Updated on June 30, 2022
Did you know that half of all entrepreneurs are experiencing psychological distress? And yet, few are talking about it.
The pandemic has exacerbated the problems of psychological distress in the population, including entrepreneurs. Entrepreneurs have seen their stress levels increase over the past two years and they continue to face significant challenges.
Yes, we may have allies within our businesses and networks to support us, but being an entrepreneur can often feel like a lonely endeavour.
Preventing long-term consequences
Short-term stress can be beneficial. It can drive motivation and spark innovation. But over the long term, it’s damaging and can make you feel like you’ve lost control. Stress is your body’s reaction to a real or perceived threat. It sends a signal that triggers a fight or flight response. When that signal persists over time, a sense of powerlessness over the situation sets in. It’s perfectly normal for your concerns to give rise to negative emotions.
When your workload increases and your feeling of control decreases, the risk of burnout, exhaustion and depression is much higher. Entrepreneurs are used to working long hours and going to great lengths to meet their business goals. But when the results aren’t proportional to the time and energy you’ve invested, it can be hard to keep up the pace. Once that happens, you need to ramp up efforts to recover your strength.
Your reactions—including fatigue, exhaustion and the need to talk about it—are perfectly normal. Bottling it all in instead of reaching out for help will have long-term consequences. In short, it’s bad for you and for your company.
Check your blind spot: your own wellbeing
As an entrepreneur, you’re used to inspiring others, finding solutions, developing ideas and transforming plans into projects. But first you’ve got to pay attention to the harmful effects of stress and schedule some self-care. Issues that aren’t addressed today can take root and negatively impact your physical or mental health down the road. Before you can find a solution, you have to admit there’s a problem. Talk about how you’re feeling and seek out support, like you would for any other aspect impacting your company.
Québec’s top entrepreneurs all have one thing in common: they’ve dared to ask for help and make use of available resources to build their businesses and keep them afloat. So why not do the same for yourself?
Being humble shows that you’re a positive leader who’s self-aware and open-minded. You’re not a robot. Be transparent about your experiences, worries, doubts and range of emotions. A genuine approach inspires confidence.
Finding balance is the key
What’s the key to restoring your health? It starts with establishing your priorities and striking a balance between six important areas.
Personal life
Managing your priorities is largely based on finding balance in your personal life. You want work effort to be offset with rest. That means mentally checking out and taking time for yourself.
Some people will choose to increase their sports activities, while others prefer reading, meditating or walking through a forest. Or maybe you’d rather recharge by reconnecting with friends and family. Choose whatever works for you, and then add a healthy and balanced diet to go with it.
Family life
It’s important to plan quality family time, in which you’re fully present both physically and mentally. Turn off your cell phone and decide that you’re unavailable for anything outside your family bubble during these moments.
Social life
Keeping in touch with friends is also essential. Make a point of hanging out with your buddies and if you need a hand, be open about it. You should never be too proud to ask for help.
Spiritual life
Accept that you’re not perfect. Recognize your strengths and weaknesses. Identify and welcome your emotions and fears. You’re only human, after all. Take a minute each day to reflect on your achievements. Cultivate gratitude and go easy on yourself.
Professional life
Identify your business’ internal and external contributors, empower your team members and delegate. Cultivate positive business relationships, grow your network and create alliances.
Financial balance
Identify your weaknesses, assess your liquidity management and move forward with concrete action plans. If you need assistance, be sure to call on business groups or expert consultants. They may be able to offer some much-needed support and tips for balancing your personal and business finances.
Take the first step toward better overall health. These are challenging times. Don’t be afraid to admit it and ask for help when you need it.
You’ve always been able to bounce back, find solutions and leverage helpful resources for your business. Now it’s time to do the same for yourself.
Our multidisciplinary team works with organizations of all sizes and across all industries in Quebec. We’ve got your business and personal needs at heart. Ask about our approach to promoting health among entrepreneurs.
15 Dec 2020 | Written by :
Marie-Eve Proulx is an expert in Business Transformation consulting. Contact her today!
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The growing popularity of digital platforms for shortterm rental accommodations has prompted the Federal government to issue rules to govern these new business activities.
The recent Fall 2020 Economic Statement updates the application of GST/HST on short-term rental accommodation.
The Government is proposing to apply the GST/HST to all supplies short-term rental accommodation effective July 1, 2021. These supplies are short-term accommodation, that is, a rental of a residential complex, a residential unit, or part of a unit to a person for a period of less than one month where the price is more than $20 per day. The applicable tax rate would depend on the province where the shortterm accommodation is situated.
Accordingly, the applicable GST rate will be 5% for short-term accommodation in situated in Quebec, Manitoba, British Columbia, Saskatchewan, Alberta, Yukon, the Northwest Territories or Nunavut. The applicable HST will be 13% for short-term accommodation situated in Ontario and 15% for shortterm accommodation situated in Nova Scotia, New Brunswick, Prince Edward Island or Newfoundland and Labrador.
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The agri-food sector is expected to contribute significantly to Quebec’s economic recovery. Now is the time for farm businesses to innovate and invest.
