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15 May 2023 / Uncategorized

Mental Health Awareness Week: It’s time to talk

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As we approach Mental Health Awareness Week, here at Time Finance we’re taking the time to talk, open up conversations around workplace mental health and understand how SMEs are being impacted.

For so many businesses, financial strain can be a cause of mental health issues. Thankfully, we know lenders can help curb these worries by providing a friendly and flexible approach to financing. We dedicate our effort to truly supporting SMEs and setting them on the right track to reduce the trouble. But it all starts with a conversation.

According to SME Guidance For Business Growth, Small business owners in the UK struggle with significantly lower levels of wellbeing with only 26% feeling they can rarely, if ever, take a break from their business. With the problem worsening year on year, it’s important businesses begin to break the parallels between poor mental health and financial anxiety. By sitting down with their finances - and a trusted lender - they can work out how to use tailored financial packages to suit their specific business challenges.

Tackling the root causes 

Waning mental wellbeing can wreak havoc on a business’ success, so it’s important to uncover the root cause and find ways to combat this. In a recent Time Finance survey, we found the most common pressure point keeping business owners awake at night was money - with 47% claiming rising costs specifically, and a further 35% claiming a lack of cash in the company.

With issues such as late payment rising due to an unsteady economy, concerns around cashflow and having access to working capital will continue to be front of mind for those struggling to maintain an optimistic mindset.

But it’s vital we find ways to preserve positive thinking. The true impact of poor mental health is staggering: it holds back innovation, halts business confidence and can stop so many firms taking on new challenges, investing in new product lines and grasping hold of new opportunities.

Breaking the stigma 

While SMEs are undoubtedly worried about their finances, 75% of our business community told us they felt now is a good time to invest. Finding the right financial solutions to support these investments will be the answer to reducing the heightened pressure, and helping tackle any associated mental health concerns.

62% of businesses claimed they are not comfortable talking about their finances, and many consider financial options such as invoice financing and loans to be a last resort. We must break this stigma in order for businesses to benefit from these solutions and take their operations to the next level, without the headache.

Our industry plays a vital role in supporting SMEs during times of financial crisis. A reliable and transparent lender can equip business owners with the financial knowledge and confidence they need to thrive. At Time Finance we offer our business community a flexible and mindful approach to financing solutions. We’re here to help SMEs open up the conversation around their finances and the future of their business. Get in touch to start the conversation.

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