In 2019 the Charted Accountants Benevolence Society reported that 98% of accountants had been affected by some form of stress. For some, it was the job (37%) whilst for others it was the work life balance (29%). Fast forward a year and things have become a whole lot more stressful than anyone could have imagined. Not only are accountants trying to keep up with legislative and compliance changes such as GDPR and Making Tax Digital, but client management has become much more stressful as the impact of the current pandemic affects thousands upon thousands of businesses.
So, what options do accountants have in order to maintain good mental health and wellbeing?
The first step is to rethink the future and reset the work life balance. It might sound like a cliché but have the right work balance has been proven to have many benefits, from a reduction in stress levels to improving productivity and preventing a burnout.
If you own and run your own practice changing your work life balance might seem like an impossible task, but it doesn’t have to be. These are just a few of the options you might want to consider.
Retirement. It’s never too early to start thinking about and planning your exit strategy. You can sell your Practice outright or you could do a phased retirement, which will allow you time to adjust to a new lifestyle.
Partnership If you don’t feel ready to retire just yet, then what about sharing the workload? Bringing in a partner can help you to change your work life balance and help to reignite the spark you once had (when you had the time!). Fresh ideas and a new approach can help to grow the client base and having someone to talk to about the business can help reduce stress.
Downsize If you don’t want to retire and you don’t want to share, then downsizing could be the perfect solution. Selling a percentage of your client fees will allow you to reduce to your workload to a manageable level and maintain an income as well as top up your pension pot.
As accountants, working for accountants, Practicesales.co.uk understand the stress involved in practice management and can talk to you about the options you have to make sure your work life balance is right for you. Call us on 01823 765085 to discuss your future or visit our website www.practice sales.co.uk for more information.