Seven steps to help ease your stress levels this EOFY
From one business owner to another, here are seven pragmatic steps you can take to ease the load at this time of year.
EOFY. Do those four little letters make you want to cry?
I get it. The end of each financial year often coincides with budget reviews, mid-year performance conversations, salary negotiations and bonus payouts. It’s not like you don’t already have enough going on. Now you and your employees have these additional financial pressures to manage.
It can be a lot.
The 2022 PwC Employee Financial Wellness Survey found that personal financial stress had a severe or major impact on 34% of employees’ mental health. As a business owner, it’s important to remember that you are an employee too! Running your business is deeply personal and it’s not just your people who may be feeling the pressure at this time of year.
I recommend looking at ways you can proactively remove stressors before they arise vs implementing management strategies to cope with them when they do.
So as an HR expert, and from one business owner to another, here are seven pragmatic steps you can take to ease the load at this time of year:
Seven ways to ease the EOFY load
Approach EOFY like it’s a year-round activity
Lean into the discipline of staying on top of account reconciliation, quarterly BAS submissions etc so that when it comes to EOFY, everything is clean, systematic and less stressful. Don’t be that person fishing receipts out of the car console come June 30.
Bring in the pros
Unless you’re in the field, it’s likely that tax isn’t your jam. Doing stuff that we find difficult is stressful in and of itself. Outsource to a trusted Accountant and invest in the systems that simplify these processes. If cost is a factor, I encourage you to weigh up the cost of outsourcing vs the cost on your other lines of work, your stress levels and overall productivity. Consider what your hourly rate is and if that reconciles with the time you’ll spend on some of these activities.
Start early
So much of the stress we experience comes from the tight timelines we place on ourselves. It may not be fun but make it a priority, be realistic and set yourself up for success by allowing more time than you think you’re going to need.
Look at your work design
When looking at your annual/quarterly strategy, intentionally plan other work around these priorities. Delegate where possible. Forecast to hire for temporary employees or decrease hours if you need. Be flexible in your approach.
Educate your employees
Build financial literacy into your employee health and wellbeing program. The same PwC survey reported that 76% of stressed employees said financial worries had a negative impact on their productivity. As an example, your preferred company Super fund may deliver free, no strings attached information sessions in-house. Empowering your people with key financial knowledge can significantly improve their mental health… and your retention, engagement and bottom line.
Be proactive in your employee communications
Save yourself time from answering the same question 20 times and release a digestible guide (complete with screenshots) on how to access and interpret income statements through the ATO, information on claiming work from home expenses and any general EOFY questions you commonly receive.
Establish support boundaries
Define and clearly communicate what you can and cannot help your people with. As an employer, I recommend being mindful of how much assistance you provide, in the event that it’s interpreted as financial advice. Protect your business, and your time, by drawing a clear line in the sand.
If you’re thinking “I know, I know” but haven’t put some of these in to practice yet, consider this your reminder to take action, and make this your best EOFY yet!
