Mental Health in SMEs – a support role for the finance sector

Small and medium-sized enterprises (SMEs) are the backbone of many economies, but the mental health of their owners often goes overlooked. A ground breaking White Paper by Deakin University titled "Using Intermediaries to Support the Mental Health of SME Owners" sheds light on this critical issue and proposes innovative solutions.

Recent studies have revealed a troubling trend: nearly one in three SME owners have reported experiencing stress, depression, or anxiety in the past year. The ongoing cost-of-living crisis and the lingering effects of the COVID-19 pandemic have only exacerbated these challenges, making owner distress a pressing issue that demands immediate attention.

The White Paper highlights a novel approach to addressing this crisis: leveraging intermediaries, particularly accountants and financial advisors, to support the mental health of SME owners. These professionals are often the first point of contact for businesses facing financial difficulties, placing them in a unique position to identify and respond to signs of mental distress.

In response to this need, Deakin University, in collaboration with national accounting and finance bodies, developed the Counting on U program. This world-first mental health first-aid relationship program is designed to equip finance professionals with the skills and knowledge needed to support the mental health of their SME clients.

Key features of the program include:

The Counting on U program has already made significant strides:

• Over 3,200 finance professionals have completed the training
• The program has expanded to New Zealand
• Plans are in place to continue rolling out the training globally

The success of this initiative is largely due to the collaborative efforts of various stakeholders:

• Deakin University researchers
• Professional accounting bodies
• Government agencies
• Mental health organisations

This multi-faceted approach ensures that the program is both academically rigorous and practically applicable.

The White Paper and subsequent research also highlight the need to address mental health challenges within the accounting and finance professions themselves. The Counting on U program provides participants with tools to support not only their clients but also their colleagues and themselves.

As the program continues to evolve, several key areas of focus have emerged:

1. Integrating mental health literacy into formal education for accountants and bookkeepers
2. Promoting better work design in finance, professional services, and SME sectors
3. Advocating for a shift away from excessive work hours towards a culture that balances profitability and psychological health

The Deakin University White Paper and the resulting Counting on U program represent a significant step forward in addressing the mental health crisis among SME owners. By harnessing the power of intermediaries and fostering collaboration across sectors, this initiative offers a promising model for supporting the wellbeing of small business owners and the professionals who serve them.

As we move forward, it's clear that mental health support must be an integral part of business advisory services. The success of the Counting on U program demonstrates that with the right training and resources, financial professionals can play a crucial role in promoting mental health and resilience in the SME sector.

If you wish to read the entire white paper visit: Deakin - Using Intermediaries to Support the Mental Health of SME Owners