It’s everyone’s dream to have their own business. With entrepreneurship, you become your own boss, you set your goals, and if things go well, you can make more money. However, owning a business also means you need to manage stress..

From wrangling employees, to long hours, to worrying that the business could fail to problems with equipment, not making sales, not having enough capital to having too much debt, the list is endless — in short, it’s hard work

These things can make owning a business more stressful and lead to burnout as a small business owner.

But it seems you can’t escape the stress of owning a business, with a 2021 survey showing that 52 percent of small business owners experienced stress during the year.

The best you can do is to learn how to manage stress and protect your well-being. This is especially important for small business owners because the success or failure of the business solely depends on them.

Even if you have a few employees, they depend on your guidance and the momentum you set for your business growth.

Learning to manage stress as a small business owner is as important as learning how to market a business and make sales. In fact, managing stress should be among your top long-term strategies for business growth.

This post highlights top stress management tips for small business owners:

Ready to do this? Let’s go!

How to manage stress as a small business owner

Owning a business is different from working for an established company. As a business owner, you have more responsibilities, and the success of your business largely depends on you.

Statistics show that about 20 percent of all small businesses fail within the first year. As a small business owner, you need to figure out how to keep your business going to ensure it doesn’t fall into that bracket.

Unlike employees, entrepreneurs don’t work for paychecks. They have the responsibility to ensure the company is on the right track. This can sometimes mean working more than 50 hours a week without an overpay or any income at all.

Undoubtedly, many things can stress small business owners, so the question remains: What are the most effective ways to manage stress? Let’s highlight them below:

Know your stressors

The first step to managing your stress is identifying the cause. Many things can stress small business owners, including lack of enough funds, time management issues, and employee management.

Your workplace stress as an entrepreneur could be due to things you can’t solve or get time to do.

Running and growing a business involves many trials and errors and entering unfamiliar territories. This and many other things can stress you even without knowing. To identify your stressors, you need to look back and analyze your actions and paths carefully.

Once you identify your stressors, you can begin looking for the best solution. Sometimes you will feel relieved just by identifying things causing you stress.

While identifying your stressors is important, you should also aim to be more self-aware. By gaining self-awareness, you can know what things or situations make you stressed and the best way to deal with the situation.

Also, when you become self-aware, you know your strengths and weaknesses, which is key when running a business.

One way to reduce stress is by delegating tasks that cause you stress. For example, you can delegate staff management to a team manager if dealing with them directly causes anxiety.

If that is not possible, knowing that a particular job causes stress will help you know how to prepare beforehand to reduce the impact on your mental state when handling it. For example, you can take a deep breath before the task or practice mindfulness.

Focus on the right things

Unless you retrain your mind, you will likely focus more on what is going wrong when running a small business than going right. While this can help rectify your mistakes to keep things going, focusing more on the negatives can lead to more stress.

You’ll be less likely to manage stress when you think about your capital deficit, things that are behind schedule, or an employee who didn’t respond to you appropriately.

Instead of focusing on things that go wrong, remind yourself of things that are going right. For example, you could remind yourself of positive feedback from a customer, an employee committed to their work, or the fact that you’ve dialed in important parts of your workflow.

List all the right things happening in your company, no matter how small they are. Once you have the list, you will be amazed at how much you have accomplished and the potential growth of your business. Keep the list somewhere you can easily see to act as a motivator whenever you feel stressed.

Create a schedule and stick to it

Without a structure, you’ll have no plan, meaning you won’t have a way to anticipate what can happen. When you don’t have a schedule, you have so much to do in a day that you might not do anything.

But when you plan, you can handle more and have enough time to anticipate what might happen.

You quit your 9-to-5 job because you wanted full control of your day, right? Unfortunately, if you don’t create a reasonable schedule and stick to it, you will not have that all-important work-life balance, meaning no time to fulfill your dreams.

Being a business owner should come with a sense of control and should be a reminder that you are your boss.

Having a routine helps you know what to expect each time of the day and comes with a sense of control and peace of mind. That means you don’t have to follow a schedule you haven’t created yourself. The best part is that you can always adjust your schedule if something stresses you.

Creating a schedule and sticking to it gives your mind and body a sense of protocol. This is good for your body clock, which determines when you feel energized or tired and impacts your focus.

When creating your routine, consider the effort you need to complete each task. Schedule the most challenging tasks before other tasks requiring less energy and concentration for better results.

You’ve probably heard small business owners complain that their day is never enough to complete their tasks. The truth is, the number of hours is never the problem but the lack of schedule.

If you schedule your end of the day, you’ll complete all your tasks on time and still have time to rest.

To better stick to your schedule, consider investing in scheduling software to help manage your time more effectively. If you can plan, anticipate, and organize your day, the stress of running a business will significantly reduce.

Prioritize sleep

Not sleeping the recommended number of hours (7-8) could impair cognitive functioning and deplete energy levels.

But telling people to “get enough sleep” without giving tips on how to achieve that doesn’t help. After all, if they could get sleep that easily, they could sleep. The fact that one is advised to sleep means they’re having trouble sleeping or don’t have time to sleep.

But telling people to prioritize self-care — including sleep — is a practical approach that can give results. Ideally, prioritizing sleep means becoming aware that sleeping enough is crucial to manage stress. But knowing that alone won’t help you sleep. Here are practical tips to help you sleep better:

• Stick to your routine. Sticking to your routine won’t only help you achieve your goals but also help you fall asleep easily.
• Avoid alcohol before sleep. While alcohol can make you sleepy, it only gives you lower-quality sleep. This, alongside other effects of alcoholism, makes alcohol not a better option before sleep.
• Avoid coffee at night. Coffee is a stimulant, meaning it increases activity in your brain and nervous system. Taking coffee at night will impact your ability to fall asleep and affect your daily routine.

These tips will help you have enough sleep at night. Having enough sleep means enough rest and more focus the following day.

Exercise more

While you should dedicate more of your time to your business, it shouldn’t be at the expense of your fitness. Exercising doesn’t only improve your physical health but is known to reduce stress as well.

However, this doesn’t mean spending two or more hours in a gym daily — not at all. A 30-minute walk every day or other physical activity will do.

