SMEs urged to take stock of mental and financial wellbeing in 2023
The Australian Small Business and Family Enterprise Ombudsman (ASBFEO) Bruce Billson has stressed the importance of prioritising mental and financial wellbeing in the new year.
This came after recent research published by the Treasury found one in five small business owners had been diagnosed with a mental health condition by a doctor or health professional.
Some 58% of all business owners said that they would not consider turning to a doctor or mental health professional for help.
Last year, a survey of almost 700 financial advisers found almost 90% said their mental health had declined as they dealt with compliance and regulation in their businesses. 95% were experiencing increased stress levels.
“Too often the daily quest to keep the doors open and manage the many immediate demands prevents time being spent thinking about the health, future and goals of your business. And for that matter, your own health,” said Billson.
“That’s why it is vital those running or managing a small business look after their mental and financial wellbeing. Sometimes it can be as simple as making time to pause, reflect and reconnect.”
The Government recently announced $15 million had been allocated for mental health support for small businesses to help them access mental health and financial counselling.
Balancing work, family, and personal life was the top concern for small business owners, as per the Treasury study. Other issues included maintaining cashflow, worries about profitability and survival, accessing affordable finance, and difficulties in accessing government information and small business support.
The study also found many small business owners felt the pressure to ‘do it all’ when family, employees, and business partners were relying on them. This led many to keep up the appearance of being fine even when they were struggling with mental health challenges.
The perception of stigma was more pronounced among small business owners who were culturally and linguistically diverse.
Billson elaborated: “For small and family business owners, their identities are interwoven into their business and the stakes are so much higher than just a job. Many people have invested a lifetime -- and put their family home on the line -- to build up their business, which amplifies the emotional challenges.”
He recommended small business owners considered actions such as delegating tasks, setting clear boundaries, implementing a personal wellbeing plan, engaging with mentors and advisers and building supportive networks.
He added that, while many small business owners remained apprehensive about the economic outlook going into 2023, he was inspired by their entrepreneurship and resilience.
“We should not forget just how vital small and family businesses are. After the Global Financial Crisis, the bulk of new job growth was driven by small businesses. The same can be true now,” Billson said.
“Small business leaders are innovators, producing new ways of delighting customers and new ways of creating wealth and opportunity.
“They should have the wind in their sails, not the wind in their face.”
Avenues for assistance recommended by the ASBFEO included Lifeline, New Access for Small Business Owners, Ahead for Business and MindSpot.
AUTHOR
Rhea Nath
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