57% of small business owners feel that their business is at risk of closure in the coming year because of current economic instability.
Towergate Insurance surveyed 750 Small Business owners from across the UK to explore the threats they are facing in the wake of the cost-of-living crisis and the impact these are having on their business and their mental health.
When asked how often they suffer with poor mental health, 68% of small business owners suffer always, very frequently or occasionally:
- I always suffer with poor mental health: 9.87%
- I very frequently suffer with poor mental health: 28.40%
- I occasionally suffer with poor mental health: 29.60%
- I rarely suffer with poor mental health: 19.87%
- I very rarely suffer poor mental health: 9.87%
- I never suffer with poor mental health: 2.40%
What sectors do SMB owners suffer most with poor mental health?
|Sector||Percentage of SMB Owners Suffering with Poor Mental Health|
|3||Manufacturing & Utilities||73.40%|
|5||Arts & Culture||69.69%|
The survey reveals that small business owners in Human Resources suffer most with poor mental health with 82.05% stating they always, very frequently or occasionally suffer with poor mental health. Small business owners in Finance (73.45%), Manufacturing & Utilities (73.40%) and Legal (73.18%) are also among those suffering most with poor mental health.
What are SMB owners deprioritising to maintain their business?
When asked what they deprioritise or put on hold to maintain their small business, the following ranked as the factors small business owners are deprioritising the most:
- Mental Wellbeing: 30.80%
- Hobbies: 30.00%
- Physical Wellbeing: 28.00%
- Family: 27.47%
- Friends: 26.27%
Susan Leigh, a UK based stress management expert, provides insight into how small business owners can protect their mental health:
Poor mental health can impact the running of a business because a certain level of resilience and optimism is required for successful management. There is often rejection, stress, a myriad of challenges to contend with as a business owner and a good mental state can ensure you persevere, keep going and see beyond the challenges with an upbeat attitude.
Susan Leigh, a UK based stress management expert
Susan provided the following points to help protect workers mental health. She encourages us to tune in to our stress levels and focus on implementing the following stress relieving tactics:
- Taking regular breaks often results in a better quality of work than powering on through.
- Treat sleep as important. Commit to winding down 2 hours before bed. No last-minute checking online!
- Pay good attention to nutrition, hydration and exercise.
- Ensure there’s time for family, friends and fun!
- Learn to effectively delegate to staff who are trained and motivated to do well.
- Have an ‘open-door’ policy when avoids an ‘us and them’ mindset at work.”
Joanne is the editor for Workplace Wellbeing Professional and Family History Zone. After obtaining a bachelors degree in English literature and media studies, Joanne went on to spend two years of her life writing and teaching English in China and Vietnam. Prior to joining Black and White Trading, Joanne was a marketing coordinator for luxury property in Brighton focusing on blog writing, photography and video creation.