Business Owner Burnout & What To Do Next
Ever since Covid-19, many businesses have been in upheaval. For some businesses managers and employees are leaving. For other businesses, there is an influx of people who have never worked in your industry are starting new careers. People are starting small businesses left and right and at the same time, many businesses are being listed for sale.
What Covid-19 did back in 2020 was provide a moment where people could step out of their daily work lives and take a breath. Some business owners, employees, and entrepreneurs alike realized they didn’t enjoy what they did. The following months have displayed people making business moves to change what they are doing and where they are at. This can be for the better, and it can be for the worse.
We will be looking at signs of business burnout, what you can do if you are tired of your work, and what you can do if this is just a slump and you want to continue in your industry.
Ways To Make A Change Due To Business Burnout
As a business owner, you can take a variety of actions to manage your burnout from your company. It is important to take time to reenergize your love for the business or make a change.
Sell Your Business
If you are feeling burnout from your company, it may be time to sell your business. Selling your business before your burnout affects it is extremely important. A successful business will sell for more profit, so it may be time to cut your losses. The profit you get from selling your business can be invested in your next venture or retirement. Either of those will undoubtedly pull you out of your business burnout.
Buy A Business
On the other hand, you can buy a business. Buying a business can pull you out of the daily grind of your existing company. There are a wide variety of businesses for sale, and purchasing the right business can also improve your existing company.
Retire From Your Company
It may be time to retire. If you’re feeling burnout from your company and tired of the never-ending flow of business, retiring might be your best option. Taking strategic steps to retire from your company is extremely important.
Expand Your Business Through A Merger Or Acquisition
Just like buying a business, you could merge and acquire a business similar to yours. Doing this will shake things up. Your company will change, and so will the company you acquire. Acquiring a new business and merging it with yours can be the perfect remedy for business burnout.
Make sure your business burnout is due to a lack of activity before doing this. If you’re feeling burned out and simply tired from your business, acquiring another company might not be the best choice.
Start A New Business
Starting a new business is always tiring, stressful, and so enjoyable. The start-up is often a labor of love. You will be investing large amounts of time in getting a business off the ground. While this takes a lot of energy in cay pay off. Many more entrepreneurial business owners find they enjoy starting businesses, but they get tired of running businesses. Start a small company to get out of your business burnout may be a good option.
Signs Of Business Owner Burnout
If you are here, you probably know you are feeling burnout from your business. Below are signs or causes of business owner burnout so you can see it in yourself and be prepared to work through it, or so you can see it in your employees and managers as well.
Problems Are Approached As Problems Not Opportunities
When business owners start looking at problems simply as problems rather than an opportunity to grow or an opportunity to improve, there is a root of burnout within that business owner.
Cynicism is a great indicator that you are heading towards burnout in your company. A way to combat cynicism is to look at every situation as completely new. Cynicism can start to arise within a company when situations seem to be repeating, and you expect a deal to fail or a problem to result as it always has.
Looking at a problem optimistically means you believe that it will turn out well because this problem is not exactly the same as the last one. You can learn from the last problem and work towards a successful solution. An optimistic approach to problems in business will keep you from experiencing business owner burnout.
You Dread Mondays
It can be hard to be positive on a Monday morning. So many employees and the rest of the world may be negative about Monday, but you do not have to be. Find a way to make Monday different. If you were dreading every Monday because of work, you might be approaching burnout from your company.
You Are Bored With Work
Some business owners simply get bored with their work. If you are watching more YouTube videos than actually working, this can be a major indicator that you are getting burned out as a business owner. Since you’re not using your time wisely, this means that you do not have enough challenges to keep your company interesting. Find a way to challenge yourself to make work fun again.
Work Consumes Your Time Off
Another route that indicates a business owner is burned out from their company is their work consumes them. Being consumed by your work can be good, but there is a point where it is unhealthy. If you try to disconnect from your company on the weekends but find yourself worrying about issues within your business, you may be developing an unhealthy relationship with your company.
