Member Article

Cash worries create physical and mental health issues

A business crisis isn’t just about cash flow and commercial concerns…it can also have a major impact on physical and mental wellbeing.

Financial expert Deborah Lockwood, of Sheffield business turnaround and insolvency practice Graywoods, says that by the time many people seek advice they are already showing signs of extreme mental distress and physical breakdown.

“People who have worked hard to build up a business find themselves feeling humiliated at the position they are in, their sense of self worth suffers and perhaps worse of all there is a sense that they have let down their employees, their creditors and, most importantly in many cases, their families,” Deborah said.

“They come to us for advice and we find that some are so afraid for the future that they really do feel suicidal, pushed to the limit by their situation.

“This is the point at which they begin to experience symptoms of both physical and mental ill health, often exacerbated by the fact that they believe, quite wrongly, that there is no positive way out of the situation.

“The best advice I can give, though, is to take advice because there is help available.

“We see people who, after just one meeting, say they have slept for the first time in months, simply because they have finally shared their problem.”

Deborah added that continuing concerns around the Coronavirus pandemic had added extra pressure for many struggling businesses, with remote working and fear for the future creating an even greater sense of alienation and loss.

“On top of fears about the virus itself, the thought of having to make staff redundant at such a difficulty time financially creates even greater pressure in addition to the already existing stigma that still surrounds debt and insolvency,” she said.

“Just like visiting the doctor, the sooner you make the appointment, the sooner you’ll get the proper diagnosis for your problem and begin to take appropriate action.”

This was posted in Bdaily's Members' News section by John Highfield .