Banjo Loans reveals how SMEs can combat their business stress
In the wake of new research revealing that the challenging economic climate has negatively impacted the mental health of more than half (52 per cent) of Australia’s small business owners and managers, leading non-bank lender Banjo Loans is offering SMEs with loans some tools to help navigate the choppy waters they may be experiencing.
A recent Commonwealth Bank-commissioned study has also found that nearly two-thirds (65 per cent) of the surveyed businesses have had to manage an alarming $7.3 billion in unexpected expenses this past year.
Despite these sobering findings, Banjo Loans’ Head of Collections Tim Morosoli said SMEs should not be afraid to contact their lender when such unforeseen costs arise.
“Understandably, people hate talking about their business having problems,” Morosoli said. “The job of the lender’s Collections team is to make square pegs of debt fit round holes of payment.”
“Lenders like Banjo are focused on solutions, not judgment. We take a realistic approach, aiming for something that the customer can achieve. There’s a suite of options, such as restructures, delayed payments, extended loan period and so on.”
With more than 35 years’ experience in this field, Morosoli said maintaining good repayment habits on business loans is crucial for any business’ long-term success and financial health. He said open and honest communication also has strong benefits, from maintain trust and avoiding legal consequences, to reputation management and strategic planning.
“I can’t stress enough – pick up the phone and talk to the lender. The sooner you do it, the less stress it’s putting on you, and the faster a solution can be worked out. It’s more than likely there will be answers that you haven’t thought of,” Morosoli said.
“Most of all, the lender will be happy that you’re proactively discussing your financial challenges.”
SMEs dealing with business stresses may also wish to stream Banjo’s on-demand webinar, “Turn Your Work Anxiety into Fuel”.
Designed to normalise business anxiety, the webinar is hosted by Banjo CEO Guy Callaghan (pictured) and strategic psychotherapist Bronwyn Penhaligon, who share stories and research-based insights into mental health, along with practical and achievable pathways.
Highlights include:
- Learning to identify anxiety triggers, to recognise and avoid thought traps;
- Confronting bad habits and unhealthy coping mechanisms;
- Controlling and setting boundaries on how to expend energy to prevent business burnout;
- Nurturing psychological safety, dealing with feedback, criticism, and impostor syndrome;
- Modelling and communicating healthy behaviour as a business leader; and
- Recognising self-progress and moving forward with confidence. Being one’s own cheerleader.
This webinar is intended to help SMEs turn their concerns into a source of strength for themselves, their businesses, and the people they need to help them lead.
Those who wish to view the webinar can watch it here.
