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Burnout is an ever-present and evolving threat when you are a business owner or leader. It’s easy.
While it could affect almost anyone, it is much more common for individuals who work at an agency or consulting firm. Last data found that owners and leaders often bear the brunt of stress and anxiety at work.
They are passionate about their business, but the downside is that it could also lead to a lot of added pressure from others and themselves, not to mention the never-ending pressure of maintaining profitability while keeping customers and employees joyful. No surprise, 28% they feel burnt out.
As the CEO and co-founder of Teamwork.com and former consulting firm owner, I’ve learned a lot about what it takes to handle the unique stresses of managing client work.
Here’s how you may counter burnout before things reach a boiling point.
1. Be selective about the work you undertake
Don’t just take on every client or project that comes your way. Work with corporations that understand your values and are doing something that excites you. While this may not eliminate stress, it’ll make difficult days much easier to deal with. I’ve seen it too many times to count – clients who are not aligned with your mission and values require significantly more effort and resources from you and your team to manage, increasing the risk of burnout.
Start by explaining your organization’s mission, what’s best for your organization and the customers you wish to work with. Then, though it’s hard, say “no” to clients who don’t fit the bill. In the long term, staying true to who you are as a consultant and only working on projects and with the right clients will keep you focused on your small business and prevent from much more stress in the future.
2. Rely on the right tool to reduce pressure on profitability
The biggest stress that keeps agency owners and leaders up at night is related to profits. Billing and profitability will all the time be at the forefront. client work will, by its nature, be unpredictable and the goalposts can be continually changing. Great software can enable you to manage and prepare for these unexpected changes.
Even small changes in scope can impact what you may or should bill, the productivity of your team, how project resources are used, and your time. The most profitable leaders I work with rely on the right software to get all their information in one place – one that considers the full customer lifecycle, not only project execution. By working smarter, not harder, with the right tool, you will reduce the profit pressure that may often lead to burnout.
3. Set boundaries and stick to them
Customers will all the time be customers, but that does not imply they need to have access to you 24/7 or that you ought to be in control of all of your accounts – that is the key to peace of mind. Successful advisory firm owners and leaders hire and trust the right people to manage their accounts.
If you are the point of contact for customers, it is essential to set clear boundaries up front. Share your working hours (add them to your calendar), what they need to contact you about, and how best to contact you (text, email, phone?). Streamlined communication is crucial in day-to-day account management to avoid unnecessary confusion and stress. Customers should have a designated Account Manager and access to the CEO only when obligatory.
4. Practice clear contracting
Bad contracts occur every day. This is at the heart of the frustration and lack of orientation among owners and leaders of consulting firms. Standardizing clear contracts will eliminate a lot of stress in your day by day life and make you a simpler leader in the process.
When communicating with colleagues and clients, repeat the “agreement” or ask and agree on next steps, dates and terms. The person or team you contracted with is expected to show their work, report delays, and notify you when it is accomplished. The most effectively run consulting firms I know use a project management tool to capture all of it – to avoid scope creep and to help each parties stay accountable.
5. Celebrate successes, welcome failures
As the owner or leader of a consulting firm, there’ll all the time be periods of uncertainty, success and failure. While the goal is to have more success than failure, the sooner you understand that all of it comes with the territory, the easier it’ll be to deal with.
In my current role as CEO, we encourage the entire organization to turn out to be comfortable with failure. We’ve created a chat channel where we will share lessons learned from work that did not go as planned. Changing my way of considering and seeing challenges as opportunities for development helped me a lot in difficult times. And do not forget about the victories – regardless of how big or small. Victories increase morale and motivation.
6. Develop a support network
Managing a company can sometimes feel isolating. Those I have seen succeed by having the right support and surrounding themselves with a network of mentors, peers, and friends who understand their unique challenges. It’s best to get guidance and perspective from what you do. Even if it’s just one person, organize a regular follow-up meeting with them and stick to it. Opening up to one’s struggles is a strength in a leader that fosters connection and growth.
Consulting firm owners and leaders often navigate a seemingly infinite roller coaster of ups and downs. One moment you are celebrating a big win on the field; second, you have stressful conversations with clients about budgets and performance.