In a business world STRESS is perceived as something that is almost inevitable. But which depends largely on a degree or the extent of it’s effect on the affected individual. It does not matter what led to it, the fact remains that anyone can experience stress in business. Like any other person, someone in business is prone to stress. However probability of having stress in one business, can be different from another. It is important, to avoid or minimize its chances of occurrence. Irrespective of its possibility, dealing with stress in business is necessary
A relevant question that needs to be answered to provide a good insight into the problem. – What is a STRESS.
STRESS is a feeling of emotional or physical tension. Its simply described as a difficulty that arises from any event or thought that makes you feel frustrated, anger, nervous etc. Because of the variables that constitute business environment, human element surviving in and around business are prone to stress. Without doubt, majority of business men live with stress. Notwithstanding it’s causes in business, stress is stress. For this reasons let us be conscious and guide against it, if it has not happened.
Unless the major causes of stress in business are effectively determined, to avoid or reduce it’s likelihood might be difficult. Unfortunately, some businessmen are ignorant of this fact. They fail to understand that various factors forcefully interact in the business arena. The consequential effect of which can be so severe on both business and individuals working in it.
Causes of stress in business
External causes and Internal causes of stress in business
External causes are those factors in a business environment through which stress can arise. Generally they are not within the control of the owner of business. Often they are there with peculiar forces that can only be managed. To a some extent they cannot be avoided. So it is advisable to have good understanding about their existence, guiding rules and operations. Note that these factors are not insidious on their own. But can always have consequential effect on an individual business person who couldn’t manage them. External causes are discoursed below:
Effect of technology
TECHNOLOGY – Involves modern ways of doing things. And because technology is never static, business needs to move with the trend. In effect embracing modern method to achieve a goal required financing. Such as securing funds to acquire modern machines and expatriate to operate such. More economical, money is needed to train workers. So the stress of sourcing for money is a pressure on the business owners.
General phenomenon
is a sudden calamitous event that seriously disrupt functioning of a community or society which consequently affect human, material, economy. business etc. Because this usually happens unscheduled, the effect on the business can be so devastating. Once this happens businessmen are often affected. Therefore resulting to stress on the part of businessmen. Take for instance the effect of corona virus on world economy at large. You can imagine its effect on businesses and individuals households. Because of its direct impact on individual, people struggled for health and not for business. So to those that escaped corona virus, their interest lied on whether their business will come back on track. while struggling, stress erupted. And he must contend with the challenges.
Economy
This has to do with general state of the economy at a giving point in time. Generally businesses do well when the economy is doing well (boom).On the contrary businessmen are likely to be very unhappy during recession and unfavourable economic policy. In this situation, businessmen will need to work hard. So that their business can stand the test of time in the face of hash economy. Therefore working too hard can result to stress.
Government policies
Usually government policies is in the interest of the public. But it comes in a different dimension, and can have direct effect on businesses. Most at time it can be very hash on business at large. For instance Tax policy has impart on business owners. Again, government policies on importation and exportation can be injurious to business at times. Therefore cumulative effect of such policies can lead to stress on the part of business owners and concern workers.
Customers’ behavious
Customers are necessary factor for business growth and its existence. A good reason why businessmen strive to attract and maintain good relationship with their customers. And because of competition customers are more likely to go after quality, good price and after service care. Stress incurred in efforts to manage customers can be overwhelming. Sometimes customers can shift to a another company in the same industry for many reasons. It usually have severe effect on business. So efforts to bring them back can result to stress.
Influence of competitors
competitors are key players in the market. Their active existence is relevant to every actors in the industry. So action taken by a major competitor can affect the market. For this reason, businessmen are always working round the clock not to be left behind. Consequently, efforts in this direction can always constitutes stress.
Solution/advice
The external causes of stress discoursed above are not within the control of businessmen. Therefore the best for anyone is to have better understanding of their operations. And find a way around the bottle neck to operate within the context and to guide against any consequences therefrom. Observing all these variables with a view to guiding against eventuality is a good strategy. With emphasis on these, when it eventually happens, to manage it will not be difficult. The effect would not be as severe as one who did not guide against the possibility. All the same, no matter the cause, stress behave in the same way and the treatment is the same. Therefore concerted efforts should be employed to address it, before its arrival. Beyond this, any affected person is expected to withdraw his mind from the cause. Thereafter, act according to the instruction of your doctor.
Internal causes of stress
A good number of businessmen have idea of normal causes of stress. Internal causes are those factors that usually pup up in business; the effect of which affects both business and the individuals working in an organisation. Factors within this category can be controlled by the business owners. An indication that each of these variables does not pose any rigidity in it’s operation. Because they spring up in the course of business make them to be regarded as internal factor. Stress can be triggered due to one reason or another. For this reason there is a wider chance of putting all related issues under an effective control. Example of internal causes are as follows:
Loss of control during disappointment
Certain disappointment, if not properly managed, can result to wariness. Particularly if a businessman experience disappointment against his hope. Imagine what can happen to a businessman who spent heavily on his workers” capacity training. And thereafter seeing these same workers moving to another company on account of double pay offer. The impact of such act can be so devastating on the business and consequently on the business owner. Surely it can lead to stress.
Excessive workload
Stress can surface where workload is getting too labourious on the part of individuals working in an organisation.
When struggling to meet deadline
In effort to meet with an appointed or agreed time/date a business person can be stressed up. Once he fails to control the anxiety, stress can emerged. As the deadline comes closer so the tension becomes higher in the same proportion.
Where business is not treated as an entity
A businessman can always secure stress if he fails to treat business as being different from household activities. Because an household problem can have direct effect on a business.
Activities of trade union
Where workers agitation is not effectively handled on time. Particularly if their demand is in line with Labour act/ agreement. The effect of trade union can be injurious on the business and consequently on business owner.
Anxiety in effort to repay loan
Pressure from the creditors such as banks for repayment of both principal and interest detrimental to the business and the owner. And this can vehemently lead to stress.
Solution/advice
To deal with stress in business required efforts in avoiding unnecessary things, while involving in those that enhancing good health.
Avoid unnecessary workload that can over stretch you or result to stress. As an individual one should know his/her capacity and limit in the discharge of his/her duties.
Lean to delegate work to your subordinate. This will enable you to be free and get refreshed while work is going on. Allow others to perform.
Avoid calculated risk in business. As this will enable you to work within the available resources. It is not wise to collect too many contract/jobs beyond your capacity.
Avoid unnecessary loan or any bank facilities beyond your capacity. Particularly where the degree of uncertainty is too high and the chance of paying back on time is not bright.
Join necessary association(s) within the industry. By this you will have access to important and relevant information. Decision of government and other information concerning your business can be sourced through this means.
Be concern about your workers welfare. This will encourage them to put in their best. So while you are resting some workers are at it.
Have a good time to relax. Take a step to engage in those activities that can take away stress off your head. Be involved in some healthy exercise.
