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Running a business has always had its challenges, however rising living costs are starting to impact more than the home. With data showing one-third of business owners experiencing psychological distress – with anxiety, stress and burnout the top offenders – the cracks are starting to show.
However, recent research has unlocked an unexpected potential first responder: Business advisors.
Business and stress as usual: How mental health impacts business owners
New research from the IPA-Deakin SME Research Centre has revealed 57% of small business owners reporting beyond-normal stress levels. While help and wellbeing is important for SME’s, time constraints, financial limitations and business demands are keeping them from getting the support they need.
The study also revealed that:
- 43% of SME owners suffered from business-related stress more than half the time
- 22% of SME owners have been diagnosed with a mental health condition
- Chronic financial pressures, extended work works and decision-making weight are leading stress factors
Working alongside SMEs closely, it’s no surprise the research showed business advisors are among the first to identify the early signs of mental health issues.
As business advisors, we would have to agree. To provide the best possible service, we explore some of the biggest-hitting challenges, triggers and underlining stress factors. With fortnightly or monthly check-ins and unlimited calls for our business improvement service clients, we are often the first to witness the potential downward mental spiral.
This is where having a network of support and referral services can make a difference, enabling us to connect clients with additional groups that can ease some of the business and mental burdens.
However, there are other ways business advisors can support better mental health and help you create healthier relationships with your business.
How a business advisor can support your mental health
Removing financial anxiety
Is part of your stress coming from feeling like you never have enough or dreading another surprise bill? You’re not alone. However, making more money isn’t the only answer.
By understanding your cashflow and working capital, you can start to get more insight into where your money is going, what’s coming in, and what liabilities you have coming up that you need to cover. As business advisors, these are key areas we review and gain key insights from. It’s also an area we monitor carefully – elevating financial stress for our clients.
Creating work-life balance
Many business owners started their business because they love what they do, and they’re good at it. As you grow and expand, it might feel like so too do your responsibilities. But you didn’t become a business owner just to work – you have a business to support life outside of it.
Delegation opportunities, growing your team strategically, increasing productivity — these are common areas our business advisors guide owners through. And they are all areas that take you away from business fire-fighting and adding more hours to your day. Helping you get back to what you’re doing it all for: your life outside.
Eliminating decision paralysis
Not sure what the right decision is for your business, or what you should do next? Decision paralysis often hits at the moment inopportune times, and usually when you need to make a business-changing decision. Being a business owner can feel like a lonely job, and sometimes you just need someone to bounce ideas off.
Having a trusted business advisor by your side, you have an experienced ear to listen and help you make informed decisions. They can also help you get insights and create action plans to drive decisions forward.
From taking advantage of strategic business opportunities and making a decision on your growth journey, to knowing who’s the best person to hire or what technology you need, as business advisors we’ve guided clients through it all.
Avoiding the ‘what if’ spiral
As a business owner, you might feel you need to be ready for anything. Those ‘what ifs’ can keep even the most seasoned small business owner up at night. These risks can be big or small, from not having enough money coming in to how you’re going to manage an upcoming industry change.
This is where a SWOT – strengths, weaknesses, opportunities and threats – analysis can provide you with insight. Not only does it help you prepare for the unknown, it identifies the real ‘what ifs’ and also what you can leverage to strengthen your business.
Working with your business advisor, you can then create a plan to reduce risks and build up a more resilient business. With strategies in place, you can be confident your business can be prepared for anything.
A quick risk assessmentis also another tool we use to help with this process.
Reducing daily business fires
Sometimes, it can feel like your entire day was spent putting out business fires. The result? Time outside of hours just catching up. In fact, more than 30% of business owners admitted to working more than 50 hours a week.
Working together, your business advisor can identify ways to free up your time, remove operational roadblocks and challenges, and streamline processes so things run like clockwork. They can also provide advice on how to automate areas of your business and put processes in place to enable your team to step-up to the business plate.
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