John Highfield

Member Article

The Road to Recovery - an extra strain for struggling business owners

BRITAIN may be emerging from a winter of lockdown but for many people concerns about both physical and mental wellbeing in the business community remain a damaging priority.

Danielle Shore, of Sheffield business turnaround and insolvency practice Graywoods, says that for companies badly hit by the COVID-19 pandemic, even the signs of potentially better times may be too little too late.

And some people might even find the roadmap to recovery a cause for even greater anxiety rather than a reason to celebrate

“For business owners who have struggled enormously through the past year, it is no exaggeration to say they now feel humiliated at the position they are in,” said Graywoods Senior Manager Danielle, who deals with cases and also supervises the company’s HR function.

“Their sense of self worth has been damaged by circumstances beyond their control and there is often a feeling that they have let down their employees, their creditors and, most importantly in many cases, their families.

“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.

“The government’s road map to recovery will simply cast unwelcome extra light on businesses that are facing uncertainty.

“While other people are looking for positives, some will face 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.

“The problem won’t go away but an understanding of the measures and options that are available can begin the necessary steps towards moving forward.”

Danielle added that continuing pandemic concerns 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 .

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