For example, you can walk to your next meeting or walk around your workplace at lunchtime. Also, instead of sitting down for many hours in the office, consider having a standing desk or taking breaks from work to stretch your body.

Whatever the case, don’t spend countless hours in the office sitting, as this will impact your mental and general health — and could lead to health problems down the road.

Exercising increases endorphin levels (brain transmitters) that help you feel better. The higher the endorphin levels, the more you feel less stressed, and vice versa. Exercising is a great way to feel more satisfied and energized, and manage stress.

It helps improve your mood and gives you a better perspective on how to run your business.

Be mindful of your diet

What you eat impacts your mental health and general health. Regardless of how much you exercise, you will remain demotivated and probably moody if you eat unhealthy foods.

A balanced diet is a great way to improve your immune system and repair damaged body tissues. A healthy diet also provides the energy needed to manage stress and make you feel more relaxed.

The food you eat can help reduce stress or increase your stress levels. For example, you should avoid these foods if you are feeling stressed:

• Caffeine
• Alcohol
• Processed foods, including chips, frozen foods, cookies, etc.
• Sugary drinks and foods
• Foods with high trans fats like frozen pizza, fried foods, microwave popcorn, etc.

Instead, eat foods that can help promote feelings of warmth and calmness, including:

• Whole grains
• High fiber foods
• Foods high in magnesium, such as broccoli, avocados, bananas, pumpkin seeds, spinach, etc.
• Protein-rich foods such as peanuts, almonds, chicken breast, lean beef, eggs, etc.
• Foods high in vitamin B like chicken, beef, organ meats, eggs, etc.
• Foods with higher amounts of omega-3 fatty acids like avocados, olive oil, salmon, tuna, sardines, etc.

Eating healthily will not only provide the nutrients to handle stress but will also provide energy to exercise and handle daily work.

Delegate tasks

One of the reasons small business owners fail to manage stress is because they have more than they can handle. If that’s the case, delegating is a great way to reduce stress.

Some tasks cannot just be put on hold. This is especially so for tasks at the core of running your business.

But that doesn’t mean that you should be the one to handle them. To avoid being overwhelmed with tasks, outsource some of the duties or find team members to help free up your calendar (and mind).

Of course, delegating tasks can be hard, especially if you have been used to handling the tasks yourself. However, having reliable employees to delegate some tasks is a healthy business choice.

If you’re yet to train people to handle tasks that overwhelm you, you should start doing so. This will benefit your mental health and help you achieve more in your business.

Automate

Automation is similar to delegating, only that you’re relying on technology this time. Running a business today is unlike in the 90s when many things were done manually. Today, small business owners can use apps to automate many aspects of their businesses.

For example, my own company AlchemyLeads saw a 250 percent increase in monthly leads after automating their lead outreach process using Zapier. Not just outreach, small businesses can automate many areas of their businesses to boost effectiveness.

Businesses can save time by abandoning spreadsheet scheduling of their staff for online scheduling. Another area you can use automation is in running your payroll and posting on Facebook, Instagram, Twitter, and other social media platforms.

While automation tools will cost money, they will make it easier to run your business and save a lot of time and money in the long run.

Be ready to say “no”

Sometimes you don’t need to delegate or even automate tasks; you only need to say “no.”

When the business is young, you’re likely to say “yes” to almost everything as long as it appears to be helping your business.

And truth be told, you don’t have many opportunities coming to you when starting, so you may seem like you don’t have much choice but to accept all opportunities that come your way.

However, as early as it is, it is good to create boundaries and focus only on things that will help grow your business. So, before you say “yes,” ask yourself whether the act has any short-term or long-term benefits for your business.

But saying “no” is not easy, especially on matters involving customer, employee, or partner happiness. However, remember that saying “yes” to everything might overwhelm you and affect your ability to deliver in the long run.

So, instead of agreeing to anything to make others happy, focus on doing what really matters and set your terms. If you don’t do that, you’ll be overwhelmed, and your acts won’t meet the standards.

Remember, you have limited time to do things that you value. So, learning to say “no” to unnecessary things will help reduce stress and give you more time to focus on more productive activities.

Take breaks

Even if you take the above steps, you won’t be able to manage stress if you work continuously without breaks. This can be as simple as taking a 10-minute break to stretch, walking around the office, or going on vacation.

Whichever way you decide to go, don’t worry about matters to do with your business when taking a break from work. If possible, turn off your phone and have someone handle the tasks on your behalf to ensure you have enough time to relax.

Stepping away from your business for a while will help decongest stress and give you a new perspective on your business and life.

Manage stress and keep thriving

Implementing even one of the above strategies can go a long way to help you manage stress. And once you experience those benefits, keep building on that success. After all, even the most successful business isn’t worth your well-being.

Your business plan is the document to help you go from idea to execution. You’ll likely depend on your business plan to organize your thoughts, strategize for success and stay focused. You might also write a business plan to secure funding.

If you want to write a winning business plan, read this comprehensive guide. We’re sharing step-by-step tips on how to write a business plan.

What is a business plan?

A business plan is a document that you use to strategize for your business’ future. The business plan includes an overview of your business, its goals and your marketing strategy. The document will also include financial forecasting.

Need help deciding on a business to start? Check out this list of small business ideas that are easy to launch  on a low budget. You might also consider other online business ideas that require minimal upfront investments.

In this article:business plan

Why do you need a business plan

You need a business plan to outline your business goals and the strategy to achieve them. Your business plan is also your first opportunity to create something tangible from your ideas. By putting ideas on paper, you’re giving yourself the opportunity to properly think through your plan and vet its likely effectiveness for business success.

Outside of your personal reasons for writing a business plan, you will need this document if you need to convince funders or investors that your business is legitimate and likely to return a profit. You would be expected to provide investors with a well-thought-out business plan demonstrating market awareness and financial planning.

How to write a business plan

If you’re ready to get stuck in and write your business plan, the next steps will greatly help. You want to be thorough at every step, especially if you’re sharing the plan with potential stakeholders. But remember, this is your business; your plan will be unique to you.

1. Create an executive summary

Your executive summary is essentially your first impression to investors. In a few sentences, it needs to grab attention and explain what you/your business does. It wants to grab the reader’s attention, so they’re compelled to read on.

