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4 Ways Small Business Owners Can Reduce Stress This Year With the right tools and resources, small businesses can streamline operations and focus on tasks that contribute to the bottom line.
Building and managing a small business can be incredibly challenging. Business owners are forced to wear several hats, often acting as the owner, head of finance, human resources director, and administrative assistant – sometimes all in one day. While it's all part of the hustle and thrill of being an entrepreneur, there are times when the pressure and stress of the role can be overwhelming.
This year, prioritize your company's strategy and business building efforts by finding efficiencies in everyday administration tasks, from accounting to travel and more.
To help, here are four stress-relieving suggestions that can save your small business both time and money:
1. Enroll in a business travel program.
Booking, recording, and managing travel plans and budgets can become cumbersome – especially as teams grow. Acting as an accountant and travel manager can take critical time away from more strategic work, but most companies still handle this on their own.
Recent Hilton data uncovered 75% of small- and medium-sized business (SMB) customers book their own business trips and manage their own travel in-house, without outsourcing. Additionally, 80% of global travelers agree that it's important to be able to book their entire trip online according to the company's 2024 Trends Report.
To address this need, Hilton has launched Hilton for Business, a first-of-its-kind travel program, offering a comprehensive set of tools to enhance the business travel booking and management experience for SMB owners and their employees. One of the key benefits of the program is a quick enrollment and verification process to minimize the time required for the entire company to start booking discounted business travel.
The Candler Hotel Atlanta, Curio Collection by Hilton
2. Save money with discounts and loyalty rewards.
Smart, budget-conscious shoppers know joining rewards programs can result in financial efficiencies and gains. This applies to business owners as well. You can save money this year by identifying those partners and companies that will help maximize your budget. Programs like Hilton for Business offer special discounted rates as well as travel rewards, like earning Hilton Honors Points for each stay as well as milestone Bonus Points based on the company's cumulative travel with Hilton.
"The first step in building a tailored travel program is listening intently to the needs of our customers, and in our research and discussions, we discovered 70% of small- and medium-size businesses identified Point earning opportunities as one of the most important features of a business travel program," says Frank Passanante, Hilton's global head of Sales. "In response, we made sure to prioritize that part of the program to ensure that we were not only meeting – but exceeding – customer expectations while also driving the industry forward."
3. Simplify the complex.
Business initiatives can quickly become over-complicated if not managed well, which can lead to unnecessary stress and expenses. Make sure every project begins with a clear and simple objective that ladders up to the company's mission. Then, within the project development timeline, carve out checkpoints to ensure the team remains focused on that north star.
"At Hilton, our founder's vision was 'to fill the earth with the light and warmth of hospitality,'" Chris Silcock, Hilton's president of global brands and commercial services says. "It's that vision that guided us from being a small business in 1919 to the leading global hospitality company we are today. It also continues to push us to evolve to meet the needs of today's travelers through both technology- and human-driven innovations to enhance the travel experience where it matters the most."
Embassy Suites by Hilton Panama City Beach Resort
4. Invest your time in people.
As your business grows and becomes more complex, it's the people surrounding you who can become stress-inducing or stress-relieving. Continue to invest your time in your people – from your mentors to your customers to your team.
There is an undeniable power of in-person communication when it comes to building relationships, developing a positive team rapport, and ultimately landing and expanding business. Listen to your mentors; absorb their advice like a sponge. Ask questions to deeply understand the needs of your customers so that you can most efficiently solve them. And listen to and trust the expertise of your team.
You can't do it all yourself, and you can't do it all virtually.
For more information or to join Hilton for Business, visit Hilton.com/HiltonforBusiness.