The ripple effects of the COVID-19 pandemic, Brexit and now the cost-of-living crisis are all bringing about major issues for small businesses.
As well as putting a commercial strain on businesses, these issues are also putting a strain on the individuals behind them, with two-thirds of small business owners struggling with poor mental health, according to new research.
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 businesses.
The survey revealed that 68 percent of small business owners have struggled with poor mental health, at least occasionally.
Nearly a third (28%) of those surveyed said they frequently struggle, while one in 10 (10%) said they are constantly dealing with poor mental health.
Which sectors are struggling the most with poor mental health?
Small business owners in Human Resources suffer the most with their mental health, with 82 percent saying they have struggled at least occasionally. Finance (73%), Manufacturing & Utilities (73%) and Legal (73%) were also among the sectors with business owners suffering most with poor mental health.
Health, hobbies, family and friends are all being neglected
The survey also set out to uncover the areas small business owners are neglecting in order to focus on their business. Mental health came out as the biggest area, with nearly a third (31%) of small business owners saying they’ve prioritised their business over their own mental health.
Also, 30 percent reported ignoring their hobbies, while 28 percent said they have neglected their physical health. And it is not just themselves business owners are neglecting: 27 percent said they have deprioritised their family and 26 percent have ignored their friends.
Nick Higginson, CEO of Phoenix Health & Safety, says:
“Managers should be able to spot the signs if their colleagues are struggling and provide the necessary help to make sure they are being cared for. If you have an employee who is experiencing mental health problems, it’s important that you have the training to tackle this issue correctly.”
Amelia Brand is the Editor for HRreview, and host of the HR in Review podcast series. With a Master’s degree in Legal and Political Theory, her particular interests within HR include employment law, DE&I, and wellbeing within the workplace. Prior to working with HRreview, Amelia was Sub-Editor of a magazine, and Editor of the Environmental Justice Project at University College London, writing and overseeing articles into UCL’s weekly newsletter. Her previous academic work has focused on philosophy, politics and law, with a special focus on how artificial intelligence will feature in the future.
