A new study of small business owners in the U.S. found that 33 percent don’t have the same level of motivation they did in the early days of their entrepreneurial journey. The February 2019 study looked at the survey findings of 365 small business owners with 0 to 10 employees.
Surveyed business owners said the biggest contributor to the loss of motivation is the high level of stress that comes with running a company.
As a small business owner, you're likely familiar with the feeling of always juggling endless tasks, being pulled different directions at once, and not having enough hours in day to get everything done. It’s not a surprise that entrepreneurs and small business owners are some of the hardest working people in the world. They tend to wear many hats by taking a hands-on approach to most aspects of a business.
According to a 2018 poll, almost half of all business owners clocked more than 50 hours per week, and 82 percent worked more than 40 hours. Fewer than half put in those hours happily or enthusiastically. Instead, their motivations ranged from believing their role is indispensable to the fear of failure.
The takeaway is don’t burn yourself out by trying to do everything. Frequently remind yourself why you started a business in the first place, and don’t let stress make you forget about what you find most rewarding.
For example, most entrepreneurs don’t start a business because they have a passion for payroll, or a burning desire to keep up with ever-changing industry, state and local taxes and regulations.
Fortunately there are terrific software-driven tools available today to dramatically reduce the amount of time you spend on tasks you struggle with -- attracting and hiring employees, processing payroll and managing HR benefits, building an ecommerce site, digitally marketing to customers and more. These solutions even come with 24/7/365 access to live, dedicated experts who can answer questions and counsel you on your specific business situation.
And if cash flow is keeping you awake at night, today’s online lending marketplace can simply solve that too. One application gets you multiple, competing loans offers from lenders nationwide. You chose the perfect one for your business and access money in as little as 24 hours.
The good news is by reducing or eliminating the stresses of business ownership, you can quickly reverse burnout and re-ignite motivation. By not trying to do everything, you’ll be happier, with more time to focus on growing your business. You will see that those DIY tasks you had a monopoly on before can be completed better and faster by technology.
That’s something to smile about.
Heartland offers you best in class payment, point of sale, payroll+HR, Ecommerce, customer engagement and lending solutions to grow your business. Contact us today to learn more about how we can help you.