What do you do when, as a business owner, life’s events knock you off course, and you’re struggling to cope? How do you look after yourself while running your business when you’re sick?
Have you heard of Andrea Bocelli? If you haven’t listened to his music, you’re missing out! The Italian singer-songwriter has won numerous awards, including the Golden Globe award for best original song.
But what’s often untold about Andrea’s story is that he was dealt a bad hand, BIG TIME. Andrea was only 12 years old when he lost his eyesight following an accident during a game of football.
His doctors tried to restore his vision, but it didn’t work.
We’ll all agree that going blind is a serious challenge to overcome, but what I find interesting about Andrea is that his challenges didn’t define him or stop him from pursuing his dream.
He learnt to adapt to his new life with the same end goal in mind. At 33 years old, Andrea was discovered at a restaurant as a piano performer. Today, he’s known as one of classical music’s biggest-selling artists, with record sales of over 80 million units.
One thing’s for sure: we’ve all got our own story. It’s an inevitability of life that, at some time or other, things will go wrong for us. None of us will sail through from start to finish. What often matters most is how you pick yourself up and move on.
As business owners, how we pick ourselves up is pivotal. Employers and the government don’t provide sick pay, so we’re more isolated, vulnerable, and arguably more likely to be affected long-term when things start to go south.
I was inspired to write this blog on the back of a highly emotive and impactful talk by Eva Rickett during a recent Networking in… During her talk, she displayed a graph which showed the point(s) when shit happened for her and the subsequent drop in sales revenue over the preceding months.
It hit me like a hammer in the face. It resonated with me, and I was sure everyone else in the room had their own story and a similar graph. Have you?
Because no matter how successful, strong or grounded you are, one thing that you can always be guaranteed of in life, is that there will be ups and downs. Good and bad things will happen. It’s just a matter of time, and how you react when life throws you lemons is crucial.
So what can we do about it?
Prepare for Challenges
For the most part, being self-employed is great! But it’s not without its ups and downs.
I spend a lot of time helping my clients plan for and grow their businesses. One thing that comes up repeatedly when I discuss this topic, is the importance that other people play when things aren’t going to plan. If you’re self-employed, an interesting question to ask yourself is:
What would happen to my business if I:
(a) got sick for a month and couldn’t work or
(b) I took a month off to travel with my family.
You see, if the answer to that question is, my business would stagnate, significantly decline or fail; And your family rely on you and your income, it’s arguably a dangerous place, where at best, you don’t get to fully enjoy the fruits of your labour and at worst, you struggle to make payments.
In essence, we must prepare for challenges.
Challenges that the Business Owner May Face
I’m not going to second guess every challenge you may encounter, but certain things that affect us all come along from time to time. Here are some of the things that can throw us off the rails.
Sickness and Physical Illness When Self-employed
At one point or another, we’re all bound to get sick. Business people aren’t excused from illness.
When you’re poorly, there’s no way to cut corners. You need to pause and take a break. Resting helps you heal.
The problem is that this break will affect your work schedule. What do you do when clients are still ringing your phone with requests?
Mental Health Challenges When Self-employed
It’s no secret that I’ve had my fair share of mental health challenges, and I can tell you for sure that it’s not an easy ride. When you’re struggling to get out of bed or concentrate on things that matter… Your business will not wait for you to pick yourself up. So, how do you prepare for it?
Stuff Outside Your Control
The most humbling human realisation is that we can’t control everything. In 2020, this was drilled into us when the COVID-19 pandemic brought everything to a standstill.
Or maybe you get a notification from your landlord that you have to move out of the house because they’ve just sold it.
Of course, you cannot do much about these sorts of problems. Andrea Bocelli couldn’t have controlled losing his eyesight, and there’s absolutely nothing we could have done to stop the COVID-19 pandemic from spreading.
You can accept them, adapt to them, and try to bear with them as they pass.
You’ve Got Too Much Work
Essentially, having a lot of work is a good thing. It means that people value your work; if you do it right, you will make the big bucks! It’s great that you’re so busy and have so many projects, but what happens when those clients or projects aren’t finished? You’ll soon find it dry if you don’t support your pipeline.
So What Can We Do About It?
Preparing for shit hitting the fan…
So now we all agree that things will always crop up to throw us off target and that those challenges come from numerous different areas of life. This begs the question, what can be done to mitigate them?
