Financial Risk & Security Stress
As an entrepreneur, starting your own business comes with a large amount of financial risk and uncertainty. It is important to prepare for both expected risks and surprises as well as unexpected ones. It is no surprise that businesses may survive a year or two but then fade away after 5 years. This is because most entrepreneurs are only aware of the financial risks that they are facing in the first few months of operation and they eventually run out of cash flow within a few years.
Mental, physical, and financial wellness are three pillars of good health. Financial security is something that every individual and business strives for. According to the Government of Canada, if you are dealing with financial stress, you are:
- Twice as likely to report poor overall health
- Four times as likely to suffer from sleep problems, headaches and other illnesses[1]
- More likely to experience strain in your personal relationships[2]
Financial stress can also lead to more serious health problems, such as:
- Heart disease
- High blood pressure
- Mental health conditions such as depression and anxiety[3]
How Insight can help
We can help guide you through the steps to ensure that your business has financial security. We have expert associates with experience managing small to large businesses including finances as well as other operational components. Please contact us for more information about how Insight can help you manage your finance and security stress!
[1] Sohrab Kohli and Rob Levy, “Employee Financial Health: How Companies Can Invest in Workplace Wellness,”
Center for Financial Services Innovation (May 2017), p. 8.
[2] Financial stress and its impacts – Canada.ca. (2019). Retrieved from
https://www.canada.ca/en/financial-consumer-agency/services/financial-wellness- work/stress-impacts.html
[3] Sohrab Kohli and Rob Levy, “Employee Financial Health: How Companies Can Invest in Workplace Wellness,”
Center for Financial Services Innovation (May 2017), p. 8.
