As you may know, this week is Mental Health Awareness Week, an annual event that aims to raise awareness and reduce stigma around mental health issues. This year, the theme is the cost-of-living crisis, which refers to the fall in real incomes that the UK has experienced since late 2021.
The cost-of-living crisis has been caused by a combination of factors, such as the global recovery from the COVID-19 pandemic, the rise in energy prices due to the conflict in Ukraine, and the impact of Brexit on trade and supply chains. These factors have led to a sharp increase in inflation, which means that the prices of everyday goods and services have gone up faster than wages and benefits. In March 2023, inflation was at 8.9%, the highest rate since 1980.
The cost-of-living crisis has affected millions of people across the UK, but especially those who run SMEs. As a business owner, you may be facing multiple challenges, such as managing cash flow, paying bills, meeting customer demand, dealing with staff shortages, and coping with uncertainty and change. All of these can put a lot of pressure on your mental health and well-being.
That’s why we decided to write this blog post as a follow-up to our previous one from last year, where we talked about how to support your employees’ mental health during challenging times. In this entry, we’ll explore how to cope with the challenges and pressures of being a business owner, and how to help others in the same boat, during Mental Health Awareness Week 2023. We will also clarify what anxiety is and how it can influence your mood and productivity as a key decision maker, present you with some effective tips on how to beat it, and recommend some fantastic resources that can support your mental health.
The end goal is to make you feel more informed and empowered to take care of your mental health while you are running a business. We also want to remind you that you are not alone in this journey. There are many sources of support available for you, both online and offline. And of course, we at Nucleus Commercial Finance are always here to help you with your funding needs, so that you don’t have to worry about how to turn over more profit or lose sleep over your finances.
Anxiety is a normal emotion that we all experience from time to time. It can help us prepare for challenging situations, such as giving a presentation, taking a test, or facing a problem. However, sometimes anxiety can become overwhelming and interfere with our daily lives. This can happen when we feel worried, nervous, or fearful about things that are uncertain, out of our control, or threatening.
Anxiety can affect us in different ways. It can cause physical symptoms, such as racing heart, sweating, trembling, nausea, or headaches. It can also cause psychological symptoms, such as feeling restless, irritable, on edge, or having trouble concentrating, sleeping, or remembering things. Anxiety can also affect our behaviour, such as avoiding certain situations, people, or tasks that make us anxious.
As a business owner, you may be more prone to anxiety than others. Running a business can be stressful and demanding, especially in times of crisis. You may have to deal with multiple challenges, such as managing cash flow, paying bills, meeting customer demand, dealing with staff shortages, and coping with uncertainty and change. You may also feel isolated, lonely, or unsupported by others who don’t understand what you are going through.
Your business performance and productivity can plummet when you’re anxious. You may find it hard to make wise decisions, think outside the box, communicate effectively, and lead confidently. You may also jeopardise your relationships with the people who are vital to your business: your employees, customers, suppliers, and partners. What’s more, anxiety doesn’t end at work – it can also devastate your personal health and well-being. You may increase your risk of other mental health problems, such as depression or panic disorder. You may also endanger your physical health by reducing your immunity and boosting your risk of developing chronic diseases.
Therefore, it is important to recognise the signs and symptoms of anxiety and seek help if you need it. There are many ways to cope with anxiety and improve your mental health as a business owner. In the next section, we will provide some practical tips on how to do that.
If you are feeling anxious as someone who runs an SME, you are not alone. Many other business owners are facing similar challenges and struggles, especially during the cost-of-living crisis. The good news is that there are many ways to cope with anxiety and improve your mental health. Here are some practical tips that you can try:
These are some of the ways that you can cope with anxiety as an business owner. Remember that anxiety is common and treatable and that you don’t have to suffer in silence. By taking care of your mental health, you are also taking care of your business.
As an business owner, you may feel that you have to deal with everything on your own. However, you don’t have to suffer in silence or struggle alone. There are many resources that you can use to support your mental health and well-being. Here are some of them:
You have a whole community behind you, and you can always reach out for support when things get tough. These resources will help you nurture your mind as well as your business.
We want to remind you that taking care of your mental health is not only important for yourself, but also for your business. By coping with anxiety and improving your mental health, you can also enhance your decision making, creativity, communication, and leadership skills. You can also improve your relationships with your employees, customers, suppliers, and partners. You can also achieve your business goals and grow your business.
We also want to remind you that you are not alone in this journey. There are many sources of support available for you, both online and offline. And of course, we at Nucleus are always here to help you with your funding needs. We understand that having the right funding in place can help reduce stress and anxiety for SME owners. That’s why we offer tailored funding solutions for SMEs across the UK. Whether you need a secured or unsecured business loan, we have the right product and service for you.