Business owners mental health under pressure
It’s #MentalHealthAwarenessWeek – hosted by the Mental Health Foundation – and we’re looking at the impact stress and negative mental health can have on business owners.
Research has shown that 73% of respondents said that owning a business was having a negative impact on their mental health. More than this – 75% – said that they had a family who were solely reliant on income from the business, increasing the pressure on them. 44% said that because of these family commitments they would struggle to step back from business responsibility or reduce their income.
Additionally, 69% of owners in the survey say they work at weekends and 67% said that they have worked while on holiday. With these twin pressures, it’s no wonder that SME owners and directors feel like they have no time to themselves to unwind, recover and recuperate their mental strength.
The FSB also worked with Mind, the mental health charity, to produce an employers guide for recognising the symptoms of mental distress in the workplace. Their findings are also quite sobering:
- £2.4 billion was wasted on staff turnover due to poor mental wellbeing
- £15.1 billion was lost by unproductive staff at work who are unable to cope due to mental health issues
- 70 million lost working days due to mental health problems
The problem is also being taken seriously at the highest levels. Prime Minister Theresa May commissioned a report “Thriving at Work” which recommended six core standards that all companies should implement. These are:
- To produce, implement and communicate a mental health at work plan
- To develop mental health awareness among employees
- To encourage open conversations about mental health and the support available when employees are struggling
- To provide employees with good working conditions and ensure they have a healthy work life balance and opportunities for development
- To promote effective people management through line managers and supervisors
- To routinely monitor employee mental health and wellbeing
If your business is having trouble paying creditors or is having problems with the HMRC or enforcement officers then this could overwhelm the mental health of any business owner or director.
Fortunately we’re there not only to talk to you about your business challenges but also to listen and to help you devise the most efficient and effective course of action.
Contact a member of our team today to set up a free conversation and consultation. Many clients have expressed a sense of relief and purpose once we decide on a future strategy for their business together and you could too.