Running a small business can be lonely when the finances are under strain. Owners may have staff, customers and lenders looking to them for answers, even as they worry about whether the business can meet its next obligations. Ahead of World Mental Health Day on 10 October, Purbeck Insurance Services is drawing attention to the people behind those decisions.
The personal guarantee insurance provider says it has raised £9,139.38 for #ANDYSMANCLUB, donating £5 every time a policy is sold or renewed. The charity runs free, volunteer-led groups across the UK where men aged 18 and over can talk openly about their mental health in a non-clinical setting.
The connection between business finances and personal wellbeing is clear to Nick Linacre, Purbeck’s claims director. He says more than a third of the personal guarantee-backed business loans the company supports are for working capital: money needed to meet everyday costs and keep a business operating. When those pressures build, directors may feel responsible for far more than a balance sheet.
“We recognise that these pressures can sometimes mount very quickly, at times leaving company directors feeling overburdened and helpless,” Linacre says. “Purbeck goes a long way to try and ensure the health of the business is maintained, but we also wanted to go a step further to look after the health of the people behind these businesses.”
Purbeck says its practical intervention has helped prevent insolvency in 60% of cases where a client told it about financial distress early enough. That figure concerns clients who sought help in time; it is no guarantee of the outcome for any individual business. Linacre also acknowledges the emotional impact when a business cannot be saved.
“We know how devastating it can be to lose a business and many men find it difficult opening up about their mental health challenges,” he says. That is why, he explains, the company chose to support an organisation offering a place to talk, whatever a man’s circumstances.
For a director facing financial difficulty, the message has two parts: seek practical help early, and make room to speak about the personal toll. The announcement puts a figure on Purbeck’s contribution. Its wider point is that business support should account for the person carrying the risk as well as the company they run.
