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Why the right support network is crucial for business owners

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Why the right support network is crucial for business owners

Behind every successful entrepreneur, there’s a support team.

Why the right support network is crucial for business owners

Behind every successful entrepreneur, there’s a support team.

Who’s your biggest source of daily support and inspiration? For most business owners, it’s not a colleague, business partner or guru, but someone much closer to home.

Help is at hand

In fact, over half of respondents told a Haines Watts survey they feel it’s important not to show vulnerability to their management team or business partner. So it’s spouses, families and friends who act as confidants and support.

This is hardly surprising.

Loved ones should always be there for you, but they’re also likely to be affected by the success of the business. In many cases, family members have helped get it off the ground, and may still have an emotional stake if not a financial one.

Around a quarter of business owners, in fact, seek support from their family about decisions linked to their business, according to Haines Watts’ ‘For Love or Money’ study.

A change in perspective

But having people you can talk to about subjects other than work is equally important.

When you’re on edge about a big client pitch, a cashflow issue or a supplier failure, sharing the latest gossip about mutual friends or being assigned to read your child a bedtime story can be the best form of pressure release.

Seeking out support

Not everyone has a partner to confide in, or feels they can turn naturally to friends and family to talk about what’s weighing on them. Other SME owners may feel speaking about their struggles could burden their loved ones, but staying silent risks taking it all on themselves.

Business owners need to recognise that support is available in many forms – the important thing is to seek it. External advisors can often better understand the pressures and offer practical advice and help to take the pressure off, while supporting the business’s interests.

Haines Watts helps owners to find practical solutions to financial and other business issues that might be a source of stress.

Nurturing good communication can’t be neglected – even by entrepreneurs who pride themselves on having an independent spirit. In the words of the Federation of Small Businesses’ guide to wellbeing: “Being self-reliant doesn’t have to mean going it alone.”

The importance of wellbeing at work is now widely recognised, but many resources are geared towards bigger employers. However, the Federation of Small Businesses has produced a guide called ‘Wellbeing in Small Business’ which includes links to other resources. It also offers its FSB Care business health support service to members.

David Fort is a partner at Haines Watts