With over 1000 SMEs surveyed in December 2021 through MYOB’s Business Monitor, we have found that mental health is of a significant concern to Australian business owners, with anxiety and depression having a serious impact.
In fact, 45% of all interviewed noted that over the past 12 months, running a business has caused them to be anxious, whilst 24% said that it has led them to become depressed.
These statistics are huge and we here at YBM believe that action needs to be taken, quickly, in order for small and medium sized businesses to not be severely impacted as a result. Anxiety and depression are debilitating conditions and as a business owner, you need to be feeling confident, capable and aware in order to ensure your business is operating at its maximum potential.
The report continued to show that SME owners and operators had a low sense of wellbeing for themselves. Out of a score from 1 to 10, with 10 being excellent and 1 being very poor, 32% indicated that they believed themselves to sit in the range of 5 or lower.
We have to admit that we do not find such results surprising given the trying few years that we have all been through. Mental health is in fact the leading concern for business owners and is up 2% from the previous report in June 2021.
Times have gotten tough for business owners. There is pressure to maintain employees who are pushing for higher wages and more freedoms. This has contributed to the ‘Great Resignation’ as seen overseas, where a shift in mentality focuses more on an improved quality of life.
The key reasons cited for their mental health concerns include financial worries and cash flow at 29% and COVID, including the wider economic impact with 27%.
The most impacted sectors were transport, postal and warehousing, and retail and hospitality. Obviously this is a big chunk of small businesses in Australia.
What we can do as both business owners and customers alike is to continue to support one another. By seeking creative ways to collaborate between other SMEs and by trying your best to keep your shopping local, you are able to alleviate some of the financial pressures that SMEs are facing.
The team at YBM are here to offer some innovative ways to identify the specific factors within your business that are causing the most anxiety. We will endeavour to help you find the best solutions or resources to work through this. YBM cares about your wellbeing, so please reach out.