Owner burnout is a state of chronic stress and disillusionment that can negatively impact an owner’s health, business performance, and overall well-being, while an engaged owner actively leads, adapts, and thrives in their business, fostering its growth and enjoying the rewards.
Primary Implication
Family members, key customers, and employees often spot the signs of owner burnout before the owners themselves recognize they have burned out on their business.
You protect yourself, your family, and your business by being aware of the signs of owner burnout and then taking quick action to address the root cause of the burnout. Do this, and you will return to a good balance of owner contribution and stress. Fail to do this, and your life will become increasingly miserable as everything around you unravels into a mess you can’t fix.
Overview
A disengaged owner will say things like, “I hate going to work, and I’m the business owner,” and “My business is sucking the life out of me, and nobody wants to be around me.” Statements like this are a function of stress about never-ending business problems or lost passion for what the business does.
A serious problem exists when an owner has lost passion for the business, which has them disengaging to the point that employees consider them more AWOL than present. Owners in this position either need to recommit to the Noble Purpose of the business they own, sell the business, or directly communicate to those picking up the slack for their absence how they plan to be involved with the business going forward.
For those owners with too much stress, the short-term risk is owner fatigue. The problem with owner fatigue is lower sales at higher costs, resulting in fewer profits and tight cash flow. If the owner doesn’t make adjustments to reduce their stress, an owner will quickly slip into panic and ultimately burn out. When this happens, it’s like the wheels coming off a vehicle as everything grinds to a halt.
Owner burnout is the accumulation of unchecked stress over an extended period. It is accelerated when the owner no longer believes in the value of their company’s solutions for the customers who buy from them. Warning signs for owner burnout to watch out for include the following in no particular order of importance or frequency:
- Easily irritated
- Frequent headaches
- Overly critical of self and others
- Unexplained exhaustion
- Change in sleep patterns
- Difficult going to sleep, insomnia
- Feeling inadequate
- Hopeless
- Neglected self-care
- Numb or apathetic about life
- Physically ill
Suppose you are battling multiple of the above signs of owner burnout. If this is true, consider the following:
- Seek immediate medical help to ensure your cardiovascular system and mind are healthy enough to carry you through this stress-filled period in your life and business.
- If you have physical and mental health, then it’s time to bring in an expert to help you work out of your mess.
- If you don’t have the health, you need to step away from the business to heal yourself. You are no good to anyone if you are in the hospital or ground.
An engaged owner looks like the following:
- They lead the changes required in the business to keep up with the needs and wants of their customers at a cost that allows them to make more money this year than last.
- They are selective in what action hats they wear since they know they can’t do everything. They do this to respond deftly to customers, employees, and critical suppliers.
- They are always learning, striving to develop new areas of expertise that do this, so they are quick to recognize new business opportunities and adapt to new customer dynamics.
An engaged owner helps their business evolve because they love owning a thriving business. A burned-out owner is saddled with a struggling business with no joy in life.