Three expert tips for managing financial stress

Accountant director seated at desk with computer and mouse

Director of Norwich Accountancy Services Jonathan Hook offers three tips to alleviate financial stress - Credit: Steve Adams

With the long-term economic impact of the pandemic yet to be felt and rumours of impending tax and national insurance hikes, this is a difficult moment for small business owners and sole traders. Here are three tips to relieve financial stress and be proactive in the face of economic uncertainty.

Get organised 

There’s no doubt about it: these are tough times. And the best way to take control of your situation is by getting organised. Don’t be afraid to seek out advice. We’ve all been through good and bad times financially and even the best of us can get into debt – especially considering the year we have just had.  

Norwich Accountancy Services can refer you to the right people to help get your debt problems under control and advise on insolvency practices, liquidation and bankruptcy. Remember there are mechanisms in place, such as the Enterprise Act, which are designed to protect you.  

Look after mental health  

The British are notorious for their stoic attitude towards life’s challenges, but our tendency to ‘grin and bear it’ can do a lot of damage to our mental health. If you are suffering because of stress about money worries, it’s time to step back and get some perspective. What’s more important: health or wealth?  

Norwich Accountancy Services nominated Mind as our charity of the year for 2021. The service provided by Mind is so important in these challenging times, and there is a correlation between mental health and finances. We are here to help provide support when it comes to managing your tax returns, and we do so remaining mindful of the importance of mental wellbeing.  

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Stick to the knitting  

In their book In Search of Excellence, Tom Peters and Robert H. Waterman, Jr claim that excellent companies always ‘stick to the knitting’ – meaning small business owners should focus on matters of business they understand best. Concentrate on your specialism and excel at that, rather than diversifying and spreading yourself thin.  

Small business owners and the self-employed often have to adopt a jack-of-all-trades approach, managing taxes and finances on top of attending to the everyday concerns of their business. By delegating matters concerning tax returns to us, you can get on doing what you do best.

Call 01603 630882 or visit www.norwichaccountancyservices.co.uk to book a consultation. 

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