• Business Growth & Optimisation

Managing Burnout as a Business Owner

4 min. read23.06.2021
By Team Zeller

Four in five Australians faced burnout in 2020.

Running a business is an incredible accomplishment that can be both fulfilling and empowering, yet it also comes with pressure. As a business owner, you shoulder many responsibilities. There are bills to meet, quotas to hit, employees to pay, competitors to beat, and orders to fill.

For all of these reasons and more, business owners are at risk of overworking themselves. If left unchecked in its initial phases, being overworked can develop into burnout.

Keep reading to discover why burnout is more prevalent than ever, how to spot the signs, and how to manage burnout if it happens to you.

What is burnout?

Put simply, burnout is a state of complete mental, physical and emotional exhaustion. It tends to come about as a result of extended or repeated periods of stress, which commonly occurs in the workplace — particularly if you’re in a high-pressure position.

With higher responsibility comes higher professional pressures, which is why business owners are often more susceptible to ongoing and repeated stress. Whether it’s from intense schedules, tight deadlines, financial pressures or uncontrollable market forces. And that’s without a global pandemic thrown into the mix.

Burnout directly affects performance, relationships, health, and professional growth.

Is burnout a real health condition?

While burnout, along with mental health in general, struggled to be seen as a legitimate ailment for many years, it is now recognised by the majority of mainstream medicine as a genuine medical disorder. In 2019, burnout was finally  classified as an ‘occupational syndrome’ for the first time by the World Health Organisation (WHO).

This may be due in part to the fact that the symptoms of burnout largely reflect those of depression, including extreme fatigue, loss of passion, and intense cynicism and negativity. However, thanks to its newfound legitimacy, burnout is now more easily identified.

Business owners and burnout in a pandemic

The COVID-19 pandemic has put the business world under enormous pressure, causing business closures, supply chain bottlenecks, unavoidable costs, and difficulties forecasting with any degree of certainty.

In fact, four in five Australians experienced burnout during the period, according to a global report released by work management app Asana. The study, which surveyed 13,000 white-collar workers, concluded that our country experienced one of the highest rates of burnout in the world. Workers feared redundancies, meanwhile business owners feared failure and the financial and emotional implications it would have on their employees and loved ones.

Aside from unprecedented pandemics, another event that commonly comes paired with high stress is scaling up.  There’s pressure to increase your capital, expand your team, enter new markets, and develop new products. It’s no wonder it causes many business owners to burn out.

Fortunately, there are ways to better manage your business and your mental health. Keep reading to learn what business owner burnout looks like, and how to deal with it.

How to spot the signs

Broadly speaking, the World Health Organisation (WHO) reports that the condition tends to bring on feelings of emotional exhaustion, a lack of empathy, and reduced performance. That being said, the Black Dog Institute encourages you to look out for the following specific symptoms, as they could be a sign that you’re either experiencing or on the verge of burnout:

  • Anxiety/stress

  • Depression and low mood

  • Irritability and anger

  • Sleep disturbances

  • Lack of motivation or passion

  • Lack of concentration, memory loss or brain fog

  • Withdrawal from others

  • Physical symptoms such as aches, headaches, and nausea

  • Emotional fragility

Tips for managing burnout

Business owners don’t typically have the luxury of stepping away from work for days at a time when they need a break. That being said, there are ways and means to prioritise your mental health while still getting the job done.

Maintain open channels of communication

Workplace conflict, ineffectual delegating, and unclear directions can all contribute to heightened stress. For this reason, it’s important that you make an effort to keep channels of communication open.

This includes airing all grievances as soon as they arise, communicating plans clearly from the get-go, and checking in on your employees regularly. This will make it easier to share the load, streamline productivity, and keep team-wide morale at a healthy level.

Identify stress triggers

Over time you may begin to notice a trend in high-stress situations. Whether it’s feeling overwhelmed by having to manage your business’s digital presence or being slowed down by your EFTPOS terminal's poor internet connection, small issues can become stress triggers over time.

