Healthy, Wealthy and Wise for Small Business

Healthy, wealthy and business wise

Taking care of business begins with taking care of yourself. New Year is a time people traditionally focus on health, but a new campaign aims to help business owners recognise their personal health and business health are inextricably linked. The My Business Health portal, launched in December, is a collaboration between small business and mental health advocates to gather financial and wellbeing advice for SMEs in one place. The portal is hosted on the Australian Small Business and Family Enterprise Ombudsman (ASBFEO) website. Ombudsman Kate Carnell says the portal addresses concerns common to SME owners, from cash flow to HR, alongside prevalent health issues such as anxiety and depression, because one often triggers the other. "Many small and family business owners may not be aware that the very worries that are keeping them up at night - be it cash flow, staff-related concerns or paying suppliers - can actually cause high levels of psychological distress. That can have a serious impact on both mental and physical health," she says. A recent MYOB report revealed 56 per cent of small business owners feel running their own business has caused them anxiety or depression, with most saying this is largely a result of worries about financials and cash flow. Ms Carnell says the launch was particularly timely, with the ongoing bush fire crisis impacting many regional small business owners. "In bushfire-ravaged communities, small businesses are under enormous pressure," Ms Carnell says. "Some of these small and family businesses have lost everything and for the ones who still have a premises to operate from, their usual summer trade has been heavily impacted. "Small business owners will be focused on getting back on their feet over coming months but I would encourage them to take a moment to consider their mental health and access the free resources on the My Business Health web portal to help them through this difficult time." Finding an appropriate work-life balance is often a major issue for small business owners, Ms Carnell says. Research indicates working more than 39 hours a week can have a significant impact on mental health. Meanwhile, more than one quarter of small business owners report clocking up in excess of 50 hours a week. Making time for personal relationships and spending time away from work can improve an SME owner's perspective on their business. "It is really, really important to keep some focus, some balance between your personal life and your business life. That involves taking a step back and thinking strategically about where you're going and what is the most appropriate way to go," Ms Carnell says. The web portal - prepared with input from Beyond Blue, EveryMind and small business owners - aims to help business owners get an overview of where they are at professionally and personally, with links to some fast assessment tools. An app that benchmarks a business's financial performance against others in the same industry. A five-minute survey that assesses personal wellbeing and a two-minute business stress test. The My Business Health portal allows SME owners to access practical information and links to a range of business and health resources under four categories. Cash Flow: Dealing with tax and debts, grow your business, financial fitness test, and accounting, budgets and cash flow. People Power: Staff solutions, business relationships, friends and family, build your networks, and health and safety. Business Toolbox: Take a business stress survey, get business advice from an expert, planning and registrations, marketing your products and services, and work-life balance. Recharge and Reach Out: Take a five-minute wellbeing check-up, reach out to a support service, listen to podcasts, get help, and plan for a mentally healthier business. The project strikes a chord for Ms Carnell, deputy chair of Beyond Blue and a former small business owner. "The tough thing about small business is, it's personal and it's pretty all encompassing," she says. "What I saw as a small business owner and a pharmacist was just how often mental health issues impacted on small business." SME owners have a habit of putting their own health last, to the detriment of their business. "Mental health issues happen in all walks of life but where the impact is even worse is in the small business owners' space. It can take down the whole business." she says. The My Business Health portal was established with support from a $3.7 million Small Business Mental Health funding package announced by the Federal Government in 2018 to address the needs of the nation's 2.2 million small business owners. As part of this ongoing program, Beyond Blue has also launched a guide for family, friends and financial advisors of small business owners to help support owners in distress. Often, a fellow business owner may be the first to notice an associate is struggling. The guide contains practical advice on how to broach the sometimes-tricky subject of mental health, along with what to do if their approach is rebuffed.