5 Advice For Dealing With Stress Of Insolvency For Business

Stress is a common issue among many people who work in the UK. According to the most recent data, there were more than 800,000 cases of work-related stress, anxiety or depression in the UK.

This may be due to not feeling safe at work or workplace harassment. One other reason for feeling stressed at work is the ongoing insolvency of your business.

Insolvency is a serious issue, so it’s bound to cause some stress to anyone whose business is going through it. This issue with businesses means they can no longer pay their debts which can leave the future of the business in doubt.

This is a common issue in the UK with more than 5500 company insolvencies in the third quarter of 2022 which means many people may have to deal with this stress at some point.

Whilst this stress may be unavoidable, there are some ways that you can mitigate it to reduce the stress that you’re feeling.

Read on to find out how you can effectively deal with the stress of insolvency for your business.

How do money issues affect us?

Money issues can have detrimental effects on both our physical and mental well-being.

This can include effects like:

Low or depressed mood
Lack of motivation
Impulsive decisions
Avoid doing things
Stress and other mental health issues

4 ways to deal with the stress of insolvency and overcome it

If your company is about to or has entered insolvency, then we recommend you do the following to ensure you and your business stay afloat.

Make a plan

Once your business has got to this stage, you will need to find a way to save it and a plan can be a great way to do that. Consider if you will get help or try to sort it out with your existing colleagues.

This can be a great way to get your stresses off your chest too and find ways to solve them.

Ask for help

Trying to sort everything out when you’re stressed can be a big mistake. You may act rashly and make huge mistakes with your decision-making.

Instead, seek help from professionals to help navigate this risk successfully.

Take a step back

Once you’ve appointed someone you can trust to help your company to insolvency, take some time away from your business and focus on getting your mind back to a healthier place.

Try exercising or eating healthy foods to boost your mood. You may have to come back in to make decisions now and again but being around a negative situation will only add to your stress.

Accept the situation

Sometimes there is simply nothing you can do to help the situation and accepting that can be a good way to deal with the stress.

This can help you look for the silver linings of the situation like more time with family members or the chance to start a new business.