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New research has provided insight into the toll the pandemic is taking on business owners’ mental health and general outlook.
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Anxiety impacting almost half of SMEs: MYOB
28 January 2022
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9 minute read
According to MYOB’s recent Business Monitor, which sampled over 1,000 SMEs in December, there is a significant presence of mental health issues among Australian business owners.
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The research found that 45 per cent of SMEs think running a business over the past 12 months has caused them anxiety, while 24 per cent said it has led to depression.
In rating their own level of wellbeing from zero being “very poor” to 10 being “excellent”, 32 per cent of SME owners and operators scored themselves five or lower, the report found.
The results see mental health come in as the most immediate concern for business owners, up 2 percentage points from June 2021.
The key reasons for business-related causes of mental health challenges among working Australians were identified as financial concerns/cash flow (29 per cent) and the COVID pandemic and its wider economic impact (27 per cent).
“While the data is confronting, it is unfortunately not surprising given the difficult journey Australian small businesses have been on over the past two years. We have been talking to small business owners about their mental health and wellbeing during this time, as for many the ongoing pressures faced as a result of the pandemic have been substantial,” said Helen Lea, chief employee experience officer at MYOB, reflecting on the findings.
“The extent of mental health concerns in particular sectors is evident, with 65 per cent of those in transport, postal and warehousing, and 60 per cent in retail and hospitality experiencing stress in running their business in the past 12 months.
“In 2020, MYOB partnered with Smiling Mind to create dedicated small business content for the 2.4 million small businesses in Australia, as one way of supporting the SME community.
“As we move toward a COVID normal world, it is important for Australians to be supporting the small business community and for business owners to take preventative steps in looking after their wellbeing.”
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