2. Describe your company

Your business plan will include a description of your company. Think about your elevator pitch and write your company description into your plan. Be very clear here, think about what you do, who you do it for, and exactly what problem you are solving.

You’re likely not the first person to create a company solving a particular problem for your audience, so try and detail what it is that makes your company stand out.

3. Introduce team members

If you have any particularly credible or expert team members, be sure to introduce them within your business plan. Write a short bio with key credentials and how they contribute to your new business.

4. State your company goals

Every business needs goals, and deciding exactly what yours are might not be so obvious. Yes, your company needs to make a profit, but the goals need to be broken down into more measurable and actionable steps.

Start with desired business goals. Then decide what you need to achieve to make each goal a success. For example, for your company to meet your projected revenue goal, then what do you need to achieve? What marketing goals does the business need to meet to satisfy business goals?

5. Detail values and a mission statement

Of course, your business is here to make money and provide the lifestyle that you want. When writing a business plan, it’s easy to get wrapped up in the data and the money, but your why is the lifeblood of your business.

Take some time to create a page that digs into the meaningful element of your business. What larger problem are you trying to solve? What values will you hold the business to? How will you create a truly meaningful layer within your business?

This section should be very useful for you as a business owner since this is what will keep you going. But, it can also be used to help onboard a team later and better understand your connection with your audience.

6. List products or services

When you write your business plan, you must include your products or services.

Within this section, write:

• What the product or service is
• How it helps your audience
• How it stands out in the marketplace

For product-based businesses, include:

• A brief introduction to costs (you’ll expand on this later)
• Where products are sourced
• Quantity of products owned

7. Do market research

Every business must conduct market research. You need to think about the local market and if you’re starting an online business, you must consider the digital market. You may have different competitors in each marketplace.

It’s crucial that you can develop comprehensive market research that shows a deep understanding of competitors and your place amongst them.

Your market research will help you determine if your business venture is justified and also act as support to your proposition which is especially useful when pitching to investors.

The market research section will help you see where the gaps are between your business and competitors, and it will form the beginning of your sales and marketing plan as you strategize to close the gap on leading competitors.

8. Create a marketing and sales plan

Your marketing and sales plan will generally be built from your competitor research. You can use competitive data to get a feel for what’s working. However, it’s important to remember that your brand and its audience are unique.

Also, when it comes to marketing, you are better off doing less better than trying to do more poorly, so you must factor in your budgets.

Your marketing plan should be in support of the business goals outlined previously. Your marketing plan should have a clear goal and a strategy to help achieve it. As a business owner, you are not necessarily expected to know the ins and outs of marketing, so if you need support here, you can get it. You may need to reach out to your marketing team or other professionals who can help you decipher what the business needs to succeed.

9. Create a financial projection

When it comes down to it, finances determine a successful business from an unsuccessful one.

If you’re seeking investment, your financial forecast is everything. If there’s one thing that investors need to know very clearly is the financial estimations and performance of your business over time.

In your projection, plan for:

• Sales
• Expenses including wages
• Pricing of products and/or services
• Contingency for unexpected finances

10. Add an appendix

It’s not enough to simply write a business plan; every claim you make needs to be well-documented and supported. So, include an appendix.

Your appendix is a compilation of supporting documentation and/or evidence. Items that might be included in the appendix include:

• Resumes of key team members
• Documentation supporting your market research and analysis. If your plan summarizes findings, include the marketing research and data here.
• Legal documents, such as incorporation papers, patents, or trademarks
• Marketing materials, such as brochures or flyers
• Customer testimonials or case studies. New businesses might not have this, but if you have conducted research or focus groups, you can include findings here.
• Product prototypes or lab tests if you have them
• Any other relevant supporting documentation that was referenced in the main body of the plan.

Business plan format

There are three types of business plans, traditional, lean, and nonprofit. Whilst this article focuses primarily on the most common business plan format, the traditional plan, it helps to know what might be involved in other formats.

Traditional

The traditional format provides a detailed business overview and is useful for presenting to investors or lenders. In a traditional plan, you will likely write more than you would in a lean plan. Some businesses might opt for a traditional plan and then create a lean version for specific functions.

Lean

The lean business plan format is, as you would expect, a leaner (simplified) version of a traditional business plan. The lean business plan format includes the most critical aspects of the business. If you’re writing a lean business plan and you want to pitch to investors, then you must include key sections like market analysis, revenue forecasts, etc.

Nonprofit

The nonprofit business plan is similar to the traditional business plan, but naturally, it differs as it includes items that are required to run a nonprofit organization. For example, if you were writing a nonprofit business plan, you would likely include all elements of the traditional plan, plus fundraising and development, governance, and financials.

You may also have research from the local area you’re serving to help with that market analysis section. Your aim will be to prove that there’s a public need for your nonprofit.

Tips for writing a small business plan

Before you start writing your small business plan, read through these tips that might not be so obvious.

Use a business plan template.

Business plans are not new, so why not start with a tried and tested template? There’s plenty of space to turn the template into something unique that feels like yours. Using a template avoids overwhelm and provides structure. Check out this free business plan template you can download and customize in a cinch.

Write for yourself, not just investors.

Your business plan is yours. Writing your business plan is your chance to organize your thoughts and get your ideas on paper. Upon completion, you should feel satisfied with your robust roadmap to success. Of course, consider your audience and investors and give them everything they need, but don’t forget to satisfy your own intent. Remember the business plan formats; you can always start with a traditional plan for you, then provide the investors with the lean version.

Demonstrate what makes you unique.

You’re likely joining a busy marketplace, and you want to go in ready to disrupt and stand out. Clearly articulate what sets your business apart from the competition, and explain why customers should choose your products or services.

Use concrete data and examples.

Your business plan is no longer your place to dream. Writing your plan takes dreams and helps you turn them into something tangible and achievable. Within the business plan, you should be able to support your ideas with concrete data and real-world examples. You need to prove to yourself – and investors – that this business is viable.

Be realistic in your projections.

As above, writing your business plan is about creating something achievable, You must be realistic with your projections. Whilst being optimistic is exciting — and you can still be optimistic — you must be realistic in your plan.

Realistic projects are better for you mentally, too. If you’re more likely to achieve your goals, you’re less likely to get overwhelmed. Plus, goals that are not realistic will heap pressure on you and your team, and that’s the last thing a new business needs.

