Originally published in The Canberra Times

By Bruce Billson

This is a big time of year with lots going on. Reflecting on the year passed, catching up with those near and dear and perhaps setting some goals for the year ahead.

For small business owners, it can be a particularly important time. This festive and summer season can be make or break for viability. While many customers are in holiday mode, business owners can be flat out, making a go of it and gearing up for another year and wave of new regulations and compliance burdens.

When you own a small business, it is just as important to spend time working on your business as it is to spend time working in your business.

Some owners do this by taking some time to do a health check on the business and to consider how it is travelling and could be improved. Too few take the time to check in on themselves.

Too often the daily quest to keep the doors open and manage the many immediate demands prevents time being spent thinking about the health, future and goals of your business. And for that matter, your own health.

For small and family business owners, their identities are interwoven into their business and the stakes are so much higher than just a job. Many people have invested a lifetime - and put their family home on the line - to build up their business, which amplifies the emotional challenges.

Small business owners point to the difficult economy, modest (if any) returns and heavy compliance burdens as draining the "joy" of small business ownership.

Australian Bureau of Statistics data show one-third of business owners experience moderate or higher levels of psychological distress.

Forty per cent of business owners have experienced a mental health condition with 17 per cent saying this has occurred in the past 12 months. The most common conditions are anxiety, psychological stress and burnout.

Many business owners are also experiencing cash flow issues in their business and in their household and have reported borrowing money from friends or family, being unable to pay an energy or phone bill, being late meeting mortgage, rent, car registration or insurance payments, or going without treatment such as visiting the dentist.

Research published by the federal Treasury also confirms that many small business owners struggle with mental health challenges.

One-in-five of those surveyed had been diagnosed with a mental health condition by a doctor or health professional. In some industries such as manufacturing, retail trade, accommodation and food services, it was one-in-three.

Small business owners said a key cause of stress was finding a balance between the demands of work, family and personal life.

Other top issues causing stress were: worry about the ongoing profitability and survival of the business; maintaining cashflow; difficulties accessing government information and small business support; accessing or maintaining affordable finance; receiving payments on time; and developing knowledge and skills to cope with a changing business environment

One of the insights of the study was that small business owners feel acute pressure to "do it all" and to keep up the appearance of being fine even when they were struggling with their mental health and wellbeing.

They feel others - family, business partners, employees, and suppliers - depended on them. One of the respondents to the survey said: "It all rests with me."

It is common for small business owners to be working long hours, feeling isolated, worrying about cash flow and decision-making and experiencing market pressures, all of which make them susceptible to financial and mental distress.

Often, small businesspeople are worried about not only their own livelihood but also that of their team members, who are invariably well-known to the owner.

Being able to speak to someone who understands the mental load of running a small business makes a big difference and is why the joint Australian government-Beyond Blue initiative New Access for Small Business Owners is so important and valued.

It is free and offers one-on-one telehealth sessions with specially trained former small business owner "coaches" who work with empathy and knowledge to equip small business owners with straight-forward approaches to managing stress and feeling of being overwhelmed.

If help is needed to sort and deal with debt or cashflow issues, or to navigate the maze of grants or government assistance available, the Small Business Debt Helpline operated by Financial Counselling Australia has a team of qualified financial counsellors who can answer calls directly or assist via a web chat function. The helpline provides free, independent and non-judgemental advice by calling 1800 413 828.

Being able to speak to someone who understands the mental load of running a small business makes a big difference. Talking to trusted advisers and networks is a great way to find solutions. Chances are someone has grappled with the problems you are now facing. And they have probably developed good techniques for managing the stress.

These include:

• Structuring your day by pro-actively scheduling time for important stuff
• Self-care and staying healthy (getting enough sleep, exercise, diet, water)
• Not regularly taking the work of the business home and setting times to turn off the tech
• Allowing for short breaks, hobbies and being involved in your community
• Prioritising what matters most and cutting out or delegating unnecessary tasks
• A focus on what can be controlled
• Celebrating milestones reached
• Asking for help and seeking support through business groups or industry associations and trusted advisers

Worryingly, most of the small business owners who responded to the Treasury study said they had not used any of the support services available.

Barriers to getting help cited by owners included the cost, lack of time and embarrassment.

One positive finding was that 37 per cent of business owners felt more comfortable talking about their mental health since COVID.

I can't urge strongly enough the need for small and family business owners to take advantage of the many free support services provided by small business experts.

Being able to speak to someone who understands the mental load of running a small business makes a big difference.

We have resources, tips and tools about mental and financial health available on our website at asbfeo.gov.au

Emotional wellbeing can be the key to a more productive and focused small business owner.