10 Oct 2022 / Uncategorized

A mental health crisis: The weight that SMEs still struggle to lift

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Running your own business can take your working life to the next level, something that many never get the chance to experience. The personal gain and reward associated with being captain of your own ship is second to none for the majority of business owners, yet the lesser acknowledged side to this honour, inevitably rears its head in times of difficulty.

The mental health of business owners has become a harder battle to manage. As the UK’s economic landscape continues to throw curveballs in their direction, things are rapidly declining for the mental health of SME business owners. According to FSB, one in three business owners currently suffer from Covid-mental health decline. With 5.5 million small businesses currently in the UK, this statistic highlights some 1,800,000 business owners are in disarray. Now is the time to address this crisis before matters worsen.

Communication builds communities 

Very few have been caught unscathed by the events of the last few years, and in the midst of these financial woes and global crises, it’s naturally quite difficult to take the time for yourself. Business owners are used to some level of stress but as these levels creep higher it’s important to recognise the difference between the usual stresses and strains of running your business and something more long lasting. When a feeling of worry or sadness prologues, it's important to seek help, for the sake of your business, its employees and your own wellbeing.

As with any issue, ‘a problem shared is a problem halved’. Talking about the burden of work stresses and difficulties can mean the difference between a surviving business and a thriving one. By forming communities with other business owners, mentors or SME support groups you can impact your operations for the better.

SMEs are the lifeline of the economy 

Universally, business management and leadership roles have brought about some level of stress, whether it's the launch week for a new product, a rush of business ahead of the Christmas period or working hours that come at the cost of quality time with loved ones. But for small businesses, many find the role a far more personal burden, with the lines between work and personal life much more blurred.

For many small business owners (particularly those just setting up) taking on the roles of Manager Director, HR, sales, marketing and finance all in one is not an unusual practice. With smaller work forces, usually comes a closer unit; one's workforce can become far more connected and reliant on a business owner personally. Marry these unique circumstances with a global pandemic, economic uncertainty and loss of profit, and the simple task of paying somebody’s salary can weigh heavy on management’s shoulders.

World Mental Health Day 

At Time Finance, we aim to encourage conversation around mental health so that we can better understand how the finance industry can continue to support business owners.

We understand first hand the impact that bumps in the road can have for our clients and we’re working harder than ever to ensure they are supported at every step along the way, through a compassionate and personable approach to funding. This approach is absolutely vital to helping ensure these SMEs bolster their business in a way that suits their specific business needs, whilst also being suitable and realistic to their own pace of growth and situation. We always take the time to research and truly understand a business' standpoint before offering the right solution, and this is a service level that our clients have always valued.

To find more information about mental health in the workplace, resources and advice we would encourage you to visit Mental Health at Work.

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