Business plan FAQ

Here are your most asked questions, answered.

How do I write a simple business plan?

You will write a simple business plan if you keep focused and aim to be thorough but concise. Aim to cover all important aspects and don’t over-plan. Focus on shorter time frames and be realistic about what can be done. Rely on research and data to help shape the plan.

Can I write a business plan myself?

Yes, you can write a business plan yourself. That said, if your plan covers areas of business where you’re not so strong, you might need support.

How long should a business plan be?

Your business plan will be as long as it needs to be, but the aim here is to create something thorough but concise. As a guide, aim for around 15 to 20 pages.

How long should it take to write a business plan?

Writing your business plan will probably take a few days, but you’ll need to do a lot of research behind the scenes. You also need to step away from the plan, return and edit it to ensure it is accurate and void of errors. A business plan should take three months from beginning to end.

Generative AI (Artificial Intelligence) isn’t new, but the recent explosion of AI chatbots, AI image-generation tools and AI-driven applications leaves many small business owners in new and unfamiliar territory. What is generative AI? And how should or could entrepreneurs use generative AI for a small business?

While people are continuing to experiment with what AI is capable of versus what grabs the headlines, there are already some simple ways in which generative AI can help small business owners. Our guide aims to help small business owners learn more about generative AI and how it can help save small businesses time and money.

What is generative AI?

Generative AI refers to a type of artificial intelligence that is capable of creating new content autonomously by learning from existing data. This can include generating text, images, music, or even design concepts by leveraging advanced machine-learning algorithms, such as deep learning and neural networks.

OpenAI’s ChatGPT and DALL-E are dominating the news, but new chatbot and AI art generation tools are being rolled out on a near-daily basis. From Google’s Bard to Meta’s BlenderBot, large tech companies are rolling out increasingly sophisticated generative AI tools.

It’s easy to start feeling overwhelmed, but it’s important to have develop a high-level understanding of generative AI and what it can do (along with what it can’t do).

Leveraging AI technology is crucial for small businesses to stay competitive in today’s rapidly-evolving global market. AI can help small business owners improve their efficiency and productivity by writing copy for websites or blogs, automating tasks, streamlining decision-making using data, and improving the overall customer experience.

Interested in learning more about how to use generative AI for small businesses? Let’s take a closer look at some examples that you can apply to your business.

Related: AI prompts for small business owners

A quick word of caution

This guide is meant as a general overview of how generative AI can help small business owners save time, and often money when running their businesses. We strongly recommend closely reviewing the output of the AI tool that you intend to use, as AI can return incorrect, false or outdated information or may include content containing third parties’ intellectual property.

Additionally, be aware that generative AI tools may save information that a user enters, so avoid entering any commercially sensitive or proprietary information in your prompts (the questions or tasks you ask an AI tool to help with).

5 ways to use generative AI for small business

From getting started with business ideas to optimizing your website content, here are 5 examples of how generative AI can help.

1. Generate creative and unique business names

The biggest barrier to getting started is sometimes a blank screen. Generative AI is great for helping to get your creative juices flowing. So if you’re stuck with writers block, or if thinking of a catchy business name isn’t your strong suit, consider using AI to kick-start the process.

AI can generate a large number of potential business names in a short amount of time, giving entrepreneurs a list of unique and creative names that they might not have come up with otherwise.

And, if you’re not completely happy with the recommendations, you can iteratively improve the generated names simply by refreshing your prompt and telling the AI chatbot what you’d prefer to see, ensuring the final name selection is well-suited for your business.

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2. Automate content creation

Artificial Intelligence has the potential to revolutionize the way small business owners generate content for their business, By simplifying the content creation process and enhancing the effectiveness of published materials, such as website content, newsletters or blogs, AI can save entrepreneurs both time and money.

Using advanced natural language processing algorithms and deep learning techniques, AI-powered content-generation tools are able to analyze existing content within a specific industry or niche. Using that information, AI tools can then generate relevant and engaging content. In addition, you can tailor the output to match the overall vibe of your business.

Does your small business tend to be more light-hearted and fun? Add adjectives to help the AI tool generate content that fits your brand voice.

Additionally, AI can automate the process of content scheduling and distribution across various channels, allowing small business owners to reach their audience with consistent and timely communication.

By streamlining the content creation process and reducing the time and effort required, AI enables small business owners to focus on other critical aspects of their business, ultimately helping to drive growth and success in the competitive marketplace.

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3. Enhance customer service

Another area where AI can be a powerful tool for small business owners is to enhance customer communication. With AI, business owners can quickly craft personalized responses, such as thank-you emails to customers after they make a purchase or sign-up for a service, creating a sense of appreciation and helping to foster customer loyalty.

AI can also streamline the writing process for creating follow-up messages, such as reminders for upcoming appointments or subscription renewals, making it easier to maintain a strong connection with clients.

Customers aren’t always happy with the service they’ve received. Another task that AI can help with is responding to customer inquiries and complaints by analyzing the content of messages and generating customizable responses that address the specific issue at hand.

Customer service interactions can quickly eat into a small business owner’s day. However, AI-powered chatbots and virtual assistants can handle multiple customer interactions simultaneously for you, significantly reducing the response time and allowing customer service representatives to focus on more complex tasks. This results in a more cost-effective customer service operation.

By providing fast and personalized responses to customers, AI-powered tools can enhance the overall customer experience, leading to higher satisfaction rates and a stronger brand reputation, all while freeing up time for business owners.

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4. Support for social media management

Social media is a necessary part of owning a small business, but managing multiple platforms and attempting to brainstorm creative new content can feel daunting. AI can help out here as well.

Here are a handful of tasks that AI is able to help with:

• Brainstorm creative captions for image-based posts
• Create editorial calendars based on local holidays or celebrations
• Generate conversation starters for a social media audience
• Write simple video scripts
• List creative content ideas
• Craft ad copy to grab people’s attention

While this list isn’t exhaustive, AI-based tools are a great way to get the creative process rolling, especially on days when your creativity feels like it’s in a rut.

AI is also helpful with identifying key moments and relevant events for a target audience. Events would include local celebrations such as festivals and parades, as well as industry-specific holidays. This can provide businesses with an opportunity to create content that connects with their audience on a more personal level.

