Looking After Your Mental Health

When it comes to health and wellbeing, the first thing that people think about is physical health – exercising, jogging or going to the gym. But in today’s world, mental health is just as important as physical health.
 
Are you struggling under pressure? Do you feel irritable, stressed or teary? Are you unable to sleep? Are you unable to meet your financial commitments or constantly worrying? These are common warning signs that may suggest you need to reach out for support.
 
Looking after your mental wellbeing will help you succeed in business

One in five Australians experience some sort of mental health condition. Stress, depression or anxiety can take a toll on your ability to run your business as well as your overall quality of life. 

The biggest stress point for small business owners is the fact they are striving to survive. This can be due to increasing competition, financial commitments, tax liabilities, changing regulatory environment or keeping up with evolving technology.
 
Knowing what to expect, managing your time and planning ahead will significantly reduce the time you may now spend on worrying

• How your business is doing
• How it will be performing in months or years ahead
• If you will have enough cash to pay your creditors, employees or the tax office 
• If you will ever have as much time as you would like to spend with your loved ones.

 
As accountants we are familiar with the issues that business owners deal with on a daily basis. We understand that these issues can have a significant impact on the mental wellbeing of yourself and the people around you. The good news is, we are here to offer you some guidance to simplify your business and tax affairs and hopefully give you some piece of mind in doing so.
 
How can your accountant assist you with maintaining your mental health?

• Keeping your compliance obligations up to date – lodging your tax returns, activity statements and other related reporting requirements accurately, efficiently and on time. 
  
• Conducting tax planning – regularly reviewing your business performance and advising you of the estimated tax position you are likely to have when it comes to lodging your tax return. Knowing how much tax you have to pay in advance can greatly reduce your worry and stress.

• Arranging a payment plan – if you are struggling with paying off an outstanding or large tax liability we can assist by setting up a payment plan with the Australian Taxation Office on your behalf. You would then need to commit to paying regular instalments and continue to meet your other tax liabilities at the same time. This could be a way to take financial pressure off and give you time to get back on track. 
• Delaying a lodgement or payment – if you are unable to lodge or pay an amount by the due date, it is wise to let the ATO know of the reasons beforehand. This can reduce your chances of being penalised for lodging or paying late. 
• Advising on your business’s performance and position – having a good knowledge of how your business has performed, discussing the reasons behind it, reviewing your financial position, and having a general conversation about your goals and aspirations and how we can help achieve them, will give you clarity and guide you to making more informed decisions. 
  
• Assisting with cash flow budgeting and business planning – we can help to improve your cash flow by preparing a cash flow budget that identifies cash shortages and cash surplus, giving you time to implement corrective action. Tracking against a budget and looking ahead will also give you valuable insights about your business from a different perspective and give you back control.

 
Support the wellbeing of your employees
 
If you employ staff it is important to provide a positive, healthy and safe working environment for your employees, where everyone can be well and thrive. By creating a strong workplace culture and supporting your employees, your staff will generally feel happier and perform better at their jobs. A survey done by the Anxiety and Depression Association of America showed that happy employees are 12% more productive than unhappy ones - so it’s worth showing you care about your employees’ mental wellbeing.
 
Here’s what you could do:

• Hold a mental health workshop
• Start an Employee Assistance Program
  (employer funded counselling)
  
• Introduce a mindfulness initiative program
• Create a mental health policy
• Organise social events, and most importantly
• Show that you care

 
Don’t forget the reasons why you started your own business, what drives you and what’s important to you as a person, and always remember to stay passionate about what you do.

Where to get help

Good mental health and wellbeing allows you to live your life in a positive and meaningful way and cope with life's changes and challenges. Besides reaching out to your friends and family, read these Tips to Keep Good Mental Health.

There are many organisations that can provide information and support to help you with your mental health and wellbeing:
 Beyondblue
Lifeline Australia
Suicide Call Back Service
Heads Up
Business in Mind
Mates in Construction
Headspace