Implications of WFH on Financial Wellbeing

Whether an employee or an employer, financial concerns can have a dramatic effect on mental health. Significantly, this has the potential of being magnified 3 fold for small business owners who firstly must consider the financial health of their business, secondly of their employee’s and thirdly of themselves and family. Something that has been exacerbated over the last year.

However, it is evident from the results of recent research conducted by Oxford Economics and published by The Funding Circle, that the small and medium enterprises (SMEs) sector is in a strong and positive position to rebound from the pandemic. This positivity is largely based on the financial support received over the last year and the opportunity and accessibility to secure future funding for investment and growth.

For many businesses emerging from the pandemic period, the business landscape may have changed in ways that effect their financial position, including:

  • The ability to have employees WFH on a fulltime or hybrid basis

  • Cost benefits associated with introducing an employee WFH policy

  • Previous clients may have succumbed to the downturn, whilst others will have survived and new ones will have arisen but each with perhaps different product or service requirements

  • Similarly, past suppliers may have succumbed to the lack of business, yet others will have survived and new suppliers entered the market with alternative offerings and potentially lower charges driven by the move towards WFH

  • The business’s service or product offerings may have adapted to take advantage of new market opportunities and employees WFH

  • E-commerce channels may now represent a significant step change in business operations

All these adjustments are likely to have an impact on the organisation’s financial planning and so with a sharp eye now on the ‘new’ future, it is a logical time to be reassessing the financial implications of these changes to enable the resetting of company goals and targets and establish where if any, future funding may be required.

From the small business owner’s perspective, revaluating the financial status of the business in this manner, is the first step towards improved financial wellbeing, which subsequently enables focus to be turned to the financial wellbeing of the employees and themselves.

The WFH Zone is the UK’s first online portal designed to assist organisations and individuals in the process of setting up to work from home (WFH) on a full time or hybrid basis, in the most cost effective and ethical way. Our service helps employers and employees find quality suppliers of a range of Services and Products specifically associated with a work from home zone.