Another AI advantage is the ability to help small business owners maintain a consistent posting schedule, which ensures that businesses remain regularly active and visible on social media platforms. Consistent activity on social media platforms keeps the audience engaged and establishes the business as reliable and authoritative.

The benefits that AI brings to the table for a small business owner ultimately contribute to increased brand visibility and a stronger connection with the target audience, making AI an invaluable tool for businesses looking to thrive in today’s digital age.

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5. Optimize content for SEO

For small businesses looking to drive traffic to their business, SEO is still king. And while SEO is definitely a skill, AI is able to give SEO novices the boost they need to get found online.

Keyword research is important for SEO, and AI is able to help business owners identify relevant and high-performing keywords in their industry.

In addition to helping business owners brainstorm keywords, AI can help create copy for a website. AI is able to generate SEO-friendly content that incorporates target keywords seamlessly while still providing value to the reader. This helps improve the website’s search engine ranking and increases the likelihood of attracting and retaining visitors.

AI is also able to generate optimized meta tags and descriptions for web pages, ensuring that they accurately reflect the content and include relevant keywords. These elements play a significant role in how search engines index and rank web pages, which influences their visibility in search results.

Another factor for SEO is website update frequency, and AI is able to assist here by suggesting content for blog posts or articles on a business website.

And, if you need help coming up with a first draft for your blog post, AI can help with generating keyword-rich text, ensuring that the content is optimized for search engine ranking, which increases the visibility of a small business online. You can then just make tweaks so it’s authentic to your business.

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Summing it all up

Hopefully, we’ve given some helpful insights into how this new and evolving technology can help small business owners make the most of this new technology, and hopefully save save time and money. Just remember, it is crucial to check and review the output of AI tools and always avoid using sensitive information, leveraging generative AI to streamline tasks and improve the customer experience can give small businesses a competitive edge.

Did you know updating your business plan should be a part of your regular business practices? If not, don’t worry — a lot of people skip this step. But it could benefit you to make this effort.

Read on to learn why updating your business plan is so important, how to tackle this task, how often you should make updates, and key things to keep in mind.

Let’s get to it!

Why should you update your business plan?

Outside of updating your business plan as a standard course of doing business (which we’ll discuss in detail shortly), there are a few noteworthy situations that warrant a full business plan overhaul:

You need to raise funds

If you need capital to make tech upgrades, grow your team, or expand operations, you’ll likely need to raise funds. Before you can reach out to new investors, however, your business plan must be up-to-date and reflect your company’s current financial situation, including operating costs, cash flow, business goals, and income projections.

Related: 10 small business funding options

You want to refinance

Similar to potential fundraising moves, refinancing your business loans requires an updated business plan because it outlines operating costs, your company’s challenges, and forecasted revenue. No lender will entertain refinancing or even new loans without an updated business plan and financials.

You want to launch a new product

Big business moves necessitate an updated business plan and launching a new product or service qualifies. A new product means new potential revenue, so updating your business plan to reflect that fresh revenue stream is critical. Be sure to include everything you would’ve when writing your business plan the first time around — like costs, vendors, time frames, target demographic/segmentation, and financial projections.

You want to expand your company

Company expansion can take many forms. Perhaps you’d like to open up a second location in another city. Maybe you want to purchase more warehouse space for your products. Large technological upgrades are considered expansions, too. No matter what type of growth you have in mind for your business, updating your business plan to reflect this intention to grow is a key step before reaching out to investors and potential lenders.

You’ve changed your supply chain

Supply chain issues have become an acute problem since 2020. However, there has always been a need to update business plans to reflect changes in the supply chain and/or a change in the vendors you decide to use. Any time you make changes to your vendor list, put updating your business plan on your schedule.

Related: How to overcome supply chain challenges in 2022

You have new competitors

If a new major competitor enters your industry, it’s likely to affect how you do business. Whether that means your share of the industry “pie,” so to speak, decreases, or it means a new brand changes the expectations for your industry and you need to now follow suit — a  business plan update is in the cards to reflect these changes.

When and how often should you update your business plan?

As you can likely see by now, updating your business plan is an essential part of having a business plan in the first place.

It’s a dynamic document that needs to be updated to meet where your business is at right now.

Though you don’t need to update your business plan to reflect every little change, making regular updates is a solid business practice.

If your company is chugging along with no major changes, giving your business plan the once-over at least once a year should be sufficient for updating financial data and projections. However, if your company undergoes a major shift, you’ll want to update your business model when you expect that change to occur.

How to update your business plan

Now that you have a sense of how often you should update your business plan and why you need to do so in the first place, let’s turn our attention to the real meat of this article: how to update your business plan. Here are six key things to keep in mind when updating this most important document.

1. Make updating your business plan part of your regular review process

One of the biggest obstacles to updating a business plan is scheduling the time to do it. Business owners are busy people, and it’s all too tempting to leave these sorts of tasks until tomorrow. However, you can get around this by simply incorporating a business model review into other processes you already complete.

If your company does quarterly financial reviews, add in a business plan review during this time. You’ll already be taking time away from day-to-day business operations to complete the financial review, so you might as well spend a couple of extra hours updating your business plan.

You could even schedule it for when you do your taxes or prep documents to send to your accountant. Add the business plan update to your to-do list for those days.

2. Include your team in the process

If you have any kind of team for your business, you must include them in this process. They are likely involved with the day-to-day functions of operating your business and can provide key insights into what the future of your company looks like. For example:

• Ask the marketing team for reports on trends they’ve noticed over the past six months or so.
• Ask sales about any demographic shifts they’re noticing in the customer base.

Those who are doing work within your industry daily are going to feel the subtle shifts within the market before anybody else. And they might have insights into what projections look like — things that you might not come up with on your own.

Leveraging your team means getting a more complete picture of what your company has accomplished, how it’s currently positioned, and where it will go from here.

Pro tip: You can manage these tasks directly in Microsoft 365 as well. Sharing documents is a snap and you can collaborate on your business plan in real-time.

3. Note regulatory changes

When updating your business strategy, take some time to research any regulatory changes that have taken place in your industry. New rules, regulations and laws are passed all the time and many can have a direct impact on how you do business.

