Australian small and mid-sized enterprises (SMEs) are known for their resilience, and the latest MYOB Bi-Annual Business Monitor finds this extends to emotional health, with respondents rating their mental wellbeing at 6.8 out of 10, marking ongoing improvement from 6.7 in January 2023 and 6.5 in January 2022.
The survey of 1087 SME owners and operators finds more than half of respondents (52%) agree running their own business has positively impacted their mental health, primarily through increased flexibility and work-life balance—a major advantage for many entrepreneurs.
However, mental health challenges remain a concern for a considerable proportion of business owners. Stress is the most frequently reported business-related mental health challenge, with 43% of respondents indicating that running a business caused them stress over the last 12 months. Anxiety was reported as a concern by 35% of respondents during the same period.
The top business challenges impacting mental wellbeing remain familiar to many small business owners. Cashflow was identified as the leading cause of mental health struggles, with 41% citing it as a key issue. Other factors included attracting and retaining customers (10%) and not having enough family time (10%).
“The findings of this edition of the MYOB Bi-Annual Business Monitor survey are testament to the fortitude of Australia’s SME community, while also serving as a critical reminder of the challenges many business owners face,” said Sally Elson, Chief People Officer for MYOB.
“While it’s encouraging to see many owners embracing the flexibility and balance being their own boss can offer, stress, anxiety and financial pressures clearly weigh on them. Australian SMEs are a significant part of our economic ecosystem, and it’s vital they have access to resources and initiatives to safeguard both their businesses and their wellbeing.”
The MYOB Bi-Annual Business Monitor has tracked SME wellbeing since 2019, offering valuable insights into the evolving mental health landscape of Australia’s small business community. With small and mid-sized businesses collectively contributing more than half of the national GDP, their wellbeing is crucial to broader economic and societal health.
As a leading not-for-profit at the forefront of mental wellbeing innovation, Smiling Mind supports Australians to build mental fitness through evidence-based tools and programs.
Smiling Mind CEO Sarah La Roche said that “Just like physical fitness, mental fitness is something we can build over time — and is especially essential for business owners coping with stress and uncertainty along with the daily pressures of life.
“At Smiling Mind, we understand these struggles and offer free, accessible tools to help build the mental fitness skills needed to navigate these pressures, anytime, anywhere. Because thriving in business means prioritising both your business’ success alongside your mental wellbeing."
For more information about Smiling Mind, please visit: https://www.smilingmind.com.au/
About MYOB MYOB provides leading business management solutions 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 products 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.