Tuesday 1st Sep 2020
As an industry professional, you’re navigating a global crisis and trying to manage the constant pressures of helping businesses with cashflow concerns, so there’s no wonder you are never able to fully ‘switch off’.
From taking on the burden of a heavy workload to making difficult financial decisions and keeping up with new regulations, modern-day brokers are now expected to wear many interchangeable hats.
As an industry, we have to keep addressing the ‘eat, sleep, advise, repeat’ mentality and continue to help brokers during such a critical time. So why are you experiencing restless nights? These reasons might resonate…
The impact of not paying on time
We’ve run research into the mental health concerns for freelancers and the stress they feel when experiencing late payments. Many are spending, on average, 77 minutes of their day chasing such invoices. This equates to 385 minutes (over six hours) a week – all of which could be better spent speaking to customers about cashflow concerns and researching ever-evolving guidance to keep on top of workloads.
Our industry must continue to put processes in place to help businesses pay on time. Whether that’s providing more streamlined technology to make things swifter, or offering as much accessible information about alternative cashflow options such as invoice finance. We’re here to help.
Heavy workload and time pressures
Unfortunately, there’s never likely to be a ‘quiet’ day for many brokers. And whilst some professionals thrive on this kind of pressure, there are several employees who can’t help but worry about the mountain of paperwork before them.
A few simple ways, such as effective time management and blocking out certain times of the day to focus on the bigger tasks can help, alongside breaking down each matter into easier chunks of work.
For those who are part of a team, now might be a good time to be open and honest with trusted colleagues about how you’re coping. Sharing advice between one another and brainstorming solutions can provide an incredible amount of comfort.
There are also several online community groups that offer much-needed support especially for freelancers. We’d recommend LinkedIn as a great starting point (especially the Finance Club).
A new day, a fresh regulation
There’s no escaping it for finance professionals, you’re going to have to keep up with the latest information in order to help guide customers and develop your own personal knowledge.
Of course, the FCA is there to keep you abreast of the latest information, but make sure you also follow a few trusted publications such as FT Adviser, Forbes and Money, to name a few. Don’t dismiss a podcast either – especially The Traders Podcast, Adventures in Finance and Future of Finance.
Ultimately, there are many reasons why brokers experience worries throughout their working lives. Therefore, it’s important to remain disciplined and focus on your well-being, from taking regular screen-breaks to switching off and communicating effectively with colleagues, family and friends about how you’re feeling.
There is never a one size fits all approach to tackling anxiety and stress, but you must feel listened to and supported throughout your careers. We all have a responsibility as an industry to share knowledge, and support and equip one another with the tools to enjoy a greater level of positive mental health.
Want to speak to Hitachi Capital Invoice Finance about securing efficient and advantageous business relationships? Head to our Invoice Finance page to find out how we can help your business and for more top tips!