August is Tradies National Health Month. This is an initiative introduced 10 years ago by the Australian Physiotherapy Association (APA) and is seen as a time that workers can reassess both their physical and their mental health. Issues which often get sidelined. Finance can be a major cause of mental health issues for SMEs and easing the pressures of equipment finance can be addressed in Tradies National Health Month.
Business owners in particular have been under extreme pressures over the past few years with COVID-19 issues and currently with ongoing economic challenges and rising interest rates as the RBA hikes the cash rate. Pressures which can lead to both physical health problems and major worries which can impact mental health.
We cover off on this campaign by the APA and provide options and ideas for how we can assist with easing finance pressures to assist mental health.
Tradies National Health Month
August 2022 is the tenth annual Tradies National Health Month and a worthwhile awareness campaign for tradies across many industries to focus on their health. The APA says that research show that around 60% of tradespeople often experience aches and pains from their jobs. The association comments that the resultant reduction in physical health can also have a negative effect on mental wellbeing.
The Association notes that many tradies simply accept that experiencing aches and pains is just part of their job. But they point out that when untreated, seemingly small matters can escalate to chronic issues that can impact the ability to perform at work which can have long-term negative outcomes.
For employers, the significance is in ensuring workers address health issues both for their personal wellbeing and to avoid long absences from work which can impact the business. As most operators are well aware, labour shortages are having a nation-wide impact on business capacity and is seen as a major contributor to supply issues which are driving inflation.
So minimising sick leave by having staff pay more attention to health can present a win-win from many perspectives.
The APA encourages tradies to refer to their physiotherapy toolkit to access resources and suggestions to improve both physical and mental wellbeing. The toolkit provides a range of resources with answers to questions such as:-
- Reducing risk of injury at work
- How employers can assist
- Steps to avoid back pain
- Good lifting techniques
- Physio assistance
By its very nature, much trades work is extremely physical so the human body is very much the tool of trade. As important, if not more, than the equipment and tool kit. Prevention and treatment of injuries should be a priority.
The APA says physios are available to complete risk assessments at sites and educate workers and employers on managing injuries and supporting trades people. Tradies are also being encouraged to share the Association’s digital resources with others to ensure the message is widely spread.
Easing Financial Pressures
Finances can be a major source of worry and concern which can lead to major mental health issues. This can be particularly significant for sole traders and owner operators. Jade Equipment Finance as a broker-style lender is well-placed to assist operators ease the burden of equipment and business finance pressures.
Before getting into the financial solutions, let’s look at one way we may be able to assist with those daily aches and pains. If operating possibly outdated machinery is causing physical health issues, consider purchasing new ergonomically designed equipment.
Machinery manufacturers spend a lot of research and development time and money on developing new models which are not cost and energy efficient but are packed with ergonomic features. Investing in this new equipment may ease the pain of work and may also be acquired with cost-effective equipment finance with added tax benefits.
While interest rates are on the rise, we continue to focus on achieving better interest rates across our finance portfolio. In acquiring new equipment with Chattel Mortgage, businesses may be eligible for the temporary full expensing tax measure.
This accelerated asset depreciation measure allows for the full purchase price of eligible assets to be claimed in the 2022/23 tax year. A major deduction which can result in less tax payable come end of June next year.
In regard to easing current finance pressures, business owners can discuss refinancing existing equipment finance with our consultants. If the loan was arranged at a repayment level which is no longer workable for the business, refinancing to achieve a lower monthly repayment may present a very attractive option. Reduce the monthly financial burden and the stress associated with balancing cash flow.
For businesses feeling the stress of short-term cash flow issues, a Business Overdraft may be a suitable relief option. We have non-bank lenders that offer this facility at very attractive and workable interest rates for both short-term purposes and for longer term arrangements.
So why not make a point of addressing both mental and physical health this August to improve both personal wellbeing and the wellbeing of your business.
For equipment loans in most industries and businesses contact Jade Equipment Finance on 1300 000 003 for a quote.
DISCLAIMER: IF MISINTERPRETATIONS, MISREPRESENTATION OR ERRORS EXIST IN THIS ARTICLE, NO LIABILITY IS ACCEPTED. THE INFORMATION IS PROVIDED ONLY FOR GENERAL PURPOSES AND NOT IN ANY MANNER INTENDED AS THE ONLY SOURCE FOR MAKING FINANCIAL DECISIONS. THOSE THAT CONSIDER THEY REQUIRE ADDITIONAL GUIDANCE OR ADVICE SHOULD REFER TO AN INDEPENDENT FINANCIAL ADVISOR.