In a new survey it has found that less than a quarter of SME business owners take a break from work on their holiday, while 39% think the financial aspect of running their business is impacting their mental health. In the meantime, 57% of SMEs are working 41-70 hours per week. As a result, the provider of personal guarantee insurance services to small business owners says SMEs should turn to professionals for support.
Its survey of SME owners/managers highlights how financial pressures, long working hours, and the inability to ‘switch-off’ at home or on holiday, are taking a toll on business owners’ mental wellbeing. With this year’s theme for Mental Health Awareness Week centered on community, Purbeck is encouraging SME owners to reach out for support from mentors, friends and family.
Additional challenges
As SMEs across the UK face up to additional fiscal challenges put in place in the new financial year, younger entrepreneurs are struggling the most with 51% of 25–34-year-olds thinking the financial aspect of running their business has impacted their mental health. It’s also more common amongst female leaders to find the financial challenges difficult, with 49% saying they felt it had impacted their mental health compared to 35% of men.
Escaping on holiday is not an option for the majority of SME owner/managers either, according to the survey, with 76% admitting to working when they are on holiday. This rises to 82% amongst 25–35-year-olds. Meanwhile, just 22% of business owners take a break from work while they are on holiday.
Running away from pressures
Despite the limited time available to take time out from the pressures of operating an SME, watching TV is the number one way to switch off when the opportunity does arise. On a positive note, regular exercise, such as running or walking, is the next most popular way to unwind. Socialising, then cooking are also popular ways to relax. Just 4% said they don’t switch off at all.
Purbeck’s survey underlines the fact that running your own business can be overwhelming. SME owners/managers shouldering personal guarantee commitments for business loans can, however, ease their financial fears/concerns through Personal Guarantee Insurance, such as that offered by Purbeck. This innovative insurance offers more than just financial protection, it includes expert advice, mentoring support for businesses in financial distress, and specialist mediation when debts need to be settled.
Comments Todd Davison, MD of Purbeck Insurance Services, “Unlike many larger organisations that have comprehensive mental health workplace policies, too many small businesses fall through the cracks when it comes to looking after mental wellbeing. Anxiety and depression are the most common problems reported by people with long term health conditions, so unless business owners take time out to prioritise self-care, they could risk both their health and their company’s success.
“Seeking professional financial and legal support can help alleviate the pressures of day-to-day operations. Meanwhile charities like Mind and organisations including the Federation of Small Businesses, are great places to turn to, offering valuable resources for those in need.”
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