For instance, payment processors now must report your earnings to the IRS. This change could affect how you report income and change your relationship with contractors. The implementation of sales tax on internet sales made in the state where your business is located is another example from the past that had a profound effect on companies doing business online.

Such changes can impact your financial reporting and/or make your business more competitive, and less competitive, and otherwise change your approach to how you do business.

4. Note vendor/supply chain changes

Another factor to take into consideration when updating your business plan is any vendor or supply chain issues or changes that have occurred since your last plan update. If a vendor suddenly changed their billing system or adjusted their fees, you might need to account for this in your business plan as it could cut into your profit margin projections.

Or, if the supply chain has made it so you need to use multiple vendors to meet your company’s needs without experiencing disruptions, your business plan should make note of this change — and even indicate that supply chain issues are an ongoing problem.

To be honest, nearly every company has experienced some issue with the supply chain since 2020, so if you haven’t updated your business plan since then, now is probably the time.

5. Keep broader economics in mind

The overall state of the economy can directly affect your company’s performance. And while economic downturns can leave some industries untouched, it’s rather rare. But even if your company is lucky and hasn’t been affected by broader economic fluctuations as of yet, keep updating your business plan on your radar.

The economy as a whole can impact your vendors, shipping, packing, contractors and other services related to how you do business. It can also affect staffing and the accessibility of talent. So even if your company hasn’t experienced negative effects, acknowledge the general state of the economy in your business plan and include contingency plans should issues arise.

6. Follow demographic changes

We’re currently in the midst of huge demographic changes in the United States and all over the world, which will have a direct impact on how you do business and what the future might bring to your company.

As of 2022, the median income among the middle class is going down, the income of the very wealthy continues to go up, and the median age of workers is going up, too. People are having babies later in life and at lower rates than in the previous generation.

All of these factors can directly impact your revenue potential as well as who your target demographic or ideal customer even is. And this means you need to update your business plan to account for these shifts. Continue to revisit demographic data and projections a couple of times per year to ensure your internal projections still apply and to see if your processes need updating and track your actual results. If so, a business plan update is in order, too.

What to do next

If you haven’t even so much as glanced at your business plan in a bit, now’s the time to dust off the document and give it a once-over. Times are changing — seemingly faster than ever before — so it would behoove you to set aside some time to update your business plan sooner rather than later.

It’s no secret that the business world and working environments have changed drastically since 2020. With fierce competition in recruiting for skilled labor becoming a critical issue for businesses, having employees in varied locations around the U.S. or even internationally has become an increasingly common solution. It looks like this distributed work model is here for the long haul, so it’s time to get your business on board.

What is distributed work?

Distributed work is defined as a business that has one or more employees who work in different physical locations. This can range from having different in-person office locations, remote work or a blend of the two — often termed “hybrid work.” Large companies having a distributed workforce is nothing new, as having multiple locations allows companies to meet more of their customers’ needs.

The difference now, though, is the massive increase in remote work triggered in large part by the COVID-19 pandemic, ramped-up competition for skilled workers, and how those factors have combined to impact smaller businesses.

If you’re struggling to keep up with today’s workforce demands, take heart. Distributed work can provide some solutions.

Millennial and Gen Z workers strongly prefer flexible working environments and a distributed work policy fits into that preference nicely. Additionally, distributed work structures have the benefits of increased access to international talent, more productive employees and higher job satisfaction.

How to adapt your small business for distributed work

Making the leap to a distributed workforce can feel daunting, but it doesn’t need to be. Software solutions tailored specifically for supporting a distributed work environment can help ease the transition and make your business run efficiently.

In this guide, we’re going to take a look at important adaptations needed to bring your small business up to speed for distributed work and how to accomplish them.

• Get your business security up to date.
• Tap into global talent pools.
• Maintain quality communication between employees.

Let’s take a closer look at each point below.

Get your business security up to date

When remote work exploded in early 2020 due to COVID-19 office closures, it quickly became obvious that improvements to business security protocols were necessary. Now with many businesses planning how their company will operate going forward, security continues to be a crucial consideration.

What are some security considerations important for businesses with distributed work environments? Here are a handful of important security features you’ll want to think about:

1. Avoid losing business documents with automatic saves

The stress from losing hard work or entire documents altogether is something most people have dealt with at some point. Having to backtrack and redo lost work is tedious and unproductive.

The best way to avoid that ordeal? Automated saves.

With Microsoft 365, your Office documents are automatically saved for you. Whether it’s a document in the company Sharepoint or in your own OneDrive account, your hard work won’t go to waste.

Additionally, Sharepoint allows your company to collaborate on documentation without having to worry about whether the current document is the correct version. An average of 83% of the current workforce loses time daily due to document versioning issues. Microsoft 365 makes it easy to avoid lost time and frustration, with the added benefit of simplifying collaboration.

2. Maintain business security across all user devices

In the United States, 68% of organizations reported being hit by a public cloud security incident when polled in 2020. Attacks like these can cripple your business’ productivity and lower public perception of your company as a whole.

Both Sharepoint and OneDrive offer multiple layers of security to keep your business documentation safe on the cloud servers themselves, including:

• Virus scanning for documents
• Suspicious activity monitoring
• Password protected sharing links
• Real-time security monitoring with dedicated intrusion specialists
• Ransomware detection and recovery

With these built-in protections, you can keep your company safe no matter where your company’s distributed work happens.

3. Adopt company-wide security policies

Effective company security policies protect your organization’s data by clearly outlining employee responsibilities with regard to what information needs to be safeguarded and why.

Having clear guidelines set ensures that both your company information and your employees are safe from security threats.

Items to include in your security policy might include:

• Remote work policies
• Password update policies
• Data retention policies
• Employee training guidelines
• Disaster recovery policies

This list obviously isn’t exhaustive, so we’d recommend using a security risk assessment tool to pinpoint specific areas your business should address.

Note: Social engineering and phishing are major security threats for businesses of all sizes. To avoid becoming a target, your company must implement strong security practices for your users. For example, using a secure two-factor authentication setup can help prevent unauthorized users from accessing company documents.

4. Ensure communications are secured

Having a distributed work environment tends to mean that most (if not all) communications occur digitally. As such, keeping digital communications secure should be a top consideration.

