THIS WEEK'S TIP JANUARY 10, 2010 For Many Entrepreneurs, Running the Show is Stressful

Adapted from THE WALL STREET JOURNAL COMPLETE SMALL BUSINESS GUIDEBOOK (Three Rivers Press).
Running a business isn't easy. Work-related pressure can lead to a host of stress-induced problems: headaches, sleepless nights, irritability, weight gain and lost productivity, among others.

Business owners often cite the following as their most common sources of stress:
• Excessive workloads
• Concerns about making enough money
• Fears (when employees are involved) about making payroll
• Underperforming when it comes to meeting customers' expectations
• Feeling increased pressure to succeed when many things (such as personal savings, a corporate career and time away from family) have been sacrificed
The statistics on survival only underscore the stress placed on small business owners. About one-third of new businesses don't make it past two years, and almost 60 percent fold within four years, according to the Small Business Administration's Office of Advocacy. Causes of failure range from lack of capital to inexperience.
Give Yourself Direction
It's clear from numerous interviews of entrepreneurs that the best method of combating business-related stress is to plan. Entrepreneurs who haven't updated or assembled their business plan (for more on business plans, click here) can feel directionless, inefficient and overwhelmed— all of which contribute to stress. Writing out even a simple plan can prevent overload while also providing a viable road map to success.
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Firms Reflect and Look Ahead
Too many business owners make the mistake of working in the business and not on it. While it's easy to get caught up in the daily grind, you'll ultimately reduce your stress by taking a step back to focus on your business in the long-term scheme of things. Essentially, you want to anticipate everything that might happen, and everything that's in your control to make happen. The best time to do that is often during quiet periods, or, as some business owners prefer, on a mini-retreat away from the office. During this time, your goal is to take a look at how the business has been performing— what's worked, what hasn't— and to come up with a plan for the year ahead. If you need more clients, target specific areas where you think you can drum up business. Come up with a marketing plan. Develop a budget by figuring out how much you need to set aside for quarterly tax payments, capital expenditures, your retirement plan, employee salaries and other areas. All of this advance planning will allow you to spend less time putting out fires and more time meeting the business goals you've outlined. As a result, you will feel more in control and less vulnerable to stress.
Write to Colleen DeBaise at colleen.debaise@wsj.com