In these cases, it’s important to remember there are solutions. You can adopt a social scheduling platform like Hootsuite or hire a part-time social media manager. You can consider upgrading your tools. The most important thing to do is identify the cause of your stress, and either delegate or mitigate it.

Overcome cash constraints

Being forced to access credit in order to pay bills because of poor cash flow can leave you footing an even bigger bill further down the track, impeding on your ability to scale up sooner and putting you under enormous pressure. Nip that source of stress in the bud by taking a conscious step to improve your cash flow.

This could involve moving to a low-fee payment terminal that accepts multiple payment methods, ensuring you aren’t relying on a single source of cash every month.

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Celebrate your achievements

At the end of the day, owning a business is an incredible accomplishment. While it may be stressful at times, it can also be extremely rewarding. Make sure you take the time to reflect on your achievements and celebrate all of your wins, big or small. This sense of accomplishment will help remind you of your passions, and why you started your business in the first place.

Overcoming burnout is critical to productivity. For more resources on managing and scaling up your business successfully, sign up to our Business Blog.

How to structure a new business

Choosing the right legal structure is a crucial part of running a business. The business structure you choose will affect your legal obligations, tax, asset protection, and reporting obligations. Regardless of whether you’re just starting out, or your business is growing, it’s important to understand the options. While this article can’t advise which structure is best for your unique circumstances, it does explain the most common types of Australian business structures and key features of each. A sole trader is an individual trading on their own. In a partnership, income, losses, and control are shared among partners. A company is a legal entity, separate from its owner(s). A trust is an entity that holds property for the benefit of others. An association is an entity usually established for recreational, cultural or charitable purposes. Keep reading to learn more about the types of legal structures new business owners usually consider – as well as how your obligations may differ, depending on the structure you choose. Types of business structures Sole trader Entrepreneurs who want to run their business all on their own are likely looking at a sole trader, or sole proprietorship, legal structure. A sole proprietorship is easy and inexpensive to set up. It’s also arguably the simplest type of business structure, because no one else is involved. Below are some of the key features of a sole proprietorship (or sole trader) business structure. Sole traders use their personal tax file number when lodging their income tax return. Income reporting is simple — there is no separate business tax return, all income is reported in the sole trader’s individual tax return. Throughout the year, sole traders typically put money aside for tax time using Pay As You Go. Sole traders will need to register for Goods and Services Tax (GST) if their annual GST turnover reaches $75,000 or more. A sole trader can employ staff. A sole proprietorship is an ideal business structure for business owners who want to be able to make all the decisions. However, it goes both ways. Sole traders also take on all accountability in the event of hardship or lawsuits. If the business goes into debt, a sole trader’s assets could be under threat. It’s also difficult to raise capital, if you’re planning on growing your business, and sole traders can't claim a deduction for drawing money from their business. Many new business owners start out with this structure, as it is relatively simple to change legal structures if you’re starting from a sole proprietorship. The same cannot be said for switching from another legal structure. Partnership A partnership is a legal structure under which two or more people operate a business, distributing income or losses between themselves. Instead of a single person making all the business decisions and taking on sole responsibility, control over the business is shared among at least two — and sometimes up to 20 — people. Naturally, that means the risk is typically shared also. A partnership may be an ideal option for business owners who are willing to relinquish some control in exchange for more widespread accountability. Similar to the risk a sole trader faces, if the business goes into debt each partner’s assets may be under threat. Below are some of the key features of a partnership business structure. A partnership doesn't pay income tax on the profit earned. Instead, each partner is required to report their share of income in their own individual tax return — and pay tax on their share. An ABN is required for all business dealings. A partnership is required to have its own Tax File Number, and all income and deductions must be reported in an annual partnership return — which is lodged with the ATO. As