Why it is important for small business owners to prioritize their own health
MARTIN A. SCOTT, CFP®, EA
Given the number of tasks, decisions to make, and responsibilities, small business owners can sometimes neglect their own well-being. In these situations, an owner might have good intentions to pursue success for their business, but by sacrificing personal health to achieve certain goals could ultimately have a much more negative effect on long-term objectives.
I note three reasons why small business owners should be making their own health a priority: Productivity, Sustainability, Financial implications.
Productivity
Working long hours is sometimes necessary for a small business owner, but when it gets to the point of being too much, burnout can be a result. Ultimately, burnout can have a negative impact on cognitive function and reduce productivity, which has an adverse effect on business. Instead, by focusing on better health, it can lead to higher energy levels, better focus, and an ability to deal with stress. Business ownership requires so much effort so having more energy allows for a small business owner to confidently address the everyday demands of their business, which include serving clients and business operations. Having better focus provides the ability to be more efficient with time, prioritize tasks well, and make strategic decisions that will benefit business in the long-term. The nature of small business ownership will lead to at least some level of stress (e.g., managing finances, unexpected expenses, technology issues, etc.) so being able to manage stress effectively equips an owner to handle these types of situations in a calm and productive manner.
“Ultimately, burnout can have a negative impact on cognitive function and reduce productivity, which has an adverse effect on business.”
Sustainability
Generally, small business owners are an integral part of their businesses, meaning they are a valuable asset (i.e., capacity to work in the business), which makes good health a priority if the business is going to survive long-term. Performing consistently, reducing the risk of business disruption, and effectively responding to challenges are keys to sustaining a business over the long-term. Being in good health provides small business owners the opportunity to maintain consistent performance, which earns trust with clients and strengthens these client relationships (leads to client loyalty) going forward. The risk of disruptions to business operations lessens when a small business owner is in good health. Situations such as illness and burnout will negatively impact the ability to manage business so investing in better health can reduce the likelihood of these types of health-related disruptions, which ultimately helps the continuity of business. Challenges (e.g., economic downturns, loss of clients) are an inherent part of small business ownership so being in good health better equips an owner to overcome obstacles and address challenging circumstances effectively (e.g., navigating an uncertainty in business, responding well to adversity, adjusting business strategies if necessary), which will help sustain business for the long-term.
Financial implications
It might not seem like it, but health-related issues can have significant financial implications for small business owners. For example, medical expenses and missed opportunities due to illness can slowly add up over the years and ultimately reduce business profitability. There will always be some types of medical expenses, but investing in good health can help keep these costs lower (e.g., not having doctor visits often and paying co-pays). Regarding missed opportunities due to illness, some examples can include lost productivity and not taking advantage of a strategic opportunity that could help business long-term. Being in good health helps a small business owner “remain present” so they will not miss an opportunity that could help their business growth now and in the future.
WAYS TO INVEST IN GOOD HEALTH
Get enough sleep (7-9 hours): For a small business owner, this one can be difficult because there is always the desire to cut sleep to get more work completed, but quality sleep should be a priority as it helps cognitive function and overall health.
Exercise: It does not have to be super intense, but it is good to try to at least exercise for 30 minutes (moderate intensity) per day during the work week. For example, if a small business owner is having trouble finding time to work out at a fitness center, then a simple solution would be to at least go walking (while doing something work-related like taking phone calls).
Eat well: For a small business owner wanting to save time, it can be tempting to just grab quick foods to eat, but most times, these types of foods are processed and have high sugar content. Instead, it is much healthier for an owner to consider preparing their own meals.
Manage stress: This one is going to be different for each small business owner, but being intentional about reducing stress is very important. Some ways to do so include prayer, exercise, deep breathing routines, and taking regular breaks throughout the workday.
Get professional help: Small business owners must focus on serving their clients, but it is important to hire professionals to help themselves as well. Some examples include regular checkups with a doctor and talking with a mental health professional.