you.
Have you thought about selling your business? Talk to your accountant or business advisor to get advice on selling. You’ll need to get your accounts in order before you start the selling process as potential buyers will want to go through everything with a fine tooth comb. Do you know of any competitors or suppliers that may be interested? At this stage it’s best not to openly advertise the fact that you’re considering selling as you don’t want to worry your staff or customers.
If the business is not doing well and suppliers are chasing you for late payments, then it’s definitely time to seek professional advice. There are various options available to you depending on whether the business is technically solvent or insolvent, but it is important to act soon. It’s better that you make the decision to restructure or wind-up the company rather than it being forced on you by a supplier that you haven’t paid. In this situation, you’ll need to take advice about your options from an insolvency practitioner, and can do so at Real Business Rescue where we provide a free initial consultation with a licensed IP at any of our 101 Offices or place of your convenience.
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