Get Support
Without question, the single most important thing you can do to mitigate against the challenges that come up is to get to the point where you are growing and have support. This may come in the form of full-time team members or business partners, but more commonly, among small businesses, it is to find freelancers, part-time team members, or even family to help.
If you have people you know, like, and trust who already know the business, it’s much easier to delegate additional stuff to them in your hour (or weeks of need).
Create a Content Locker
Often, when things go wrong, the first thing to go is marketing, which is understandable as direct, paid client work, which will always come first. However, what happens if your sales dry up due to your marketing?
The trick here is to be prepared. Our business uses a “content locker” to ensure we always have content (adverts, blogs, and social media posts). Essentially, we always look to have a bank of pre-prepared content that’s been signed off.
This will give you the time to put the bulk of the work aside and focus on getting yourself together.
There are several different ways to save this pre-prepared content. A simple Word doc or spreadsheet might be enough. Or you could use a social media scheduling site. One of the most popular scheduling tools is Hootsuite, but we have found Planable fantastic. A lot will depend on where your audience is, so shop around to find the best scheduler for your favourite platforms.
Automate
There’s a lot of software and technology available for business owners now that can save us time. Whether you’re facing a challenge or not, automating where possible is very good practice.
Automation rules out human error (when it works) and can save you business hours each week. Automation becomes even more important when things aren’t going your way. From a marketing perspective, you can pre-schedule your content. From finance, you can automate the sending of recurring invoices. From an operations perspective, the simplest things, like an out-of-office with your sick note, will help you communicate with your stakeholders.
Automating your work will give you more time to get your shit together.
Create How-tos
Creating ‘how-to’ and FAQ write-ups and videos might seem like a complete waste of time up front, but it’s one of the most leveraged things you can do for your business.
In theory, having how-to guides in place makes it much easier for people who aren’t overly familiar with a task to learn as they go. You won’t have to explain to guys the nitty gritty of your products constantly. This can help you focus on yourself while others sort themselves out. That way, you’re not worrying, they’re happy, and it’ll be much easier to get your head back in the game.
Find a Freelancer
Working with freelancers is an excellent idea, and it can be a lifesaver when problems arise. They can help to offload some of your responsibilities as you recuperate. Then, once you are up to speed with everything, you can pick it up again.
It’s a good idea to have these relationships already in place to some degree, as some handover or briefing will be needed—it’s much more straightforward in a time of crisis for them to know you, your brand, and your business.
Keep an Eye on the Cash Flow
It’s easy to overlook your cash flow when problems start coming up. You focus on other things and forget to monitor your money, leaving it for when you ‘have more time’ (seriously, when does this happen?!).
This is dangerous. Monitor your cash flow constantly. If you need to reduce your bills, find ways to cut them out. Make sure that everything is in check and that nothing surprises you.
Stay close to your books, and if you use a bookkeeper, remember to continue to check in on your outgoings.
What is your break-even point, and what must you do to achieve it? It might be that just making enough is enough for now, giving you the space to not worry about the growth factor.
Have financial forecasts and a business plan in place. If you’ve got a robust business plan in place, with goals, measures, and KPIs, even if you have to put it down due to ill health, you at least know where you are within your business plan and, importantly, where to pick up once you’re able to.
This can also help if the client or project work gets too high.
Save for a Rainy Day
With business, there will be times when things go perfectly well and times when it’s the opposite. It’s the nature of life.
Always save for a rainy day. Put money aside in an emergency fund and be aware of any financial issues that may arise. This is what it means to stay on top of things.
Saving will help cushion you through your financial problems and help you to recover faster.
Banks nowadays have many great inbuilt features; for example, you can use
- Monzo to save a percentage of each payment you receive to go to an emergency pot.
- Starling Bank can help you set a monthly figure to go toward what they call saving spaces – this is good for tax savings, too!
It means you’re moving a more minor, comfortable amount over each month/payment and not having the scary prospect of suddenly having to find a pot of cash—you’ve already got one.
When Life Gives You Lemons
Understand how bad the situation is
You know the saying, “You need to go through things to get through them…”
Before you can deal with a problem, you first have to acknowledge it. We tend to ignore that things exist until the balloon goes up. Don’t put your head in the sand. That’s dangerous.
