One of the greatest sources of stress for business owners (besides the company bank balance) is the pressure that comes from having only limited time to achieve a lot. There is one very simple exercise you can complete that will remove this pressure. In fact you can start to create significant change in the pressure you're experiencing right now.



How competing demands generate stress

Before we get into the detail there is a short activity you need to complete. Think about a day recently where you felt stressed or under pressure because there was a number of activities or people demanding your time. List all of the activities you completed on that day, in rough chronological order. Include all the detail such as answering phone calls, meetings, answering questions from staff or clients, getting your lunch etc. It's probably going to be a fairly extensive list.

Also now think about the different hats you had to wear to fulfill those activities, for example, leader, negotiator, administrator, parent, mentor, janitor. The stress of competing demands comes not only from having too much to do but also the emotional and psychological stress of needing to constantly change perspective. This can lead to feelings of doing a half-baked job, frustration and a lack of fulfillment.

The shortfalls of traditional time management

There are a lot of really good theories around about how to manage and allocate time. Stephen Covey's time management matrix is one of the most frequently cited. Also there are a range of diary based systems and training courses. These tools can be highly useful in the right context. However as a business owner these tools can also be very difficult to implement for a range of reasons. Some approaches lack flexibility, are difficult to manage in real time, involve a significant amount of administration or require a level of discipline that, in practical terms, doesn't exist.

Get clear priorities and the stress will go away

The single most significant thing you can do to reduce the pressure of competing demands is get clear priorities. Clear priorities provide a ranking system for your activities. When that ranking system is enforced the demands on you stop competing and the stress caused by that competition goes away.

Your priorities should be based on business goals

As the business owner you are likely to be the most senior leader in the business. Therefore it is critical that your behavior is in line with the business goals and strategy. This will ensure you are leading by example and will result in your behavior being reflected in the behavior of other team members.

Your business goals and strategy will tell you what's important and what you need to be doing. For instance, if you are in growth mode your list of priorities might be:

o Managing cash flow

o Implementing lead generation process

o Growing strategic alliances

o Communicating with existing clients

o Developing team skills

o Building stronger systems

o General business administration

Making changes

Here's what to do to start reducing the pressure of competing demands.

1. Develop your list of priorities and rank them

2. Test that the ranking is accurate by asking trade off questions, e.g. What if you could only do one and not the other?

3. Make sure you truly believe in the accuracy and logic of the prioritization. If you have any doubts you won't be effective in changing your behavior.

4. Analyze the list of activities you developed at the beginning of this article. How might you have approached that day differently if you were working in line with your priorities?

5. Then apply the same thinking to today, tomorrow and perhaps some busy days you know are coming up soon. How will you approach those days differently?

6. Put the list of priorities in your diary and in a very visible place near your desk or workspace.

7. Explain to the people around you:

o What you are doing

o The outcome you are trying to achieve (e.g. reduce stress, improve productivity)

o The logic of your approach and some of the different behaviors you are trying to develop. You will be surprised how quickly they come on board to help.

Each time you go to start an activity or respond to a situation look at the list and do a quick reality check. Should you be doing this now or diaries it to address another time? Or delegate? Are there more important activities that need your attention right now?

At the end of each day take a couple of minutes to reflect on how you performed against your priorities and recommit to any behavior changes required.

The reduction in stress will be commensurate with the change in behavior and discipline. These will happen with time and practice. It's like changing the direction of a big ocean liner. First you need to set the new course then gradually the helm will turn around and come into line.