Mental health and financial difficulties
Mental illness is the single biggest cause of disability in Australia and small business owners are a large and vulnerable population that are often difficult to reach through traditional health intervention approaches.
A study commissioned by the Federal Department of Industry, Science, Energy and Resources reports that nearly one in three SME owners had identified that they had a diagnosis in the past 12 months of experiencing stress, depression, or anxiety.
The COVID-19 pandemic has made the provision of support to this group particularly important as many small business owners may be experiencing a heightened state of distress.
There is a strong association between mental health problems and financial difficulties. Mental health problems can contribute to financial difficulties, and vice versa. The cycle of financial difficulties and mental health problems can be intensified for people who have difficulty navigating unfamiliar financial and health systems. Financial difficulties can have a negative impact on mental health and addressing financial problems early can reduce this impact.
Byronvale Advisors take the wellbeing of our clients seriously. Our principal, Stephen Barnes, is an accredited Mental Health First Aider. We know how to support clients in a way that promotes recovery of mental health. We adopt a flexible approach to appointments when working with clients with mental health problems, e.g. extra time for the appointment, shorter and more frequent appointments.
Byronvale Advisors Principal Stephen Barnes is an Accredited Mental Health First Aider.
Resources for small businesses
NewAccess for Small Business Owners is a free and confidential mental health coaching program, developed by Beyond Blue to give small business owners, including sole traders the support they need.
The program uses Low-intensity Cognitive Behavioural Therapy (LiCBT) that allows participants to recognise the way they think, act, and feel and break unhelpful thoughts.
Over six sessions, coaches with a small business background will work with you to overcome difficult issues, providing you with practical skills to manage stress and get you back to feeling like yourself.
At your first appointment your coach will complete an initial assessment with you, and develop a program tailored to your individual needs.
NewAccess for Small Business Owners is available nationally by phone or video call.
My Business Health is an online portal designed to help small business owners with the challenges of running a small business. With so much information available online it can be hard to know where to turn for business support. My Business Health is designed to help you navigate the system, to help you face challenges, and identify opportunities to grow your business.
Ahead for Business has been developed by Everymind and helps small business owners take action on their mental health and wellbeing through personalised resources and tools tailored to their specific needs. It provides targeted and tailored support in various industries (tourism, entertainment, and family daycare) and geographic location.