Your Employees Are Feeling Burnout
Employee burnout can be contagious. If you are exasperated every day at work and stretched thin, your closest employees are probably suffering the same way. If your employees are feeling burnout from work it will hurt your company as a whole. Look at this as is a new challenge you can take on. As you work through your own work burnout, encourage your employees to work through theirs.
Knowing how your employees feel is not just the responsibility of your human resources department; it should be a concern for you since the success of your business is closely connected to your employees. Invest time in your HR department to improve your workforce’s energy and work environment. This is vital to your continued business success.
Health Issues & Lack Of Sleep
As work continues to consume your mind, it can consume your health. You may see health issues arising and a lack of sleep. If you continue to progress down this route, you run the risk of a heart attack or other stress-related issues. Don’t allow burnout in your business to consume your time off, your health, and your sleep. It is important to work through your business burnout and to take time to recover.
How To Work Through Business Burnout
Working through business owner burnout is not easy. All of your employees are looking to you for answers, so there is constant pressure to deliver. Meanwhile, you are running on fumes trying to operate your business, manage your personal life, invest in your family. Below are some suggestions on how to work through your work burnout.
Take Time Off From Your Business
Taking a vacation is a great way to fight business burnout. Take time to refocus and reset. Taking time to invest in what really matters, your family and friends, help provide perspective on what you’re working for. Take time off from your company to work through business owner burnout.
Set Work Boundaries
When you get back from vacation, it might be a great idea to set boundaries on your work hours and commitments. By turning your phone off after work hours, you can get the rest you need and the time that is needed to recharge before the next workday.
Revisit Your Business’s Roots & Purpose
A lot of business owners get burned out because they forget the vision of their company. Knowing the vision, the roots, and the purpose of your business can help re-energize your daily workday. If your business purpose is not clear, maybe it is time to clarify different aspects of your company.
Reevaluate Your Business & Business Plan
Taking time to evaluate your business and business plan is always a good idea. While feeling work burnout, you might want to think about your exit strategy. While you may plan to run your company for many more years, having an exit strategy is important to your business’s survival.
Delegate Your Business Responsibilities To Others
If you feel burned out from your company, it may be time to delegate some of your responsibilities. Delegating responsibilities is an extremely healthy maneuver within a business. Your employees and leaders within your business will be able to grow within the company, and you will have time to invest in things only you can handle. This will also pay off when it’s time to sell your business because a business that doesn’t revolve around an owner is worth more.
How To Recover From Business Burnout
Working through business burnout is difficult. Recovering from a business burnout is a wonderful stage to be in. The worst is behind you, and now it’s time to maintain your integrity within your business. You do not want to slip back into business owner burnout. Recovering from work burnout is also a way to avoid burnout at your business.
Use Your Time Off To Get Healthy
When you aren’t working, it is important to maintain your health. Running an exercise can keep your energy levels up, so you are able to take on the daily work challenges.
Working on your physical health is just the first step. Your mental health is extremely important to you and your business’s ongoing success. Managing your mental and physical health together is one of the best ways to overcome job burnout.
Invest Your Time Off In Things You Love
A lot of business owners take their side job or hobby and make it their full-time gig. What ends up happening is your hobby becomes work. When this happens, it is important to start a hobby that is not related to work. Do something that isn’t tied to your paycheck or payroll.
Take On Challenging Things At Work That Get You Excited
If your business owner’s burnout is tied to boredom and disinterest, you should start taking on challenges at work. New challenges within a business can increase your interest in your own business. Conquering these challenges will also make you satisfied with your company.
Looking To Buy Or Sell A Business?
If you were looking to buy or sell a business due to business burn-out, contact us at Synergy Business Brokers. Learn more about Synergy Business Brokers and how we can help sell your business. Our focus is on selling successful companies with annual revenue of $700,000 to $70 Million+ in technology, the healthcare industry, wholesale/distribution, manufacturing, services, construction businesses, transportation, and more.
We sell companies in NY, CT, NJ, MA, PA, MD, VA, DC, TX, NH, LA, OH, and throughout the US. For a confidential consultation, please contact us at (888) 750-5950 or [email protected] Or you can fill out our seller registration form at Seller Registration.
