How CEOs Can Stay Healthy and Effective When Business Is Struggling
If your business is financially distressed or there are too many competing demands for your time, then it can pay to take a step back to develop a plan to manage the stress and ensure you remain on top of your game! These strategies may help you better navigate the crisis while maintaining your health and steering your business toward recovery. Taking care of yourself is about ensuring you’re in the best possible shape to lead your company through tough times.
Share the Load
When the going gets tough, teamwork becomes even more critical. Recruit additional members to the team, such as an external coach or adviser, to help you think through the challenges and prioritise tasks.
Identify a few key team members who can take on more responsibilities temporarily. Brief the team about the challenge or objective and encourage team members to help develop solutions and volunteer for specific roles.
Encourage everyone to play to their strengths. Delegate tasks that are time-consuming but don’t necessarily need your unique touch. Free up your time to focus on high-impact activities.
Offering incentives or future benefits to the whole team for their extra effort can be a great motivator and build morale. By sharing the load, you can reduce your stress levels and create a more collaborative and empowered work environment.
Focus on What Matters Most
In a crisis, planning and prioritising become your best friends. Create a detailed plan to address the immediate financial issues, focusing on short-term goals that can stabilise the business. Implement daily or frequent check-ins to reassess priorities and adjust plans as needed. This keeps you flexible and responsive to changing conditions.
It’s essential to identify the critical tasks that will have the most impact on your business’s recovery. Use tools like the Eisenhower Matrix to distinguish between urgent and important tasks. By focusing on what matters most, you can ensure that your efforts are directed towards activities that will drive the most significant positive change.
Set Realistic Boundaries
Work-life balance might seem like a luxury during tough times, but it’s essential to avoid burnout. Set realistic boundaries that ensure you get some downtime, even if they’re not as strict as usual. Micro-breaks, such as a short walk or a quick coffee break, can help maintain your energy levels and mental clarity.
Establishing boundaries means defining when you will and won’t be available for work. This might include setting specific work hours and sticking to them. It’s also helpful to communicate these boundaries to your team so that they understand and respect your need for personal time. Taking breaks and maintaining a work-life balance will help you recharge and stay focused.
Focus on Health and Wellness: Simplify Your Routines
Your health is your most valuable asset, especially when your business is struggling. Physical activity, healthy eating, drinking enough water and sufficient sleep are crucial for maintaining your physical and mental well-being. Short, regular exercise routines can boost your energy levels and reduce stress.
Simple mindfulness practices, such as deep breathing or meditation, can also help you reduce stress, and stay calm and focused throughout the day. High levels of stress can impair your ability to make good decisions.
Prioritizing your health will enhance your resilience and ability to handle the pressures of a struggling business.
Don’t Go It Alone
When the pressure is on, reaching out for support can be a game-changer. Tap into your professional networks, mentors, or peer groups for advice and support. They may provide immediate insights or resources to help manage the crisis.
Seeking support doesn’t mean you’re admitting defeat; it shows that you’re proactive and resourceful. Professional networks and mentors can offer valuable perspectives and solutions that you might not have considered. Peer groups can provide emotional support and practical advice from people who understand your challenges.
Aim for Quick Wins
Set and achieve quick wins. Quick wins are small, achievable goals that provide immediate benefits and demonstrate progress. Celebrating these wins can boost team morale and motivation, showing that your efforts are paying off.
Pause to acknowledge those wins along the way and reset the objective or the next quick win if necessary. This process (which comes from an agile approach) builds morale and confidence.
Consider Alternative Actions
Depending on the situation, implications, and options, there may be many alternative actions. Often the first one or two options are clear, but potentially the third or fourth options are less clear, but could have a significantly better outcome.
When exploring alternatives, it’s essential to think creatively and consider unconventional solutions. Engage your team in brainstorming sessions to generate diverse ideas. Sometimes the best solutions come from looking at the problem from a different perspective. Being open to alternative actions can lead to innovative approaches that drive significant improvements.
By adapting these strategies to your specific challenges, you can better navigate the crisis while maintaining your health and steering your business toward recovery.
Stay strong, stay focused, and keep moving forward.
