New PayPal research reveals that small-business owners’ mental health is taking a hit due to the ongoing cost-of-living crisis.
The study found that 91 per cent of small-business owners are experiencing work-related stress in the past 12 months, with a lack of sales (34 per cent), time pressures (33 per cent), poor work-life balance (28 per cent), keeping up with technology (28 per cent), and managing cashflow (28 per cent) cited as top contributors.
Furthermore, the research found that business owners admit they lack time for relaxation and exercise (34 per cent), or to spend with family or friends (27 per cent), and a quarter (23 per cent) are suffering from insomnia or poor sleep. Almost a quarter of respondents, 22 per cent, said that the stress of business is causing strain on their relationships and 20 per cent said they are feeling depressed about business. Unfortunately, 38 per cent shared that taking time off to relieve their burnout was not possible due to work pressures.
While many factors are beyond their control, there are steps small-business owners can take to help protect themselves to reduce the risk of harm, according to Dr Marny Lishman, a health and community psychologist based in Perth.
Dr Lishman has worked with many start-ups and small-business owners to help them reach their potential and overcome psychological challenges such as burnout which is a state of mental, emotional, and physical exhaustion usually caused by chronic stress or prolonged negative emotions.
“Small-business owners are susceptible to burnout because of their excessive workloads, financial pressures, lack of resources and lack of time allocated to looking after their own physical and mental wellbeing,” Dr Lishman explained. “Owning a small business is inherently stressful, right from the development phase, so it’s important that business owners make sure they have adequate support in place from the beginning.
“It’s crucial that they make time for their own self-care to mitigate the stress they are likely to feel,” he added. “This means making time for physical activity, socialising, sleeping, resting, and relaxing, spending time with family or doing hobbies, and delegating work-related duties to other people when they can.”
He said that while it can seem impossible to take time away from the demands of running a business, good mental health is a prerequisite for business success, not a nice-to-have. He recommended that small-business owners have a psychologist, coach, mentor or trusted friend to debrief with throughout the challenges of owning a business.
“I’m not a mental health expert, but I’ve spoken to enough small-business owners to understand how isolating it can be,” PayPal Small Business Success Expert, Vanessa Patrizi, said. “The good news is, support is out there, and no one needs to do it alone. I encourage all small-business owners is to find the people and partners that can help you, and reach out before it becomes urgent.”
A range of mental health and wellbeing resources are available at business.gov.au including free and confidential coaching, tools, resources, and communities.
