Business owners at risk of becoming insolvent may find that their mental health is suffering as well as their finances.
There’s no doubt about it, debt is a burden, not just to your business, but to your health too.
The strain of a failing business can also cause problems with personal finances, causing the pressure to come from all angles at once.
Effects on mental health
If your business is struggling to make ends meet it’s easy to find yourself feeling very low, stressed and anxious. A build-up of worries can make it difficult to switch off from work, causing sleepless nights and increasing the strain on your mental health.
Over a prolonged period, these symptoms can lead to more serious mental health problems like depression and panic attacks.
The stigma of debt
People like to share their successes but try to hide their failures. Unfortunately, many people feel that there is a stigma attached to a failing business, which can result in feelings of embarrassment or shame.
Although becoming insolvent can be a difficult and worrying time, it is not something to hide or feel ashamed about. As with any other problem, trying to hide or deny it is only likely to worsen the situation. Talking about your situation allows friends and family to support you at a time when you need it.
Lighten your mental load by seeking professional debt advice
If your business is struggling to stay afloat or you feel like your debts are getting out of hand, the most important thing you can do to lighten your mental load is seek professional help and advice.
At the Insolvency Advisor Organisation our experts are here to advise you on the best way to tackle debt in order to achieve the best possible outcome for you and your business. The sooner you get in touch, the better the chance that we can help you to save your business.
Take the first step towards getting help by calling our free helpline on 0845 273 4000 to discuss your business’ situation with one of our advisors.