Business management platform MYOB, along with Smiling Mind, creator of Australia’s number one mindfulness app, have added four new mindfulness modules to the free Smiling Mind Small Business Program. The additions are specifically designed to bolster the mental health of small and medium sized enterprises (SMEs), helping business owners manage stress and build resilience, as well as providing balance in their work life.
A recent MYOB survey of 257 small business owners and operators found that 61% agree that running a business has had a direct impact on feelings of anxiety or depression. In the last 12 months, 56% of survey respondents report running their businesses has caused them stress, 50% have faced anxiety, and 25% have experienced depression.
The key business-related cause of mental health challenges for respondents was COVID-19 and its wider economic impact (25%), followed by financial concerns or cashflow (20%).
With mental health an ongoing concern for small business owners, MYOB’s Chief Employee Experience Officer Helen Lea says it’s more important than ever for SMEs to have free access to preventative tools.
“Running a small business is incredibly rewarding, and the sector provides a valuable contribution to the country and our economy, however it’s no surprise that mental health remains one of the top pressures facing small business owners,” Ms Lea said.
“Since our partnership with Smiling Mind began in 2019, we’ve seen SMEs encounter significant challenges. On top of COVID-19, businesses are now working through supply chain issues, cost of living increases, and staff shortages and absences.
“These all highlight the need to arm business owners with free resources that can help build their mental health resilience.”
Dr Addie Wootten, CEO of Smiling Mind, said: “This research highlights the impact running a business can have on SME owners and operators. Preventative action, and free resources like the Small Business Program, can help the country’s 2.4 million small business owners. The latest modules have been specifically tailored around common pain points to strengthen the mental health of this significant group of Australians.”
The new modules now added to the Small Business Program include:
Rhythmic breathing to target stress management
Mindful reminders to help users build resilience
Nourishing and draining activities to support stress management
Identify your values to strengthen relationships and assist with work life balance
The free Smiling Mind Small Business Program is available now. For more information visit smilingmind.com.au/small-business.
MYOB is a leading business platform with a core purpose of helping more businesses in Australia and New Zealand start, survive and succeed. MYOB delivers end-to-end business, financial and accounting solutions direct to businesses employing between 0 and 1000 employees, alongside a network of accountants, bookkeepers and consultants. For more information visit myob.com or follow MYOB on LinkedIn.
About Smiling Mind
Smiling Mind is a not-for-profit with a vision to help every mind thrive. Our goal is to create generational change in the mental health of Australians. Our mission is to provide life-long, evidence-based tools and the essential mental fitness skills needed to underpin good mental health and resilience from an early age.
About the research
Consumer and small business survey comprising a national sample of 847 consumers and 257 business owners was conducted from October 1st 2022 to October 10th 2022. All data has been weighted by gender, location, industry and number of employees, which are in line with the Australian Bureau of Statistics (ABS - Counts of Australian businesses, including entries & exits - 8165.0).