New guidance aims to help small business owners cope with mental strain of late payments

"Late payment is typically framed as a financial problem, but growing evidence suggests it can also take a significant toll on wellbeing. For many business owners, uncertainty over when they will be paid can trigger ongoing anxiety about meeting overheads, paying staff and keeping their business viable. The new guidance brings together business-focused advice and trusted mental health resources in one place, offering support for owners who may be feeling overwhelmed."

"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, Jones said. 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 yoursel"

"Timed to coincide with Time to Talk Day, the Office of the Small Business Commissioner (OSBC) has published new online guidance designed to help SMEs and freelancers access mental health support while also pointing them towards practical steps to tackle late payment issues. The resource has been developed alongside research from Leapers, which examined the link between financial stress and mental health among small business owners and freelancers."

New online guidance from the Office of the Small Business Commissioner offers SMEs and freelancers combined business-focused advice and mental health resources to address stress caused by late or unpaid invoices. Timed for Time to Talk Day, the guidance helps owners access mental-health support and outlines practical steps to tackle late payments and protect cashflow. Late payment can create uncertainty about meeting overheads, paying staff and maintaining viability, triggering ongoing anxiety. The guidance includes trusted support resources and practical actions for when unpaid invoices affect financial stability and wellbeing. The resource was developed alongside Leapers research examining links between financial stress and mental health.

Read at Business Matters