Notice as early as possible when things get tough, and try to find solutions quickly. Please don’t ignore it because you’ll struggle a lot more.
Become self-aware and set reasonable expectations.
If you suffer from mental illness such as depression, it may come back in waves over the years. So try understanding your trigger points and getting your backup plan before it hits.
Things like going in for an operation may be more sudden, so understanding your recovery time, etc., will help you manage your workload.
Let Important People Know
Of course, you don’t want to tell every Tom, Dick, and Harry your problems, but you must tell the right people. Don’t suffer in silence. This is when those great support networks and relationship-building you’ve been working on pay dividends. Be honest, be vulnerable, and don’t try to cover things up.
Communicate with your clients in good time if you won’t be able to deliver. Explain your situation to them, apologise in advance, and try to give them a clear expectation of when things should be back up and running—but remember to underpromise and overdeliver.
Be Flexible
Business flexibility comes in a few different forms, and one of the beauties of many smaller companies is that we’re nimble and can roll with the punches.
We all have times when late-night working is needed, such as getting the kids to bed early to crack open the laptop again or cancelling those weekend plans to meet a deadline. But remember, this is only feasible for most of us in relatively short spells. Burnout is real, so watch how long the midnight oil is burning.
Although a business plan is essential, sticking to it no matter what could be detrimental to adapting to the current situation. For example, when COVID-19 hit, you may have had to adjust your business practices to accommodate the new landscape.
Test and measure your business plan. If you need to move back to move forward again, that’s okay. Don’t be afraid to take the leap—armed with new knowledge of what didn’t work and what is more likely to work next time.
Lastly, having several emergency financing options can often be essential in keeping companies afloat during acute pressure on cash flows and income streams.
When Things Get Tough, Learn to Rest, Not Quit
Giving up always seems like the easier way out, and many of us choose this option. 80% of businesses fold within 5 years of starting.
Our impatience makes us leave everything behind and move on quickly. But like most success stories, you will fail at one point or another. If things are getting tough, take a deep breath, rest, pick yourself up, and move again.
Be Kind to Yourself
If you were to talk to your friends the way you speak to yourself, would you have many friends left?
Running a business is hard, and you have to be compassionate with yourself. Be kind, and allow yourself to fail. Know that you’re not the only one who struggles with business, but everything will be okay when you put your best foot forward.
Start your day with affirmations. Look in the mirror and tell yourself that you deserve all good things.
Notice what others say to you that soothes you. It could be anything – a poem, a joke, reassurance…Incorporate what they say into your self-talk.
Control the conversation in your head. When you notice negative thoughts consuming you, quickly redirect your mind towards healthier thoughts.
A great poem that goes,
“There is freedom waiting for you,
On the breezes of the sky,
And you ask, “What if I fall?”
Oh, but my darling, What if you fly?”
Small Steps Are Still Progress
There’s so much pressure to be perfect, yet we all know this is unachievable. Take small steps in the right direction, but don’t be too hard on yourself.
Look at your progress over a more extended period of time rather than the minute detail. Looking over a 6—or 12-month period, you’ll probably find that your progress is more considerable than you think. Don’t be afraid to step back and move forward in a new direction with more knowledge of what works and what doesn’t.
If today all you managed to do was make your bed, that’s fine. Tomorrow, try to wake up for two hours’ worth of work. Slowly, you’ll find yourself back on track.
Set Yourself a Deadline
I know a lady who deals with relationship heartbreak only for one week. For that week, she’ll cry and pamper herself and eat all the junk food she can. Once that week is finished, she’s over it and ready to get back on track.
We can all learn from this. Please don’t allow yourself to wallow too long; it can get out of hand. Set a deadline for yourself and create strategies to work towards this deadline.
Summing Up
So there we have it—sometimes stuff happens outside our control, and this is by no means an exhaustive list! But by acknowledging that life is full of ups and downs by its nature, we can start to prepare ourselves.
I’ve had my fair share of shit thrown at me, both as a business owner and when and in my personal life. I know I’m not alone.
I’ve always got an ear for anyone who needs to talk. Feel free to book a call if you need someone to listen. If you’re dealing with challenges that feel too big and you need to speak to someone, I’m always here.