3 Tips for Stressed Out Business Owners During COVID-19
Like many other business owners, are you simply overwhelmed by it all? Has COVID added an extra layer of stress to your business? Are you losing sleep worrying about how to keep on top of all your business needs?
If you’ve managed to get a business off the ground, you’ve done the hard stuff. Or, so you think. Take into account the day-to-day details and the management of back-of-house processes. That, more often than not, is the hard part. Enter a worldwide pandemic and you are in uncharted territory.
According to an August 2020 U.S. Census Bureau Small Business Pulse Survey, nearly 79% of small businesses have felt a moderate-to-large negative effect because of COVID-19. Meanwhile, instead of focusing on revenue-generating activities, roughly 31% of small business owners spent a quarter of all their work time on employee-related tasks.
To help, here are three ways you can prioritize business needs during COVID without burning the midnight oil or sacrificing your sanity.
Time is money
Offload time-consuming tasks like payroll, benefits & employee administration by hiring an external HR company or a full-time employee dedicated to those tasks. Experts in HR can help handle all the tedious (but very important) back-office HR tasks, freeing up your time to focus on business growth or employee retention. This is one strategy that’s helping thousands of Hawaii’s employers tackle most (or all) of their HR to-do list, freeing them up to focus on the bigger picture.
No risky business
COVID-19 has definitely made business operations a lot harder to manage. Have you considered a safety program to proactively keep your team safe and accident-free? Compliance mistakes are expensive and workplace risks are at an all-time high during a pandemic. Investing in compliance training or a workplace safety plan can help businesses keep their teams healthy and safe while avoiding unnecessary mistakes.
Don’t just survive, thrive
If you’re in business, you’re in it because you’re passionate about your mission or opportunities for growth. Both are virtually impossible if you are focusing too much of your valuable time on the wrong things. Instead, consider teaming up with professionals. Partnering with a Professional Employer Organization (PEO) like ProService Hawaii, can reap many benefits for your business. According to studies, businesses that work with a PEO grow 9% faster, lower employee turnover by 20%, and reduce their chance of going out of business by 50%.
In conclusion….
2020 has been a rough year. For businesses especially. But if this current crisis has taught our community anything, it's that small businesses matter. You matter! Be an advocate for your business needs by prioritizing valuable solutions that keep you well-rested and confident. Stop burning the midnight oil and seek extra support and expertise when necessary. You deserve it.
If you’re stressed out by all the details of human resources, download our free guide to learn how to get the extra help your business needs to survive and thrive in these tough times.
