The role of stress in decision-making
Some types of stress can be good and lead to favourable outcomes because they sharpen alertness and performance. But persistent stress over time – or chronic stress – can impair the decision-making process and potentially lead to inaction, or poor (and subsequently expensive) decisions being made.
While the ability to manage stress is an individual thing, in a highly complex business such as farming, it can make it difficult to stay on top of your game in terms of making productive and profitable decisions.
Stress affects the brain and this has an impact on judgement, planning and behaviour. Memory is affected, as is the ability to regulate emotion.
When stress is a factor, people tend to think in ‘all or nothing’ terms. They can’t see the differences in their circumstances and start catastrophizing, personalising and internalising what’s happening around them – thinking ‘Everything is ruined’, ‘Everyone else can get this right’ or ‘I’m the reason things are this bad’.
How to make better decisions
Along with alleviating the impacts of stress, there are a few things you can do to become a better decision maker on your farm.
Often a purpose statement, outlining why you do what you do and what you want to achieve can help you stay on track. It’s easy to get bogged down in everyday problems and forget the bigger picture. A purpose statement is a reminder of where you’re going and provides a focus for our decision making: ‘Are my decisions in alignment with my purpose?’
Of course, as life happens and our goals change, remember to review your purpose statement to ensure it’s meaningful to where you are now and is still useful in decision making.
Accessing help
While decision making is constant in farming, it pays to remember that you don’t always have to face decisions alone. There are a number of people and organisations you can turn to when facing complex decisions, including:
- Farm Advisory Boards: Farm boards provide a regular, formal meeting process to assist in strategic business management and can be a good platform for discussion and decision-making.
- Advisors: Increasingly, farmers are turning to advisors with specialist knowledge to help inform their decision. Advisors are a good place to start if you’re looking for someone to bring their technical expertise or years of industry experience to the table. Advisors will include accountants, agribusiness specialists, agronomists and those with precision agriculture expertise.
- Rural Financial Counsellors: Our counsellors provide an excellent sounding board for your ideas and can discuss with you a range of topics including cashflow management, budgeting, goal setting, and analysing business options, all while taking into account your individual situation and circumstances.
If you are experiencing stress, Faith also encourages you to reach out for help.
“If people are chronically stressed or they’re developing mental illness, there are avenues of support to lessen those impacts. I would encourage people to start by seeing their GP. Not only are they confidential and can diagnose what’s going on, they can also talk through a mental health care plan to ensure people can be subsidised to see psychologist if needed.
“On a lot of occasions, psychologists can help people take back a bit of control around their thinking by talking through some of the issues and helping with problem solving. Obviously if things get more serious and people aren’t coping, a higher level of intervention is needed. If people are having self-harm or suicidal thinking, they can present to the emergency department at their local hospital or seek a mental health assessment via telehealth. If the risk is acute, it’s best to call 000 for immediate assistance.”
To talk through goal setting, purpose statements or improving your decision making, contact your local rural financial counsellor at RFCS NSW on 1800 319 458.