If video calls are a major part of your business needs, Microsoft Teams offers robust encryption for your calls. Additionally, email through Microsoft 365 offers top-tier anti-phishing protection for your business.

To learn more about available tools for secure business communication, refer to the Microsoft documentation here.

Tap into global talent pools

The pandemic triggered a drastic reshuffling of how workers view their jobs, leading to what has been dubbed the Great Resignation. In the United States, more than 11 million jobs were sitting unfilled as of January 2022. With jobless claims on the decline, the domestic labor pool is small and competitive.

It can be easy to feel overwhelmed as a small company attempting to attract talent in the current labor market. You’ll want to ensure that you’re offering competitive wages and benefits, but it can be difficult to go toe-to-toe with large corporations.

However, this is another instance where distributed work can help. One solution? International talent.

The distributed work model makes employing remote workers worldwide more seamless than ever before.

A few considerations here to keep in mind, though.

• You’ll need to apply for certification from the U.S. Department of Labor to hire outside the country.
• Be aware of additional taxes that might result.

For more information, review the official documentation for this process.

Note: The same standards do not apply to international contractors, but there are special considerations for contractors as well. Read this guide for more details.

Maintain quality communication between employees

Successful businesses rely on open communication for everything from keeping employees up to date on company information to maintaining morale. Let’s go over a few ways to implement quality communication in a distributed work environment.

1. Cultivate a healthy work environment

Company culture can feel like an afterthought when your teams work separately from each other. However, cultivating a strong company culture is vital, especially for distributed work environments.

The first step here is to clearly define the company culture that you want. By setting the company standards early, your employees will be able to benefit from a solid starting point.

Second, reinforce the culture that you’d like to create. Setting goals, establishing performance metrics, fostering accountability, building trust with employees, and being open to feedback from workers all help reinforce a healthy company culture.

And third, it’s important to prioritize the mental and physical health of your employees. Encourage vacation time, allow for flexible working arrangements, and make mental health support a priority.

2. Foster open communication

Digital communication is key for distributed work environments, so keeping open and transparent channels for communication is imperative.

Email and chat tools are communication fundamentals, but fostering communication itself can feel a bit daunting.

Here are a few suggestions on building healthy communication for your distributed work teams:

• Make empathy a priority.
• Greet employees every day.
• Create a virtual water cooler to encourage socialization.
• Announce company updates directly.
• Give recognition and feedback regularly.

By encouraging clear, focused — but also fun — communication, your teams will grow to trust each other and interteam collaboration can flourish.

Distributed work is the ‘new normal’

Building your business toward a distributed work model is a solid investment in growing your company in the future. Tools like Microsoft 365 offer an all-in-one solution to take the pain out of transitioning your business, so take charge of your business’ future today.

If you’re anything like me, you’re a busy entrepreneur who gets so caught up in her tasks she often forgets to eat, let alone go on vacation. Though I’ve been trying to get better about this in recent years, I’m still really bad about not outsourcing small business tasks, and instead taking on all the things and doing them myself.

But, as I’ve been reminded time and time again, I’m not Superwoman. The reality is we can’t do it all, and we shouldn’t try to because when we do it’s the fast track to entrepreneur burnout. Nobody wants that.

I certainly don’t!

So, let’s talk about outsourcing for small business owners. While outsourcing and delegating can feel scary, it doesn’t have to.

To get some real-world perspectives on outsourcing, I went straight to the experts — entrepreneurs just like you and me — for their top tips on letting it go.

How to know when it’s time to outsource

You might be thinking the best time to outsource is when:

• You’ve got plenty of money
• You have more work than you know what to do with and/or
• You’re unable to take on more clients because your schedule is packed

But, perhaps the better time to outsource is right away! The sooner the better.

Anton Giuroiu, founder of Homesthetics.net, recommends that you outsource any task that jeopardizes your ability to do the things that only you can do immediately. “For example, if accounting and bookkeeping tasks rob me of precious time that I could have spent in executive decision-making, then it’s time to outsource or delegate that task,” he says.

You shouldn’t wait on outsourcing small business tasks that take up mental bandwidth you need for the bigger picture. Put another way, the sooner you start outsourcing and delegating, the sooner you can focus on the ideas and action items that can help your business grow and make more revenue in the long run.

Ravi Davda, CEO of Rockstar Marketing agrees with Giuroiu. “I have a simple rule: Outsource everything that costs $10 or less. Whether that’s cleaning, social media management, admin work, or anything else. This is a great place to start. You can get great VAs for this price. Then, increase this to $15 or $20. For me, the best time to outsource is straight away, as terrifying as this may sound. The benefits are worth it,” he says.

You might not want to wait until you have “plenty” of capital either.

Aseem Kishore, founder of Help Desk Geek, says the best time to outsource is actually when you’re having financial issues. The reason? It’s a more economical way to handle business operations. Kishore explains that managers and executives often have too much on their plate, and when they can outsource certain tasks, they can alleviate the work pressure.

Think about it: When you’re earning $50/hour, if you can delegate the less labor intensive tasks at even half that hourly rate, you’re able to take back that time and earn more money overall for your business.

According to Christopher Pappas of eLearning Industry Inc., the reason you need to start working on outsourcing and delegating as soon as possible is because it could take time to find the help you need.

“It will take time to find the right vendor or workers for your needs, so resist the urge to hire the first person you speak with. Even if they turn out to be the best option, compare and contrast their strengths with those of other providers. Spend some time looking around on outsourcing websites as well,” he says. “Choose a company specializing in exactly what you require; you want their strengths to match your objectives. When deciding with whom to begin a business relationship, numerous factors to consider. Of course, a reasonable price will influence your decision, but that isn’t the only consideration.”

Eden Cheng of PeopleFinderFree says the first thing to do when you’re considering delegating is to determine whether the task should be delegated, automated, or eliminated. “Otherwise, you just end up adding more costs to your business and wasting your hard-earned cash. For example, if you need to handle social media posting, you can always use a tool like Hootsuite to help schedule your social media posts in advance,” she says. “Or, if it’s something that can be eliminated without much consequence, like weekly client reports, then you don’t need to try delegating the task out.”

Related: Capital options for sole proprietors

How to determine which tasks should be delegated

Jonathan Tian of Mobitrix says the best tasks to delegate are the ones that are unrelated to your core business but take up a lot of your time.