The pandemic didn’t spare the agri-food sector. Producers, primary input suppliers and processing companies all faced their fair share of issues. There were foreign workers shortages, supply chains disruptions (restaurants, hotels, schools) and decreased exports—all of which led to crop losses, production surpluses, lost sales and ultimately, lower revenues. In short, farm profits took a hit.
But at the same time, the buy local movement has taken off, leading to initiatives like Panier Bleu and triggering changes in consumer habits. Agrotourism also increased in several regions of the province (e.g., microbreweries).
Just 33% of the food Quebecers eat is grown in the province
The current situation has created an opportunity for local agri-food businesses to increase their market share. Recognizing the pandemic-driven spike in interest for local products, the Quebec government has allocated $157 million to increase the province’s food self-sufficiency through a number of measures, including adopting new technologies, acquiring equipment, making agricultural investments and promoting buy local initiatives.
Agri-food businesses need to make investments—like implementing robotization or automation to make up for labour shortages—in order to future-proof their operations. But these investments are often very costly. High debt levels can increase business risk and generate stress, especially for farmers who may also be involved in a business transfer or succession. And given how demanding it is to manage technological changes, business owners may have less time to spend on financial management.
Smart investments to ensure good financial health
Protecting your business’ financial health involves taking stock of your current situation and assessing the impacts of any investment projects before moving forward. In other words, look before you leap. Here are the key factors to consider:
- Purpose of the project
- Anticipated return on investment
- Priority level compared with other projects
- Actual cost
- Tax impacts on profitability and debt levels
- The latest financial aid programs
The new market reality and government support programs have created the right conditions for many agri-food businesses to modernize. But investments should be made thoughtfully. You want to take advantage of tax incentives and optimize revenues, while also ensuring that any investments are appropriate for your organization’s needs, lifecycle stage, business model and vision.
In addition to government assistance programs, some businesses may be eligible for R&D credits when they purchase or make specialized machinery.
Contact our experts for more information and transform your investments into financial levers.
10 Dec 2020 | Written by :
Christian Filteau is a partner at Raymond Chabot Grant Thornton. He is your expert in taxation for...
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Business owners are increasingly aware of how much value their employees provide to their organizations and, indirectly, to their assets.
When you initiate a leadership transfer, it’s in your best interest as the seller to take into account your existing workforce. This is true across all sectors and specializations.
Recognizing the value of sought-after workers
Your potential successors are your employees or children (if you run a family business), but these workers are also likely to be solicited by the competition. Headhunters will go to great lengths to lure them to new positions, offering them the opportunity to take on important roles, collaborate on shared projects and get valuable training and coaching along the way.
In addition, most future leaders have a clearly defined set values and beliefs that they hope to find in the company they choose. And with the labour shortage being as serious as it is, top talent can be selective about which company they want to invest in and develop. This makes the prospect of a talent drain all the more threatening to companies.
Involving the next generation of leaders
The new market reality is forcing outgoing business owners to pay closer attention to the needs of next-generation leaders. This means enlisting their help in developing a realistic succession plan that includes concrete steps and a clearly defined schedule.
The more recent wave of uncertainty has only amplified this need.
Current leaders need to put their emotional intelligence to use and be transparent when transferring leadership. This strategy will help ensure their successors remain committed during the transition period.
Young workers are educated, perceptive and sophisticated. They have specific expectations and want current management to be frank and deliver on tangible commitments. They’re looking for a real transfer of responsibility and leadership. If they find the handover process unclear or poorly planned, these talents—who are otherwise known for their loyalty—could very well accept offers at other companies.
Employees and children involved in family businesses need to be patient during the transition. Sellers need to prove to buyers that they can be relied on throughout the process.
Anyone hoping to sell their business should take action right away by implementing a transparent succession plan that engages workers. After all, good talent is hard to find and productive employees drive growth.
Planning a gradual transfer
Too many entrepreneurs fail to take the time to properly plan their business transfer. Eventually, they may try to make up on lost time, only to find themselves faced with a dizzying list of consultants and organizations promising quick-fixes. This can lead to hasty decisions and considerable damage that’s sometimes irreparable.
In most cases, you need a comprehensive succession plan based on a gradual transfer of management responsibilities and property over three to five years.
The plan should be based on a solid assessment of the situation and lay out the financial considerations and other details, including the new generation’s involvement and capabilities. More specifically, a succession plan should provide for:
- Stronger governance
- More fluid communications
- Concrete qualifications of the successors and key persons
- Successor emotional intelligence
- Roles, responsibilities and assignment of duties
- Successor goals and expectations
- Sellers who have benefitted/are benefitting from their assets
- Satisfied sellers who act as ambassadors
A new governance structure, such as a succession committee, family council, management committee or board of directors is needed to oversee the plan and ensure its successful implementation.
A leadership transfer plan should reflect the needs of both the sellers and buyers, while ensuring that all changes are approved by all parties to boost engagement.
Finally, since business transfers always come with uncertainty, the succession plan should be paired with a strong internal and external communications strategy and plan.
Getting help from seasoned professionals is essential for building a viable leadership transfer plan.
09 Dec 2020 | Written by :
Éric Dufour is a management consulting expert at Raymond Chabot Grant Thornton.
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