Every year tens of thousands of businesses in the UK go into company liquidation1. Many of these are planned and welcomed, many though are not and can be a cause of great stress for the directors involved.
If you are going through the insolvency process then you may be experiencing feelings of helplessness, frustration and anger all of which are indicators of stress. Taking control is the key to effective stress management and there are steps you can take to minimise the worry and upset involved in a company insolvency. Here are our top tips.
Tip 1 – Get information. It’s natural when we face issues that the brain goes into overdrive and all of the possible, and quite a few impossible results are mulled over. Speak to an experienced insolvency practitioner and find out what the best course of action is, and what the possible outcomes could be. It’s surprising just how much the level of stress involved reduces when there is a clear sight of a path ahead.
Tip 2 – Put everything in perspective. Whilst things may seem bleak at the moment try to imagine how important these things will be in a year, three years, five years time. You may feel that insolvency and liquidation carries a great stigma but today, especially following the recent recession that isn’t the case.
Tip 3 – Find an ally. Share your thoughts and feelings. This won’t change anything about the situation but most people feel so much better being able to simply express themselves out loud. It could be a friend, your partner or a therapist but bottling things up merely increases anxiety.
Tip 4 – Take time out. It can seem that there are a million things to do when liquidating your company but it is really important that you take time away from the situation that is causing you stress. What it is doesn’t matter; walking the dog, reading a book, listening to music. It doesn’t have to cost any money but will help you to reduce your stress levels and come back renewed. A short time away each day, however, is much better than taking a day away all in one go.
Tip 5 – Accept the things you can’t change. A major cause of stress is frustration with situations that are out of our control. Understand what things you can affect and what you can’t. If an issue is intractable then you need to let go and concentrate on things that can be changed for the better.
Tip 6 – Have a plan. A great way to keep positive is to have a plan, work through it and start to see light at the end of the tunnel. Make an initial plan, identify the areas where you need help and find a qualified person to advise. One word of caution, make sure that you choose someone who is experienced and qualified, taking advice from the chap down the pub is not recommended!
Tip 7 – Change your mindset. So often our patterns of thinking are habitual. To change the habit you have to consciously force yourself to think positive. Be a ‘glass half full’ kind of person. It will take work to see the good in every situation but before long you’ll start to feel the benefit of a new, more positive attitude.
A small amount of stress is a good thing but too much anxiety can not only be bad for your health but also can cloud your judgement at times when you need to keep a clear head. Using the tips above will help but there are a lot more resources available. Don’t suffer in silence, go to your doctor, speak to a therapist or check out other resources on the web. We’ve included two excellent sites here.
There’s more information on insolvency in the UK here.