Discussions about struggling businesses usually focus on numbers: cash flow, creditor balances, margins and forecasts. Those things matter enormously. But behind every set of difficult accounts there are people, starting with the owner who lies awake at three in the morning running through payment dates, and extending to employees, families and long-standing business partners. How those people are supported, and how the owner looks after themselves, often shapes the outcome as much as any spreadsheet.

This article looks at the personal and leadership side of financial difficulty. For readers interested in how an adviser who works with owners at this stage frames his role, there is a published article about Benjamin Whitehouse pre-insolvency advisor work that is worth reading alongside this one. Here the focus is on practical ways to stay steady, lead well and keep relationships intact while the business works through its challenges.

Recognising the Personal Toll

Financial stress in a business rarely stays at work. It follows owners home, affects sleep and appetite, strains relationships and can lead to anxiety or low mood. Many owners have personal money tied up in the company, or have signed guarantees, so the worry is not abstract. It touches their homes and families directly.

The first step is simply to acknowledge this. Feeling overwhelmed does not mean you are weak or unfit to lead. It means you care about something important and are facing real uncertainty. Recognising the strain allows you to manage it rather than letting it quietly erode your judgement. It also helps to notice early signs of strain, such as irritability, poor concentration or a reluctance to open post and emails, and to treat them as signals to slow down and seek support rather than push harder.

Why Isolation Makes Things Worse

Owners in difficulty often withdraw. They stop attending networking events, avoid conversations with peers and keep the full picture from their partners and senior staff. Part of this is protective, part of it is pride, and part of it is the belief that they should be able to solve the problem alone.

Isolation, however, tends to amplify fear and narrow thinking. Problems seem larger and options seem fewer when they are carried privately. Talking to someone, whether a trusted colleague, a mentor, a professional adviser or a counsellor, almost always brings perspective. Advisers who work in the pre-insolvency space, such as Benjamin Whitehouse, are among the people an owner might choose to speak to; the important thing is that the conversation happens at all.

Practical Ways to Stay Steady

There is no formula for managing stress, but many owners who have been through difficult periods point to similar habits that helped them keep going:

• Keeping regular hours where possible, rather than working late every night.
• Protecting sleep, exercise and time away from screens, even when it feels indulgent.
• Breaking large problems into small, specific actions that can be completed each day.
• Reviewing the numbers at a set time rather than checking the bank balance constantly.
• Sharing the situation honestly with a partner or close friend.
• Seeking professional support for mental health if anxiety or low mood persists.
• Remembering past challenges that were overcome, as evidence of resilience.

These may sound basic, but under pressure the basics are the first things to slip. Holding on to them provides a foundation from which clearer decisions can be made.

Leading Your Team Honestly

Employees usually sense when something is wrong long before they are told. Rumours fill the gap left by silence, and those rumours are often worse than the reality. While not every detail can or should be shared, a measured level of honesty generally builds trust and loyalty.

Consider explaining the broad situation, what the business is doing about it and what you need from the team. People often respond well to being treated as adults and invited to contribute. Some of the best cost-saving and revenue ideas in a turnaround come from staff who see inefficiencies that management has missed.

Be careful not to make promises you cannot keep, especially about job security. If difficult decisions about roles become necessary, handle them fairly, lawfully and with compassion. How you treat people during hard times will be remembered by those who stay as well as those who leave.

Protecting Key Relationships

Beyond your team, think about customers, suppliers and funders. These relationships are assets that can help the business recover, and they are easily damaged by avoidance. Keeping key stakeholders informed, within sensible limits, shows that you are in control and taking responsibility. Many will offer more flexibility than you expect if they feel respected and included.

At home, the same principle applies. Partners and family members are affected by the business’s difficulties whether or not they are told. Including them in the conversation, at a level that feels appropriate, often reduces tension and provides valuable emotional support.

Looking Beyond the Immediate Crisis

Whatever the outcome for the business, it is worth remembering that the owner’s worth is not defined by a set of accounts. Many successful entrepreneurs have faced serious financial difficulty, learned from it and gone on to build stronger businesses afterwards. The skills developed during a turnaround, including resilience, clear communication and disciplined financial management, remain valuable long after the immediate pressure has passed.

Taking care of yourself and the people around you is not a distraction from solving the problem. It is part of solving it. Leaders who stay grounded make better decisions, communicate more clearly and inspire more confidence, and those qualities give any business its best chance of finding a way through.