above, if the business’s annual GST turnover is $75,000 or more, it must be registered for GST. A partnership is not required to have a written partnership agreement in place, however it’s a good idea to prepare one for obvious reasons. A partnership agreement outlines how income and losses are each distributed amongst partners, and helps ensure all partners are on the same page from the outset. Company In a sole proprietorship or partnership, the business owners are part of the business. A company, on the other hand, is its own legal entity. This separation means that operating a company comes with less personal risk. A company exists as its own legal entity. Below are some of the key features of a company business structure. Companies must have a TFN. Companies pay tax at the company tax rate. As above, if the business’s annual GST turnover is $75,000 or more, it must be registered for GST. A company must pay Super Guarantee Contributions (SGC) for any eligible workers. This includes the director(s) of the company. A company is more expensive to register than a sole proprietorship or partnership, and the reporting requirements are also more complex. Whatever money the business makes belongs to the company, instead of going to the business owners. This reduces the liability of shareholders when it comes to debt and lawsuits, but it also increases the amount of startup paperwork and red tape. One consideration to keep in mind is that a business set up under a company structure is easier to sell or pass to someone else, as it’s set up as its own legal entity. Trust A trust, like a company, is a legal entity. The difference is that it is established to benefit people outside of the organisation as opposed to bringing in a profit for shareholders. Below are some of the key features of a trust. A trust must have its own TFN and ABN. As above, if the business’s annual GST turnover is $75,000 or more, the trust must be registered for GST. Whether or not a trust is required to pay tax depends on the wording of its deed, and whether income earned is distributed to the trust’s beneficiaries. The profits of a trust are divided among beneficiaries, who then pay tax on the money they make. Incorporated Association An association can be incorporated, or unincorporated. When an association is incorporated, it becomes a legal entity in and of itself — protecting its members from legal liabilities. Incorporation is a simple and inexpensive process, making it an ideal way to establish a legal entity through which small, community-based groups can provide a service. An incorporated association is intended to do good for a community — typically by providing a recreational, cultural or charitable service to people  — rather than make a profit for shareholders. All profits are put back into the association’s activities, rather than distributed to those involved in the business. Below are the key features of an incorporated association. An incorporated association will usually have members, a committee, a public officer, and a registered office. The association can accept gifts, bequests and grants, as well as buy land, take out loans and sign contracts. An incorporated association can sue, and be sued. Members and officers will generally be protected against personal responsibility for any debts or liabilities incurred by the association, although they could remain personally liable for outstanding fees. An approved constitution must be in place, outlining qualifications for membership, quorums for meetings, provisions for elections, and more. Any profits made by an incorporated association are not subject to tax. There are a number of qualifications that must be met before an association can become incorporated. However, the governing legislation differs in each state or territory. Further information regarding this type of business structure can be accessed via the relevant state bodies . Choosing the right structure for your business Choosing a legal structure requires business owners to consider how much power they want over the decision-making process, as well as how much accountability and responsibility they are willing to take on. When structuring a new business, or restructuring an existing business, it’s critical to understand the extent of your personal liability — as well as tax implications. Make sure to schedule a time to meet with your financial and legal advisors to discuss which legal structure best suits your particular circumstances. Here are some additional resources to help you choose your business structure. Business Registration Service | Help me decide The Australian Taxation Office | Choosing your business structure The Australian Taxation Office | Overview of legal structures Business Victoria | Business structures Small Business Development Corporation (WA) | Choosing your business structure Business Queensland | Business structures Fair Trading (NSW) | Business structures Business Tasmania | Choosing a business structure SA Business Information Hub | Business structures Northern Territory Government | Business structures Please note this article is for educational purposes only. It does not provide legal, accounting, or tax advice.

