We're in a tricky economic cycle, with mixed data points overseas pointing to uncertain times ahead. US jobs data is down amid fears of recession, and bond yields are dropping. So, how can business owners deal with the rising pressures? Ryan Williams, Director of the Australian Centre for Business Growth, shares his top survival strategies.
Australian business failures are at a record high, with the insolvency rate rising 38 per cent on average across all industries and expected to rise higher for certain sectors. The pressure can be immense for the owners, founders and CEOs of small companies when they're facing difficult business conditions. As holders of an organisation's strategic capability, the leadership team, and in many cases, just the owner or CEO, are required to absorb this burden and respond accordingly.
When economic circumstances become even tougher, there's extra demand to be mindful of staff whose families and livelihoods depend on the leadership's capability to steer the company around or through stormy waters. How can small business owners deal with this stress to put their company in the strongest position? Look after yourself as a person When times are difficult or when there's high pressure, leaders tend to want to be busy or to be doing something constantly. Even something simple like taking time out for a walk can feel like an unnecessary and guilty luxury.
This "culture of relentless business" is escalating burnout and we're starting to see a shift to.