Running a small business can be extremely rewarding, but also challenging and stressful. Having to bear the load of the financial side of the business, staffing, tax requirements and compliance can at times seem overwhelming and take it’s toll own a business owner’s mental health. This is turn affects the wellbeing of the business. So how can we, as professional service practitioners support our clients.
What is the current status of mental health in small business/sole traders?
- 31% of business owners report high level of psychological distress. This increases to 36% for Sole Traders. That’s 1 in 3 people suffering in business every day.
These numbers escalate when you factor in business, employees and Primary Producers currently facing the devastating economic impact of the drought in regional NSW/QLD. Reduced cashflow has led to employees in these regional areas having their work hours reduced and some businesses and farms simply being forced to shut down or sell off parts or all of their business. The flow on effect this is having on the mental health of these individuals and business owners is simply shocking.
How can we help our clients who are struggling? The most important conversation we have with our clients is not always about tax changes or cashflow. Often simply asking “how have you been lately?” may ultimately be more beneficial than hard cost savings.
At Roach Morgan Jones , the mental wellbeing of our clients is paramount. We genuinely care about our clients and their business. We know our clients personally and look out for the below red flags when we get together for meetings or via our regular phone calls.
- Irritability and impatience
- Missing key deadlines
- Poor reporting and attention to detail
- Lack of communication or out of character behaviour
Talk to us if your business worries are taking a toll and we can come up with a solution together or point you in the right direction for help. If you or someone you know is struggling, we can support with solutions or suggest contacts and resources.
Where can business owners, Sole Traders and Farmers go if they need support?
There are a number of key resources available to support small and large business owners.