Fortunately, often these feelings pass or we have strategies in place to deal with them. We go for a run to clear our heads, break down our challenges into manageable chunks, chat with a friend to mull over a problem, or prioritise sleep or mindfulness to reenergise and ground ourselves.

But what happens when these coping strategies are short-lived, not effective, or we ignore the warning signs altogether and our levels of distress worsen?

Last month, Beyond Blue released data undertaken by Australian National University’s Social Research Centre that showed 49 per cent of people who sought professional mental health support said they had waited until they were “very distressed” or “extremely distressed” before they reached out.  This is a concerning statistic, especially when we know that the sooner you seek support the quicker you bounce back.

The top barriers to taking action included waitlists, affordability of treatment and people thinking their problem wasn’t serious enough to seek support. 

For small-business owners, it’s often the case that they prioritise their business’s needs before their own. It’s understandable when small business invests so much of themselves into their business. However, a mentally healthy small-business owner is a more productive small-business owner.  

Some tips that can help small-business owners address some of their stresses include:

• Deal with problems one at a time – break down problems into bite-size pieces,
• Notice common thinking traps – all-or-nothing thinking, self-blame, repetitive thinking,
• Have realistic goals – make it achievable, not everything or even close to everything, needs to be perfect,
• Write down what it is you’re good at and then what you struggle with – consider outsourcing some of the latter if possible so you can focus on your strengths.
• Make time to network – the day-to-day running of a business can take over if you let it. Look for opportunities to meet like-minded people who you can share your experiences with and who can enliven your creativity.

That last point extends to building strong support networks across all aspects of life and business to keep you connected, maintain balance in your life and gain different perspectives. There are lots of options available, like joining your local chamber of commerce, industry association or even just chatting to your business adviser or accountant.  If you’re struggling, it’s helpful to have these connections to fall back on. However, when mental health issues continue despite making efforts to maintain your mental health, it’s important to reach out and not push on thinking that the issues will go away.

We know that some small-business owners think that speaking with a mental health practitioner won’t help them tackle issues in a practical way or that they won’t understand what it’s like to run a small business. Sometimes they are facing compounded issues that span personal life and business, and more practical advice and support is required. To help, small-business programs such as NewAccess for Small Business Owners (NASBO) offers a free, tailor-made program that pairs small-business owners with a mental health coach who has a background in small business or have owned their own business, so they understand the pressures that small-business owners are under and can help with practical tools and strategies.

NASBO coaches encourage small-business owners to reach out at the first sign of overwhelm, just when things are starting to feel beyond reach. The program helps small-business owners get back on track and feel more productive. It is available to small-business owners across Australia. No GP referral is required.

The post How to deal with the stresses of life and business as we hurtle towards the end of the year appeared first on Inside Small Business.

It can also be really stressful, particularly as the cost-of-living crisis affects small-business owners both personally and professionally. Rapid rises in the cost of doing business have created a challenging and worrying environment for small-business owners.

Profitability, cashflow issues, long work hours, and poor work-life balance are common stress factors faced by small-business owners on a daily basis. A recent Xero survey of small-business owners found that financial stress and cashflow issues resulted in feelings of stress (57 per cent), anxiety (50 per cent) and troubles in sleeping (48 per cent) over the last 12 months. Left unchecked, this presents a real risk to the long-term mental health of small-business owners.

Beyond Blue research into the link between money and mental health challenges found that people experiencing money troubles are at least twice as likely to experience poor mental health, and small-business owners are increasingly reporting the link between financial stress and mental health challenges.

Our research shows that the link between financial stress and mental health challenges is bi-directional. Each influences the other in a downward spiral where money problems impact mental health, which then makes it harder to be in the headspace to get on top of your financial challenges, which then further impacts your mental health.  This downward spiral can happen quickly and can catch small-business owners by surprise.

It’s not surprising that as many as one in three small-business owners have reported experiencing anxiety, depression or chronic stress.

So, what can be done? And done in a way that doesn’t add to the existing pressures?

First and foremost, it’s important to know you’re not alone. Many small-business owners are facing incredible challenges, but you don’t have to face them on your own. There are supports available for your business health, your financial wellbeing and your mental health. It’s important to regularly review your business finances. Your accountant, financial advisor, tax agent or financial institution can be your first port of call and can help you develop a plan to stay or get back on track. If you don’t have a current support in place, consider reaching out to your local chamber of commerce for advice.

If your business is struggling, it’s important not to delay seeking help. It can be natural to want to focus on other things or avoid tackling things head-on, but it’s best to seek help early. Our partners at the Small Business Debt Helpline can give you free, independent, and confidential advice about assessing your financial situation, paying your bills, managing debts, tax and BAS, leases and rent and navigating additional supports that may be available.

While seeking help for your finances is critical, we know small-business owners often prioritise their business health over their own wellbeing. It’s important to have practical strategies to deal with the stressors of work and life. Beyond Blue’s dedicated small-business mental health coaching program is there to help. Don’t delay taking action. Beyond Blue’s mental health coaching program for small-business owners, New Access for Small Business Owners Program (NASBO), the Small Business Debt Helpline on 1800 413 828, and the Small Business Mentoring Service are there to provide support and practical advice.

I know that keeping your business going can feel like everything, but don’t lose yourself in the process. Get help early so you can get back on track sooner.

The post Money and mental health – the cost-of-living crisis and small business appeared first on Inside Small Business.