Meet Zeller: we’re reimagining banking for Australian businesses

Accepting payments, managing your finances, and paying recipients should be simple. Unfortunately, this isn’t always the case. Our research shows the majority of Australian business owners are dissatisfied with their business banking. The truth is, most merchant services solutions aren’t built to help your business thrive. That’s where Zeller comes in. Today, we’re launching Zeller — giving Australian merchants affordable, accessible, and innovative tools that enable businesses to get paid, access their money, and manage cash flow — without ever having to set foot inside a bank. We’re reimagining business banking through powerful new technology, backed up by local support and personalised service. An innovative SME alternative to business banking “Innovative” isn’t a word usually heard in the context of merchant services. Finding integrated financial solutions to grow and support your business often requires you to weave together multiple products from different providers, which typically means longer processing times, more paperwork, and a more frustrating experience. Large enterprises benefit from financial solutions tailored to their specific needs; traditional banks have shown that they’re more than willing to pour resources into supporting big business. However, this comes at a cost to the everyday Aussies behind our small to medium sized businesses. SME owners are typically forced to fit the traditional banking mold, suffering through archaic onboarding processes only to be hit with high fees, lock-in contracts, and slow processing times when the paperwork is complete. For new business owners, this can present what seems like an insurmountable hurdle to starting and growing a venture. With 67% of businesses stating they would prefer a non-Big 4 bank, it’s clear that Australian business banking is fundamentally broken. A lack of innovation from the incumbents means merchants like you are overlooked and underserved, at a time when they should be thriving. Businesses need new tools, technology, and support to grow. And that’s why we built Zeller. What’s in the box Zeller is all-in-one payments and finance solution for Australian businesses. It helps to accelerate your business cash flow by giving you a next-generation EFTPOS terminal, a free business transaction account, and free business Mastercard, all in one box. 1. Zeller Terminal Our research revealed that 71% of business owners using clunky EFTPOS terminals regularly consider switching providers. High costs and expensive fees, slow deposits that impact cash flow, and a lack of local support are all common reasons for businesses looking to switch. The majority of Australian business owners are dissatisfied with outdated EFTPOS technology currently on the market. Zeller Terminal is an all-in-one card payment and EFTPOS solution. Our next-gen payment terminal allows you to accept every payment from every customer – Zeller Terminal accepts contactless devices, contactless cards, chip cards, magstripe cards, and will soon also accept alternative payment methods such as Alipay and ZipPay. As new payment methods continue to emerge and shape the way Australians pay for products and services, Zeller Terminal will adapt to support Australian businesses to grow. Read more about Zeller Terminal . 2. Zeller Transaction Account We understand that being able to effectively manage and access your cash flow is key to the long-term survival of your business.  That’s why we make sure your funds are available as quickly as possible after taking payment from a customer. Zeller Transaction Account is included free when you sign up for Zeller. Your account is instantly ready to use, giving you real-time visibility over your settlements and spending — no lengthy paperwork required. When you take payment through Zeller Terminal, funds are settled directly into your free Zeller Transaction Account within the day. You also have the option of sweeping your funds into any existing bank account, and they’ll be accessible as soon as your bank allows. Read more about Zeller Transaction Account . 3. Zeller Mastercard By giving you the tools to accept payments, store and settle funds, and spend your money, we're significantly reducing the time it takes for you to get access to your funds. According to the Australian Bureau of Statistics, more than 60% of small businesses close within their first three years — and the most cited cause for business failure is poor cash flow. As a business owner, fast access to your funds to pay your staff, suppliers, or buy product, is imperative. Read more about Zeller Mastercard . By seamlessly combining these services into a fully integrated solution, Zeller significantly reduces the time businesses spend on finding a merchant services provider, completing lengthy applications, getting set up, and connecting disparate payments and financial services solutions — all while speeding up your business’s cash flow. Watch the video to see how Zeller works in more detail. Your business, your way Merchant services should work the way your business needs, allowing you to pick and choose the business banking products you need to sustain and grow a profitable business. With Zeller, you have the option to choose the parts you need – Zeller Terminal, Zeller Transaction Account, and Zeller Mastercard work just as powerfully together as an integrated solution as they do alongside your existing products. Learn more about our EFTPOS machines and how our newly launched products are changing business banking for the better.

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