One of the many notable findings of ACCA’s Global Talent Trends report is that around half of respondents to its extensive survey harbour ambitions to run their own business or practice at some point during their career. The entrepreneurial spirit is strong among professional accountants – but while establishing and running your own business can be intensely rewarding and fulfilling, it inevitably comes with demands and stresses.

Businesses go through cycles – and so do their owners. When things go wrong or times are difficult, it can feel lonely and isolating at the top of a business. 

Learning from experience

This webinar includes first-hand accounts from ACCA members who have set up and run their own successful business, in a variety of fields. All of them have felt the stress of self-employment and business ownership at one time or another, whether it’s because of global events that were outside their control, such as the pandemic, or the everyday challenges of turning an idea and a plan into a fully-fledged business.

One speaker likened running your own business to holding a crying baby; you can hand it over to someone else for a while, but it will always come back to you. Self-employment may give you a level of flexibility in theory, but it also comes with a level of personal responsibility.

The challenges will be familiar to any small practitioner or business owner – from juggling family life with the demands of running a business, to the constant knowledge that the livelihood of your employees depends on you making the right decisions.    

So what can business and practice owners do to look after themselves?

A problem shared

The most important advice is to share your worries and concerns with someone. Stress can cause entrepreneurs to experience tunnel vision but talking with someone you trust (provided confidentially allows) helps you find a solution and believe there is a way forward. 

Small practice owners can feel stress more intensely than others because when times are difficult, they feel responsible for their clients’ business as well as their own. An added pressure for professional accountants is the expectation that comes with financial and numerical expertise. Accountants’ businesses are not supposed to struggle economically – but many do.  

Coping with pressure

Entrepreneurs use a range of techniques to look after their own wellbeing:

• Finding an outlet. Some business owners stress the importance of a creative of physical outlet – such as singing, running, dancing or painting – to counter the mental challenges of day-to-day work. Others point to a hobby that occupies the mind – such as building models, knitting or crosswords – as an effective distraction from anxious worrying.  
• Getting close to nature. Taking a short break to sit in the garden and listen to birdsong is a good reminder that whatever happens in the business world, nature will carry on regardless. 
• Setting boundaries. Electronic communication has brought with it an expectation of instant reaction. Setting clear boundaries for clients, employees (and even family members if it helps) in terms of when they can expect a reply to an email, or when a task will be done, helps to control the stress of the digital world. 
• Maintaining your perspective. Accountants can make a significant difference to people through their work, but sometimes it helps to take that one step further. Volunteering or mentoring can be invaluable in maintaining perspective, and reminding yourself that you have the ability to make an impact on the lives of others. 

Key takeaways

Looking after your wellbeing as owner of a business or practice is about balance, in four key areas:

Mental health. Practice mindfulness if you find it useful, and share your concerns and worries with trusted friends and those who have been through similar experiences. 

Physical health. It doesn’t have to mean running a marathon, but moving your body and challenging your mind is an important counter to the stresses of work.

Vision. Owning and running a practice or business can be lonely – which is why experienced business owners say that it is vital to constantly remind yourself of the ‘why’: What was your vision when you decided to set up a business? What were you hoping to achieve? The reality of running a business can be mired in the day-to-day challenges of keeping it running, so it’s important to keep sight of the bigger picture.

Spirit. We all want to feel part of something bigger than ourselves and ACCA members have a strong and supportive ready-made community around them. The wellbeing hub is a rich source of helpful resources for members and there are also many active discussion groups for members in similar situations.