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Healthy, wealthy and business wise |
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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.
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.
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.
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