Many entrepreneurs find themselves getting easily overwhelmed by the amount of work it takes to run a business – or maybe you had a brilliant idea, service, or product that you wanted to bring to market, and now you’re feeling like your innovation is taking a back seat while focusing on day-to-day operations. We don’t blame you – we know firsthand that it’s a lot of hard, time-consuming work! Over this past year, the importance of prioritizing mental health has become especially apparent. According to The National Institute of Mental Health, as reported by Forbes, it’s estimated that “72% of entrepreneurs are directly or indirectly affected by mental health issues compared to just 48% of non-entrepreneurs.”
The greatest barrier to maintaining mental health and a sense of wellness is burnout, which is often a result of chronic anxiety and insomnia. Burnout is a very prevalent phenomenon in most fields and has become even more common over this past year because of how many people have begun to work from home – the accessibility that working from home entails can make one less likely to take their necessary breaks. In an entrepreneurial career, overworking and exhaustion are often framed as an inevitability of the job description, but the mental health issues that arise as a result can be debilitating. This is why it is so important to instill good support systems to help you lead a balanced life. These systems can include a hobby to help you unwind every day, or a business partner to help bounce ideas with, and certainly the overall practice of asking for help when you need it.
One of the fastest, most cost-effective measures to help alleviate work stress is to delegate some of your tasks. There will always be key aspects of your business that you would want eyes on yourself, but why not get help with some of the more tedious, repetitive tasks? Hiring full-time staff is not always feasible, which is why many entrepreneurs turn to outsource as a source of business support. It provides the benefits of in-house staff, without the added cost and maintenance of Human Resource Management.
For instance, if numbers are not your forte, you can easily outsource bookkeeping services. Is business booming and you have less time to answer your numerous calls and emails? Perhaps a virtual office solution with administration backup is what you are looking for. What’s more, when you outsource for these items, you’re met with someone who has made a career within this department/field. Because of this, rather than investing your time in training a new employee, you can trust when outsourcing that you will be connected with someone who knows what they are doing. This will allow you to focus your time and energy where it counts – on your core activities, whether that be your services, product development, or meetings. Along with more time to focus on your business tasks, you will also be better able to sustain a balance in your day-to-day life.
Outsourcing or contracting is commonly praised as a cost-effective means to get the support you need when you need it, and rightfully so. Hiring a full-time employee comes with its own benefits, but also, its fair share of challenges. When outsourcing you can keep costs minimal by only paying for the work you need done; no need to worry about vacation or benefit pay, and no overhead is incurred by the company for the additional support. These savings will allow you to redirect a larger portion of your profit back into your business, as well as allowing greater focus on the growth of your company.
Entrepreneurs are already predisposed to mental health concerns because of the pressure that can arise from the responsibility of maintaining a business that you created. Ironically, the same passion that can drive entrepreneurs to founding their own companies, also makes them more likely to feel anxious and overwhelmed by their work. The pandemic has added a layer of stress onto everyone’s life; making mental health upkeep all the more important. As an owner, you cannot expect yourself to know or do everything – outsourcing can serve to take some of this pressure off.
If you happen to hire a company that can assist with certain aspects of your business, such as MPS Executive Suites, there are often multiple people trained to assist your company’s profile specifically. This ensures that there is an added historical retention between staff changes. This also offers you uninterrupted service, as when one team member takes vacation time, another already cross-trained team member can step in to handle the work as needed.
At this point, you may be saying “Okay, I’m ready to outsource, but not sure what exactly I should delegate out.” To get you started, some of the most commonly requested tasks include, but are not limited to:
- Reception Phone Services
- Mail Handling
- Administration Services
- Customer Services
- Content Creation
- Human Resources
- Information Technology
- Web Design and Management
Here at MPS we have a diverse, experienced, cross-trained team of administrators and bookkeepers at the ready. If there is anything you need help with, just let us know and we would be happy to jump right in. With BC’s updated Restart Plan set to roll out over the next few months, many of us are planning to get back to our normal operations: getting back to the office, meeting with colleagues and clients face-to-face, and returning to our routines. Why not get ahead of the game, and get everything set up before your in-office schedule relaunches? We have a few great Furnished Offices ready for you today! Book a tour and we will find the right space for you!