You’re Not Alone: Financial Stress for Business Owners
Running a business can be incredibly rewarding, but financial stress for business owners can also feel isolating.
In the run-up to Mental Health Awareness Week (Monday 11 – Sunday 17 May), we spoke to two of our Insolvency Practitioners, Rishi Karia and Lisa Thomas, about the emotional realities directors face, and the conversations they have every day.
Misconceptions about seeking help
One of the biggest barriers to seeking advice isn’t the situation itself; it’s what directors believe will happen if they do.
There is often an assumption that speaking to an insolvency practitioner means the end of the road, both for the business and personally.
What’s the biggest emotional misconception directors have when they come to you?
Rishi Karia: “Coming to see an insolvency practitioner means it’s all over for the business and them personally. Only after meeting do they realise there are ways forward and different options.”
Why financial pressure can feel isolating
Financial difficulty is rarely something directors feel able to openly discuss. That lack of visibility can make situations feel far more isolating than they really are.
Whether it’s protecting employees, maintaining confidence externally, or simply not having someone to share concerns with, many directors end up carrying the pressure alone.
Do people tend to feel like they’re the only one in this situation?
Rishi Karia: “Yes, and it’s reassuring when they hear from a professional that they are not alone, particularly when they have the support of a professional.”
Lisa Thomas: “Not necessarily, but understandably they are looking at it from a subjective position and often don’t have many people they can speak to about the problem, which can compound their fears. If they are a sole director, they have no fellow directors to share their concerns with. They often cannot discuss the issue with employees for obvious reasons.”
Reassurance in those first conversations
For many directors, the first conversation is not just about the business — it’s about addressing the emotional weight they’ve been carrying.
A key part of that discussion is helping directors reframe their situation and move away from self-blame.
What do you usually say to reassure someone in that position?
Rishi Karia: “We explain that there are always ways forward and insolvency legislation is designed to ensure there are options, whilst also protecting creditors, customers and others involved.”
Lisa Thomas: “That they didn’t set out for this to happen and to try not to blame themselves.” They have done the right thing in taking steps to seek advice and begin to fix the problem, in accordance with their duties.”
The stigma around financial difficulty
Despite how common financial pressure can be, it remains something many business owners feel uncomfortable talking about.
This reluctance often stems from a sense of personal responsibility, even where external factors have played a significant role.
How common is this, in reality?
Rishi Karia: “It’s common, because people don’t want to talk about their issues as it makes them feel like a failure, even if the situation is a result of external factors they can’t control.”
The importance of early advice
When reflecting on these conversations, one theme comes up consistently: timing matters.
Seeking advice earlier doesn’t just improve outcomes, it can also prevent additional stress, risk and uncertainty building over time.
What’s something you wish more directors understood earlier?
Rishi Karia: “The sooner you speak to someone, the clearer your options are and the more likely you are to make the best-informed decision. Don’t make critical decisions without seeking advice.”
Lisa Thomas: “I wish they would seek advice sooner. Often, they will make mistakes, putting themselves at risk of being pursued for breaches under the Insolvency Act 1986, or they don’t save enough funds to cover the costs of liquidation.
When it comes to employee claims, directors often don’t realise how long the process takes for employees to recover their monies from the government scheme, so delaying advice will delay that process.”
Take the first step
Financial pressure is not just a commercial issue: it’s a human one.
Many directors:
- Feel isolated in their situation
- Carry a strong sense of personal responsibility
- Delay seeking advice due to uncertainty or fear
- Only realise later that support was available sooner
But just as importantly:
- You are not alone
- There are always options available
- And speaking to someone early can make a meaningful difference — both practically and emotionally
Taking that first step can feel difficult, but it’s often the moment things start to feel clearer.
If your business is under pressure, you don’t need to have all the answers before reaching out.
Start with our Free Business Health Check
Or speak to our team in confidence: 0800 612 7593
