Midlife Business Owners & Surviving the Autumn Budget

The Autumn Budget changes may feel overwhelming for many midlife business owners. As we already juggle work and personal lives, this Budget may come as a jolt to the system while we navigate the looming changes.

In the workplace, we are likely to see increases in employer National Insurance Contributions (NIC), alongside other potential financial adjustments. With additional compliance requirements, administrative changes, and updated workplace policies to consider, some business owners may face tough decisions to keep their businesses thriving.

Our individual circumstances may also see challenges, with adjusted tax thresholds potentially placing us in higher tax brackets. This could disrupt personal financial goals, create additional financial pressures, and lead to other knock-on effects in our private lives, including a reduced standard of living. These changes could understandably create worry, sleepless nights, and even potential health concerns.

Managing these adjustments takes significant time and mental and physical energy to navigate. The effort can erode time spent with family and friends, potentially leading to burnout, strained relationships at home, and a hit to mental wellbeing.

But there are some ways to manage the impact without taking on too much stress and anxiety.

1. Stay calm, not alarmed

• Financial changes like National Insurance or minimum wage adjustments can sound a lot to deal with but by breaking what needs to happen down into smaller bite sized chunks, you stand a better chance of reducing the feelings of overwhelm. ?
• Talking with an accountant or financial advisor sooner rather than later, can help you map out how these shifts will affect your financials and business costs without having to adjust everything at once.

2. Set small, more manageable goals

• Start with some checklists for what is changing and any new compliance or legal requirements needed. Break tasks into small actions you can tackle over time and to a plan.
• Seek specialist support for the areas that affect you and your business to take the pressure off and become more aware of what you can and cannot control. Stress comes from those things that are not on our radar and that we feel unable to control.
• Just by knowing what needs to happen and in what timeframe you need to take action will help you to ease the pressure. It won’t all need to happen at once.

3. Redefine personal boundaries

• It will remain essential to protect your downtime. Even a few minutes a day for yourself can make a difference. Whether it’s a quick walk or a catch-up with family, these pauses in your day can help you stay balanced when work feels a lot to deal with.
• Diarise small slots in your week where you aren’t disturbed. Mark them as private meetings and use the time for you. Make them non-negotiable! Whether its downtime to relax and recharge, thoughtful space to work through a particular issue or planning time. Whatever will ease the pressures. Its critical time you need for yourself.

4. Remember you aren’t alone in this

• Use your connections and speak to other business owners who may also be dealing with similar changes in their life and work. Sharing knowledge and thoughts can be great for exchanging ideas and tips or offering encouragement and support. If you are feeling the pressures, others are too! Sharing makes a big difference.
• When someone else expresses something you are experiencing, you can often see it from another more compassionate perspective that will help you to work through your own issues.
• Financial groups, specialists or online forums often have helpful advice that can save you time and help you feel more supported and less overwhelmed.

5. Positive Psychology when change is inevitable

• Try to view the budget changes as an opportunity to strengthen and future-proof your business. Consider small adjustments to your processes, staffing, or expenses. While these tweaks might feel challenging now, they could make your business more resilient in the long run. Even if you have just one employee, think about what useful changes you could implement today.

I appreciate every business is different and has its own challenges. The main point to make here is, that you can take whatever challenges you are facing at a manageable pace.

Remember to take time for yourself because your health is important, there is no business without you at the helm.

And keep in mind that much of these changes are managed in the preparation. Take the time to prepare and this will ease much of the stress that comes with change.