Many people have experienced this time-sucking, mentally draining state at least once or twice throughout their careers. In fact, according to a recent Gallup article, 76% of workers are well acquainted with burnout. While there is no official data on business owners specifically, many clinical research studies discuss this correlation and it makes a lot of sense.
Entrepreneurs are especially susceptible to the effects and impact of burnout due to the many roles, responsibilities, and duties they take under their wings. Advisor burnout is an important thing to talk about. Running a successful financial practice can be really hard, especially in the beginning stages, or if you are looking to switch gears or even expand.
Burnout can be a roadblock in your overall productivity, passion, and quality of work, resulting in increased fatigue and decreased job satisfaction. If you are feeling bured out by your role, know you are not alone and there are some things you can do to help.
Today our team wanted to bring you a post that discussed this important topic and provided resources to help get you back on your feet, doing the work you love.
Take a break
One myth about burnout is that it can only happen when you aren’t passionate about your job. But this just isn’t true. Burnout can happen to people who love their work but find that the amount of work and unfinished tasks pile up and cause a lot of stress. Interestingly enough, however, is that burnout is less about the hours you spend working and more about your perception and management of the work according to that same Gallup study from above.
You may be experiencing burnout for a number of reasons:
- Unmanageable workload
- Lack of work/life boundaries and balance
- Spending more time on work you don’t enjoy as opposed to work you are passionate about
Being overworked may seem like a mainstay in the life of a business owner, but it doesn’t have to be. One way to help manage this stress is to take a break.
Take a break. The three-word phrase that goes in one ear and out the other for many business owners. With so much to do and not enough time in the day, breaks may seem unimportant, frivolous, or wasteful, but research suggests that idea is far from the truth.
Breaks are important for mental and physical health, can increase creativity and productivity, and give you the space to reenergize and motivate yourself. Find a way to fit breaks into your day. For you, that may be stepping away from your desk for lunch or taking a quick afternoon walk or maybe dancing to your favorite song. Find small ways that you can include necessary breaks in your daily routine.
On a larger scale, be sure that you take time away from your office, email inbox, etc. For you that might be a long weekend or an extended vacation with family or friends. By taking intentional breaks you re-prioritize your time and give space for mental wellbeing.
Focus on your strengths
Sometimes burnout can hinder the way you view yourself and your practice. It can, in essence, cloud your strengths, but you have to find ways to remind yourself of the things you (and your team) are doing really well and build on that energy.
This often comes down to a matter of prioritization. Prioritize the work that you love to do and if you aren’t doing enough of that work try to get to the root cause. Is it time, money, resources, or a mix? Knowing your roadblocks is just as important as knowing your goals. When you are able to strike this balance, you will find ways to overcome challenges when they present themselves.
Let’s think about this in terms of finding your ideal client. On your quest for carving out your niche and finding clients that fit with you, your business, and the value you can provide, you may hit a few stumbling blocks. You will probably work with clients who aren’t a good fit for you and this can contribute to a feeling of burnout. Serving a community that isn’t right for you, your specialization, or your unique goals or vision can hinder you from finding the true success you are capable of.
When you are feeling overwhelmed, try to focus on the part of your business that most excites you, the parts that you are passionate about. Dedicate a small portion of your day to these areas and set concrete, attainable goals to help you move forward.
Another way you can focus on your strengths is by taking a look at your long-term business goals.
- What goals have you set for yourself this year?
- What actionable steps have you taken to achieve them?
- How are your goals influencing the way you structure and conduct your business?
- Are there any changes that need to be made to best suit where you are now?
These questions allow you to get outside of the day-to-day and look toward the future. Recentering on your long-term goals can give you the energy you are looking for and the motivation to make necessary changes to help you get there.
Outsource when you need to
New business owners wear many hats. But in order to not develop into the Mad Hatter, you will need to take a look at the day to day operations and workflows of your business and see what you are able to outsource.
Once you start getting into a good rhythm with clients, you will need to pull back from other tasks that keep you from doing what you love to do.
Start small here. Maybe outsourcing work starts with a virtual assistant, paraplanner, marketing team, operations consultant, or business coach. When you are looking for tasks to outsource, start by keeping a detailed list of the tasks you perform on a weekly, monthly, and annual basis, and ask yourself the following questions.
- Which tasks eat up a lot of time but aren’t profitable?
- Where can you save time as a business owner?
- How can you outsource in a way that allows you to grow your practice and do work you love?
There are so many areas of your business to keep track of. When it comes to outsourcing, start with the tasks that weigh you down, both in terms of your mental health and in time spent. This could be administrative work, operations, marketing, or more. You also want to balance outsourcing work and the cost it requires to do so. Be sure you know that balance to maintain profitably.
Outsourcing has more benefits than just taking something off of your plate. Knowing you have a professional who can help enhance your business should be a weight off of your shoulders, though it is always difficult to know when and how to let go of certain processes or systems.
Find a community
Humans crave the community. We are built on it and sometimes being an entrepreneur can be lonely. That is why it is so important to find some like-minded people to engage with, bounce ideas off of, and help work through active-problem solving. Here are some simple ways to enhance your community.
- Join an organization
- Start a mastermind group
- Find a mentor
- Engage in online community forums
- Attend local chapter meetings
A community can provide strong professional connections that can advance your career and leave you more fulfilled. Connecting with others can lift you up and provide confidence and support systems you need to thrive.
Burnout can be a difficult state to be in, especially as an advisor. Our team is here to help take some of that stress off of your plate, giving you room to do what you do best: building a practice you love.
Ready for content marketing to finally become less stressful? Set up a time to talk with us today.