“For example, a retail business dealing in household items can outsource data backup maintenance, accounting, and tax filing. These tasks are often best suited for professionals, and hiring an in-house one can be very costly,” he says. “Performing them on your own can also limit your business growth, hence the need to outsource. They can take up valuable resources which you can channel towards growing the business as well.”

There are so many tasks you can delegate to someone else. Here’s a list of tasks to consider outsourcing:

• Taxes and/or bookkeeping
• Transcription
• Media and publicity assistance
  • Help getting on podcasts/finding podcast guests
  • Writing press releases and/or submitting them to media outlets
  • Audio and video editing
• Copywriting
  • Websites
  • Blogs
  • Newsletters, and more
• Social media
• Invoicing/accounts payable/accounts receivable
• IT assistance/troubleshooting/networking
• Virtual receptionist
• Appointment setting and/or calendar management
• Event planning
• Inventory management
• Personal shopping
• Research
• Writing reports
• Graphic Design

This is far from an exhaustive list, but it should get you thinking about the possibilities.

On the flip side, there are a few tasks you should not outsource. According to Vaibhav Kakkar, CEO of Digital Web Solutions, “Any areas of your corporation that will instantly impact customers should not be outsourced. Although some companies do well by hiring vendors for customer service or sales, it’s a risky venture that small businesses or businesses in transition can’t afford.”

Carter Seuthe, CEO of Credit Summit, seconds this, and adds, “If the task you are outsourcing could have an impact on your reputation and something goes wrong, you’ll be left in a difficult position. This is why I prefer to only outsource the most routine, basic, in-the-background work.”

Their advice for tasks like these is to hire a staff member rather than a virtual assistant or independent contractor.

When someone is working directly with you full time, or even part time, they are more likely to have a greater level of care for the tasks at hand.

This won’t be just one of many things they do. Instead, they will have a higher vested interest in keeping the customers and their employer happy.

How to find reputable outsourcing help

Once you’re ready to finally start loosening the grip you have on your to-do list, the next logical step is determining where to find help.

Personally, when I was first looking into outsourcing and delegating aspects of my content creation business, I went to Upwork and Fiverr on the recommendation of entrepreneurs that I mastermind and network with. Sometimes looking for help this way can take a while, but I’ve had pretty good luck finding the people I need when I need them.

I’ve found many people are eager to work, especially amidst the pandemic because they want to have the freedom to stay at home.

Heather Welch of Ukelele Tabs says she prefers freelance platforms like Upwork as well because individuals looking for work often have portfolios online. “This way, I can see past work and get a better idea on what to expect when I do decide to work with a specific freelancer.”

For Dalila Rodriguez, who runs a public relations company, she looks for talent on LinkedIn, whereas Shane and Jocelyn Sams of Flipped Lifestyle and many online business owners like them have been known to post their independent contractor opportunities on Facebook.

The key with using social media to find help is to have thorough job descriptions and a lengthy vetting process, but this process works and can yield decent results.

Pro Tip: If you want to use a freelancing platform, stick with only one

Hutch Ashoo who runs Pillar Wealth Management, says if you choose to use a website such as Upwork, Freelancer.com, or People Per Hour, to only stick with one of them. “Using many sites can make things (i.e. contracts, tasks, the people you’re working with) more difficult to maintain, but if you use only one, it’s simple to manage all of your tasks from a single location.”

Melissa Smith, Founder and CEO of The Association of Virtual Assistants says, “Look for talent on LinkedIn, in your peer groups, and where the person would likely spend time online. For instance, if you want assistance with your Instagram [profile] it would make sense that the virtual assistant would spend a good bit of time on IG.”

Pro Tip: If you’re struggling to find help on your own, consider an agency

Some entrepreneurs use agencies to find virtual assistants and contractors they can hire by the hour or even by the task, and there are hundreds of agencies to choose from. So, how do you choose?

It boils down to a few basic questions:

• What is their reputation?
  • Can you speak to past clients/do they have testimonials or reviews?
• How’s their success rate?
• What is the fee?
  • How much of the fee actually goes to the person doing the work?
• Where is the agency located? (Some businesses prefer to only work with agencies in the U.S. whereas others only want to hire help in other countries.)
• Do you personally know anyone who has used the agency? If so, what was their experience like?
• How do the contracts work?
• What’s the exit strategy like?
  • What happens when you are ready to move on/let the help go?

Bottom line: Regardless of how you go about finding virtual assistants and/or independent contractors for outsourcing and delegating tasks, do your homework. Don’t just hire the first person at the rate you’re looking for.

Once you find someone to work with, the next question is how to delegate tasks to them.

How to delegate your tasks

Malte Scholz, CEO and CPO of Airfocus, says the key with outsourcing and delegating is to make sure the tasks you assign are “straightforward and easy to complete without constant supervision. You want [people] to be independent and save you time. If you have to explain every single thing, you aren’t really benefiting in the process.”

Nick Chernets, SEO of Data for SEO seconds this and adds, “One of the most common issues with outsourcing is the lack of understanding which leads to multiple mistakes. Instead of saving time, you risk spending hours explaining the task to the freelancer. That’s why you have to prepare detailed guidelines ahead of time and make sure they are easy to follow.”

One of the best pieces of advice I’ve personally ever heard for giving thorough instructions to a freelancer is to film yourself doing the task and then write out the steps you took.

This way, your independent contractor will have both visual and written cues for how to complete the task themselves.

It’s also important to avoid going back and double checking the work too many times. Micromanaging takes too much time, and can actually lead to your assistant making more mistakes than if you have empowered the individual to handle the task at hand on their own.

Next steps for outsourcing for small business owners

Hopefully, this post has inspired you to start looking at the tasks you do daily and start delegating some of them out. It can be scary to hand over the things you normally do, but the most important thing to remember is you’re not giving up control. You’re actually taking back control — of your time, your energy, and your ability to expand your business.

Take some time and really start thinking about everything you do in a day. Then, go back through the list and put a star next to the things that only you can do. I’m betting you’ll be surprised by how many tasks can actually be done by someone else.

Next, I challenge you to outsource just a single task. Start small. Before you know it, you’ll be an outsourcing expert. Who knows what you’ll be able to create with all the time you’ll free up!