Login
ISCOVER
Nearly one-quarter of small business owners have reported falling physically unwell as a result of operating their business, new research has shown.
New numbers from Bank of Queensland report that 24 per cent of SME owners have suffered physical impacts as a result of running their business. Fifteen per cent of SME owners have spoken with a psychologist to address mental health issues, but 41 per cent of SME’s admitted they probably wouldn’t consider reaching out.
To continue reading the rest of this article, please log in.
Looking for more benefits? Become a Premium Member.
Create free account to get unlimited news articles and more!
Looking for more benefits? Become a Premium Member.
BOQ spokesperson Brendan White said banks had a considerable role in addressing the mental and physical needs of their SME customers.
“It would be a significant oversight by any financial institution if they did not recognise that the pressures of business extend beyond the practicalities of day-to-day operations.
“It’s critical that we normalise the issue [of mental health] so that SME owners feel they are able to talk openly about their struggles,” Mr White said.
According to BOQ, 47 per cent of SME owners would look to their banking adviser for business help and advice.
“We know that emotional pressures can be caused by financial issues such as cash flow and bank loans, so banks in particular need to recognise this and provide appropriate emotional support.”
The survey of 500 national respondents found that of the sufferers, 35 per cent experienced regular sleep problems, with 21 per cent having constant fatigue and 15 per cent feeling distanced from friends and family.
Stress levels and mental health issues tend to peak around the end-of-financial year as additional pressures of bookkeeping and administration are compounded by customers’ expectations of discounts and the need to make sales targets. Thirty per cent of respondents said EOFY stress was fuelled by having little free time to enjoy with friends and family.
Corporate psychologist, Stephanie Thompson said SME owners should avoid feeling like the need to “shield their loved ones” from their stress.
“In many cases, once an SME owner decides to open up and talk to someone – whether it’s a professional, friend or family member – they feel a huge weight has lifted and are able to address these challenges more effectively.”
[Related: Elite broker thriving after striking work/life balance]
