2 in 3 SME owners put financial success ahead of mental health
Nearly two-thirds of SME business owners admit to ‘deprioritising’ their mental health in favour of financial success, according to research.
A study of 500 SME owners found 63 per cent have overlooked their personal well-being due to the pressures of running a business.
More than one in five (22 per cent) have sacrificed friendships in order to set up their company while 16 per cent have taken out personal loans.
Others have been forced to dip into their savings, skipped doctor’s appointments and worked in bed at night – all to make ends meet.
While one in five business owners have also missed key milestones like their child’s first steps, sports days and parents’ evenings.
But nearly all respondents (96 per cent) said they keep the stress of running a business bottled up with a further 68 per cent feeling like they have nobody to talk to about their problems.
Kris Ambler, Workforce Lead from the British Association for Counselling and Psychotherapy (BACP), which commissioned the research said: “We know how testing the last 18 months have been, especially for small business owners who have had to adjust to new business challenges.
“The fact so many business owners have deprioritised their own mental wellbeing in favour of financial matters and business success is alarming.
“It’s important to seek mental health support to prevent business challenges from being overwhelming.
“This survey highlights the importance of seeking qualified counselling support for small business owners. It may just impact your bottom line.”
The study found keeping customers and/or clients happy, cashflow and balancing all the different duties were among the main struggles of running a business.
Of those that felt like they had nobody to talk to, 43 per cent claimed it was because no one understands the pressures of running a business, while a further 35 per cent don’t want to burden others with their problems.
Almost three quarters (71 per cent) agreed they often pretend to family, friends and even work colleagues that everything is okay.
Over a quarter said that competition has been their biggest set-back as a business owner and 19 per cent saying they often feel like giving up running their business on a daily basis.
Following this, more than half of those who took part in the OnePoll survey feel like they need help with their mental health, but don’t know where to start (57 per cent).
For more information on BACP’s resources for small business owners and how to find a therapist, visit www.bacp.co.uk/smallbusiness
TOP 25 SACRIFICES BUSINESS OWNERS HAVE MADE TO TRY AND KEEP THEIR BUSINESS RUNNING:
1. Worked weekends
2. Gone to work when feeling unwell
3. Worked evenings
4. Dipped into personal savings
5. Sacrificed time on holidays to tend to emails
6. Missed regular dinnertimes with the family
7. Worked while in bed
8. Gone without pay
9. Cancelling plans at short notice
10. Ruined holidays by worrying/talking about work constantly
11. Missed family parties/events
12. Not taking holidays abroad just in case you need to get back to work quickly
13. Never taking annual leave
15. Gone to work even though one of the children is unwell
16. Missed dentist’s appointments
17. Missed child’s sports days
18. Forgotten wedding anniversaries
19. Missed child’s key milestones
20. Taken out personal loans
21. Mortgage security
22. Sold personal items
23. Missed crucial doctor’s appointments
24. Missed child’s parent’s evenings
25. Missed date nights