Family and relationship stress of business owners during challenging times
Managing family relationships and stress is throughout a business turnaround is as critical as "asset protection"
TAKE TIME FOR THE FAMILY
Family and relationship stress during restructures is not to be ignored
According to a study by a UK insurance provider Simply Business, almost half of the 2,000 individuals surveyed cancel social plans at least once a week, a quarter take less than 10 days’ annual leave and 25% have fallen ill due to stress and overwork.
And the effects are likely to go further than physical illness, according to mental health charity Mind. With one in four people experiencing a mental illness each year, business owners need to keep a close eye on their wellbeing.
“Having a good work-life balance, including regularly having time off, is key to staying mentally healthy,” says Emma Mamo, head of workplace wellbeing at Mind. “Taking proper breaks allows staff to return refreshed and revived, and small business owners are no exception.
“Every business owner wants to ensure their business is a success and this can mean putting in the extra hours from time to time. But consistently working long hours and managing an excessive workload can take their toll on our physical and mental health, with the potential to negatively affect business performance.”
But for many small business owners, there simply aren’t the resources or support needed to enable them to create a healthy balance.
“Setting up and running your own business demands a huge commitment that many employees would never want to undertake,” says Jason Stockwood, chief executive of Simply Business. “Microbusiness owners and sole traders have to be more than the CEO of their company – they have to play every important role from finance director to chief marketing officer.”
Working through a restructure can compound the stressors for you and your family! That’s why we ensure that you are prepared and have a strategy to work through issues with your family. We also partner with mental health professionals to provide you support where you need it!
Reference: Parts of our content first appeared in The Guardian 2015.
And the effects are likely to go further than physical illness, according to mental health charity Mind. With one in four people experiencing a mental illness each year, business owners need to keep a close eye on their wellbeing.
“Having a good work-life balance, including regularly having time off, is key to staying mentally healthy,” says Emma Mamo, head of workplace wellbeing at Mind. “Taking proper breaks allows staff to return refreshed and revived, and small business owners are no exception.
“Every business owner wants to ensure their business is a success and this can mean putting in the extra hours from time to time. But consistently working long hours and managing an excessive workload can take their toll on our physical and mental health, with the potential to negatively affect business performance.”
But for many small business owners, there simply aren’t the resources or support needed to enable them to create a healthy balance.
“Setting up and running your own business demands a huge commitment that many employees would never want to undertake,” says Jason Stockwood, chief executive of Simply Business. “Microbusiness owners and sole traders have to be more than the CEO of their company – they have to play every important role from finance director to chief marketing officer.”
Working through a restructure can compound the stressors for you and your family! That’s why we ensure that you are prepared and have a strategy to work through issues with your family. We also partner with mental health professionals to provide you support where you need it!
Reference: Parts of our content first appeared in The Guardian 2015.
PLAN FOR YOUR FAMILY
Your family will always be your key support during any business restructure or insolvency event. By ensuring that you plan time with them and helping them understand what you are going through will help you maintain your strength throughout the process.
KEEP THEM REGULARLY UPDATED
By keeping your family in the loop you won’t feel like an outsider when you come home. Chances are they supported you through your business startup and have supported you for many years as you have sacrificed yourself. We are confident that they will want to support you through the tougher times as well.
GET HELP IF YOU NEED IT
Symptoms of depression and stress, can be physical as well as emotional. This can include having trouble sleeping or sleeping a lot, eating more or less than usual, experiencing aches and pains, drinking more alcohol or using drugs more than you normally would. It’s worth seeking help if you’ve experienced these for a period of two weeks or more, or if they frequently return and are interfering with day-to-day life and your ability to run your business. We have a range of referral partners who specialise in business stress and can work with you as we navigate through this time to make the future brighter.
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