Doctor advises SME owners to avoid panicking, focus on issues they can control
The recession presents a number of unique challenges for small businesses, from accessing credit to keeping sales up and retaining employees.
Yet one issue that is often not given adequate attention, but is equally amplified during the recession - and can be equally damaging - is the resulting stress of small business owners.
In an article in the Miami Herald, Dr. Regina Mendoza, who specializes in the treatment of anxiety, depression, stress and attention deficit hyperactivity disorder, provided small business owners with some advice on how to reduce business-induced stress.
When confronting a difficult financial situation, the most important thing for a small business owner to do is to avoid panicking, as it only makes the situation worse, she advised.
Taking control of the situation is the next step. "Concentrate on what you can control," Mendoza wrote. "You will need a plan. Following that plan will require discipline, commitment and, above all else, a single-minded determination to succeed."
Business owners are also advised to pay attention to their physical wellbeing - doing slow, deep breathing, eating healthy and exercising three to four times a week can help reduce stress, she wrote.
Canadian small business owners may already be feeling better about their economic situation, as the latest SME Business Outlook Survey from the Canadian Federation of Independent Business found that small business optimism increased slightly in July.
