In recognition of the increasing pressure facing entrepreneurs and small business owners, Lloyds Bank – in partnership with Mental Health UK – ran a successful programme with over 1,000 businesses to help improve their mental resilience.
Research conducted by Mental Health UK found that 80% of small business owners are experiencing symptoms of poor mental health, but 44% have never accessed relevant support. The study found that a further 24% don’t know that help is available.
As the cost of doing business crisis continues, and is expected to worsen in the short term, entrepreneurs and small business owners will likely be facing increasing pressures.
Lloyds Bank already provides a wide range of support services to its business and commercial banking customers. From advice and guidance to help businesses be more financially resilient, to financial services that can help clients to create a more sustainable and stable future.
Through this unique partnership, Lloyds Bank offered free therapeutic coaching sessions to small business owners in an industry-first, with over 1,000 businesses having been able to take up the opportunity of three free sessions with a registered MHUK coach.
Therapeutic coaching is an innovative union between counselling and coaching, which can support a client to reach their potential whilst considering their mental health and the impact this is having on them.
As it remains by the side of businesses, Lloyds Bank and MHUK is also offering expert content and information on different aspects of mental health, specifically tailored to small business owners and leaders, which aims to provide the tools for individuals to build greater resilience when facing business challenges.
Lloyds Bank customer Cultureville, an award-winning sustainable African print clothing brand, was one of the first businesses to take advantage of the free coaching. Speaking about the experience, Cultureville co-founder Adeola Adelakun – who took part with her sister and co-founder, Ronke Jane Adelakun – commented: “During times of uncertainty, like the pandemic and now the ongoing cost of living crisis, it’s hard to stay positive and be inspired. And, as the head of a small business, who do you go to when you’re struggling?
“That’s why when we heard about the therapeutic coaching sessions, we were really intrigued, but we didn’t even realise at the beginning just how helpful they would be. The sessions have allowed us to share our feelings authentically without guilt or judgement. It has also given us practical tools that we can implement day-to-day that will hopefully have a knock-on effect on the success of the business.
“The support that Lloyds Bank has provided to us has been over and above what we would expect from our bank. It’s been such an incredible initiative and we’re so excited for all the businesses that get to be a part of it.”
The programme launched in January and quickly booked up, with follow-up support for those accessing coaching and resources planned for the coming months.
Elyn Corfield, CEO, Business & Commercial Banking, Lloyds Bank, said: “Small businesses have faced years of uncertainty during the pandemic and extraordinary pressure as a result of economic volatility in recent months. Many entrepreneurs and small business owners don’t have a team to support them when times get tough and it’s clear from Mental Health UK’s findings that this combination of factors has taken its toll on the mental wellbeing of many small business leaders in Britain today.
“That’s why this unique partnership with Mental Health UK is so important, providing small business leaders with access to targeted support services and resources that can help build resilience and give them the confidence to navigate this economic cycle, and develop and grow their business in future.”
Charlotte Maxwell-Davies, Head of Workplace Mental Health for Mental Health UK, added: “Prioritising your mental health is an asset in business, but easier said than done given the pressures that small business owners are currently facing. We believe that creating a safe space and empowering leaders to invest time and energy in understanding their own wellbeing will prove to be a game-changer for how they run their business.
“This was a brilliant opportunity to introduce therapeutic coaching to the business world, and we’re excited to see the positive and transformational impact this programme will have for entrepreneurs up and down the country.”
