Guidance Launched to Help SMEs Manage Mental Health Impact of Late Payments

New guidance to help SME owners find mental health support and practical help when late payments are affecting their wellbeing has been published by the Office of the Small Business Commissioner (OSBC).

Late payment is often discussed in financial terms, but evidence shows it can also place significant mental strain on small business owners. Worrying about cashflow, keeping a business afloat, and paying employees can lead to ongoing stress and anxiety.

SME Guidance

Published in coordination with Time to Talk Day, this new online guidance brings together business-focused resources and trusted mental health support services in one place.

The guidance has been developed alongside research from Leapers, which explores the link between financial stress and the mental health of small business owners and freelancers.

Emma Jones, Small Business Commissioner

Emma Jones, Small Business Commissioner, said: “Running a business can be tough at times and it is important that freelancers know about, and feel they can reach out to, the help and support available.

“Having founded a small business support platform and network before becoming Small Business Commissioner, I have seen the profound and positive impact when freelancers join a community of like-minded peers.

“At the Office of the Small Business Commissioner we are committed to playing our part, with a focus on tackling and challenging late payment, so those going into self-employment can realise the full benefits of working for yourself, being rewarding and fulfilling work.”

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