A troubling phenomenon is occurring in conjunction with the ongoing economic recession, financial stress. In addition to putting strains on a business, financial stress also has a negative impact on one’s physical and mental health. Coping with financial stress is a critical business skill. It is the key component that will carry you through these dark times. Here are some ideas to help you cope with financial stress during this recession.
Steer Clear of the Media
Newspapers, television, and magazines portray dark images and stories that are related to recession stress. These are constant reminders of the problems you and your company may be facing at this time. If you steer clear of the media, it will help ease your constant worries about financial stress. Replace time that you would normally spend watching the news or reading the paper with enriching activities, such as social networking or work-related research. Exercise is another meaningful activity that you can do to avoid unnecessary exposure to the media.
Create a Backup Plan
One of the best ways to start coping with financial stress is to create a detailed plan to fall back on in case disaster strikes. Envisioning what may have to happen in the future will help you make better choices when the time for change comes. Your backup plan might include steps for reorganizing your business if you have to make cuts. It also may include options that you can try in the event that financial stress overcomes your business and you have to look for a new job or venture. Recession stress creates the perfect opportunity to explore the possibility of moving into a new industry or starting a second career.
Understand Your Limits
There are certain things you can and cannot control with it comes to financial stress. Make a clear distinction between things that fall into these two categories, and stop worrying about the things you cannot control. For example, you cannot control whether or not customers are walking through the doors and spending money. However, you can control and influence other factors, such as business overhead, in an attempt to reduce financial stress. Turn off equipment that does not need to be used to control utility bills. Cut down on excess use of office supplies, like Post It notes. When business is slow, ask for employees to volunteer to go home early to save a little extra on payroll. Taking action on things that you can control will help you to feel productive, and this is an effective means of coping with financial stress.
Recession stress, financial stress, physical and emotional stress all go hand-in-hand. When several types of stress are present in your life, it makes everyday tasks seem quite overwhelming. These tips are appropriate for coping with financial stress that is personal or professional in nature. Whether you are a struggling small business owner, an executive on the brink of a layoff, or an average person managing credit cards and house payments, you can learn to cope more effectively with financial stress.