Mental health top concern for SMEs, MYOB research finds
03 Jun 2021
Nearly half (46%) of small and medium sized enterprise (SME) owners agree that running their own business has directly contributed to feelings of anxiety or depression, and for a quarter (26%) of respondents, mental health is their most immediate concern, according to the latest MYOB Business Monitor.
The research of 1000+ small business owners and operators found that running a business over the last 12 months caused more than half (52%) of business owners stress, up seven percentage points from this time last year (45% in June 2020). Forty-five per cent experienced anxiety in this latest survey, and a quarter (26%) felt depression, up from the 20% who experienced it 12 months ago.
The retail and hospitality sectors have been hit particularly hard, with more than two thirds (68%) reporting their business has caused them stress. Fifty-seven per cent in the sector felt anxiety and 45% experienced feelings of depression.
MYOB Chief Employee Experience Officer, Helen Lea, said as the economy starts to recover it’s important that the country’s 2.29 million small businesses acknowledge the mental health impacts of the past 18 months.
“As rewarding as it can be, running a small business brings with it a range of stressors and challenges at the best of times, let alone in the midst of a pandemic. Last year was trying for small businesses and the data shows owners and operators may be feeling its effects for some time to come.
“As some businesses come out the other side of the pandemic and move from recovery to growth, we want to remind small businesses of the tools available to them to help manage their mental health.”
MYOB has partnered with Smiling Mind, a leading mental health prevention not-for-profit, to create mindfulness activities specifically for small business owners. These focus on key areas such as stress management, relationships and resilience.
“As the lifeblood of the Australian economy, small businesses need environments in which they can thrive, eliminating points of stress where possible,” Ms. Lea said.
“This might include scheduling proper down time or incorporating time to exercise or meditate into your day.”
For further comment or other information please contact:
Sarah Green, Head of Media Relations, Character + Distinction
MYOB is a leading business platform with a purpose of helping more businesses in Australia and New Zealand start, survive and succeed. MYOB delivers end-to-end business management tools and accounting solutions for SMEs and the mid-market, direct to businesses, as well as a network of accountants, bookkeepers and consultants. MYOB operates across three key segments: Small and Medium Enterprises (SME), Enterprise (mid-market), and Financial Services. For more information visit myob.com or follow @MYOB on Twitter.
About MYOB Business Monitor
The MYOB Business Monitor researches business performance and attitudes regarding areas such as profitability, cash flow, pipeline work, technology usage and the government. This report presents the summary findings for key indicators from the MYOB Business Monitor comprising a national sample of 1,005 business owners, managers and directors (operators), conducted from March 17th to April 22nd, 2021. The businesses participating in the online survey were both non-employing and employing businesses. All data has been weighted by industry type, location and number of employees, which are in line with the Australian Bureau of Statistics (ABS - Counts of Australian businesses, including entries & exits - 8165.0).