Stress, financial worries and an unhealthy work-life balance are common complaints of company directors. But whether your business is causing your mental health issues or simply suffering because of them, there are steps you can take to get you and your company back on track.
Running your own business isn’t easy, and if you feel like it’s taking its toll, you’re certainly not alone. A new study has highlighted the struggles of company directors and found that more than half have experienced poor mental health over the past 12 months.
That’s not surprising given that business owners work longer hours on average, take less time off and don’t get as much sleep as employees. Those long hours, combined with the lack of sleep and the financial worries, can damage your business’s performance and your state of mind.
If you feel like your mental health is hindering your business’s progress, taking a step back from the situation can provide some much-needed clarity. Even if it’s just for a few days, putting a little distance between you and the business can alleviate the pressure and give you time and space to decide on the best course of action.
It’s also important to try and keep things in perspective. Every business experiences good and bad periods, and all sorts of catalysts can make you feel like you’re losing control. A key employee resigning, squeezed cash flow, a declining market and losing a major customer can all feel like a disaster for your business, but they are all challenges businesses can and do recover from.
When you’re in the thick of it and feel like there’s no way out, you can lose the motivation to manage the business’s accounts and general activities properly. That can lead to poor debt management and increasing debts, which will only add to your problems.
The best approach here is to seek professional help at the first sign of a problem. Whether you simply want to discuss your issues or need advice and input, a licensed insolvency practitioner can listen, assess your financial position and talk through your options. Getting an expert’s view of the problems you face and the potential solutions to could be enough to turn your situation, and your business, around.
Admitting that you’re struggling is not a sign of weakness. If you’re suffering from mental health issues that are caused by or are affecting your business, you should seek help from a medical professional.
Simply talking to someone who is not involved in your personal or professional life can help to lift the anxiety you’re feeling. As well as practical advice around sleep, general health and your working hours, they may also prescribe medication to alleviate your symptoms.
Life as a company director can be overwhelming. If you’re burnt out or can feel the stress and anxiety mounting, here are some practical steps that may help.
Having a clear understanding of your problems and the potential solutions can make a big difference to your outlook. We have spoken to hundreds of company directors in your position and can offer professional guidance to help you turn things around. Call our team for a free, same-day consultation to protect your business and your health.
If you are considering liquidation for your limited company, taking advice from a licensed insolvency practitioner can help you understand your options.
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If you are considering liquidation for your company, taking expert advice at an early stage is crucial. At UK Liquidators, our team of licensed insolvency practitioners are committed to providing limited company directors with the help and advice they need to make an informed decision.
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