You identify time, team, money and health as the four pillars of business success. Why is mental health the crucial “fourth pillar,” and what risks do businesses face if they neglect it?
The nature of running a business means business owners regularly face challenges, and are required to make important decisions every day. Without effective mental health management, those challenges can feel overwhelming, and it can potentially become difficult to make the right decisions. Too many bad decisions over time can be detrimental to your business. There are also flow on impacts to staff, clients, stakeholders and customers.
How can business leaders practically incorporate mental and physical wellbeing into their annual strategy and planning processes?
Planning ahead is essential. In the same way you plan for other parts of your business, whether it’s regularly scheduled meetings with your accountant, broker or clients, book time in your calendar for your mental health and wellbeing and make them non-negotiable. This might be a long weekend to look forward to, regular gym or group fitness sessions – whatever suits you in terms of taking time for you and clearing your head. It doesn’t have to be expensive or take up much time, allow 10mins in your daily routine to read a chapter of a book, meditate or take a walk. Joining a mentoring or networking group to share your frustrations and challenges can also be beneficial. Speaking with a counsellor or psychologist is important if you feel you have issues that are impacting you longer term.
From your experience, what common signs indicate an entrepreneur is pushing their health to the breaking point and how should they address them?
Short temper, lack of sleep and self-medicating are big signs. I would always recommend seeking professional help as soon as possible – a doctor or counsellor are great starting points.
In “Funding Business Growth,” you outline a formulaic approach to running a business. How does self-care fit into that formula without detracting from core objectives?
We don’t believe that mental and physical wellbeing should be a ‘nice to have’, it’s an essential part of the business, which is why we’ve written an entire section of the book around setting goals and routines that integrate mental and physical health with your business. A successful business ensures key tools and equipment are regularly maintained and operating at full strength, business owners should consider their physical and mental health as just as important as that essential tool or machinery.
What simple, high-impact wellbeing practices have you seen deliver the fastest return in focus, productivity, or resilience?
Meditation, prioritising sleep, and regular exercise of any sort all pay dividends in spades – it doesn’t have to be complicated or expensive.
How can teams and peers create a culture where mental health is openly discussed and supported, especially in traditionally “tough” industries?
It needs to be top-down. Leaders should share their experiences and challenges, and it would be great to see more companies encouraging staff to take the time to look after themselves personally and help in facilitating that. Another reason we’ve incorporated wellbeing into our book is to highlight that it’s not a separate topic, it’s an essential part of any successful business strategy, and by having that mindset it makes it easier to integrate into the staff culture.
Many owners promise “I’ll rest after the next milestone.” How do you help clients break that cycle and prioritise wellbeing today?
It might be cliché to say, but there’s no point being the richest person in the graveyard. Wellbeing is critical to a fulfilled and happy life, and by making it a priority your family, business, staff, clients and shareholders will thank you for it. People might say they can’t afford the half hour to take for themselves, I would argue that you can’t afford not to.
When revisiting their financial strategy, how should businesses evaluate the trade-off between investing in growth initiatives versus investing in their people’s health?
Productivity measurement and management is much easier these days. Anecdotally, you can provide wellbeing services to your team and ask for anonymous feedback. You can also use time in motion studies (touch time, turnaround times, etc) before and after initiatives to measure results of staff in time and financial outputs.
What metrics or indicators should CFOs and CEOs track to gauge the health and wellbeing of their leadership and teams?
Staff turnover is a key indicator, as employees who are happy and fulfilled are more likely to remain with the business. Informal discussions and check-ins can also provide insight into how company culture is tracking. Staff engagement is also a good gauge, especially if you have a team member who was previously very engaged and suddenly becomes more withdrawn – it’d be worth checking in and seeing what else might be going on in their life.
Looking ahead, how do you see the role of mental-health support evolving within the SME finance landscape over the next five years?
According to the World Health Organisation, around 264 million people globally have depression, with depression and anxiety resulting in around US$1 trillion in lost productivity, annually. These are significant numbers, and if we’re to have any chance at reducing them, then mental health support will need to improve across all sectors, including the SME finance landscape.
In the same way we acknowledge and accept that exercise is beneficial to maintain and build our physical health, we need to normalise and promote initiatives that assist us to maintain and support our mental health, both at home and in the workplace.
If this article has raised some concerns or challenges for you or someone you know, you can talk to someone immediately on the below;
Crisis support services
24 hours, 7 days
Lifeline 13 11 14
Suicide Call Back Service: 1300 659 467
Beyond Blue: 1300 224 636
MensLine Australia: 1300 789 978
Kids Helpline: 1800 551 800
13YARN: 13 92 76
For further information see Mental health resources
