A new report from global small business platform Xero reveals that the overall wellbeing of Australian small-business owners is currently below that of the general population.
The Global State of Small Business Owner Wellbeing report notes the myriad of challenges small-business owners are dealing with in 2023, including high inflation, slowing economic growth, staff wellbeing concerns, and general uncertainty about the future, all of which contributed to the decline of their wellbeing.
The report also shows that younger Australian small-business owners under the age of 30 are reporting lower overall wellbeing compared to those aged over 50.
Compounding matters, 24 per cent of Aussie small-business owners say that they do not have access to affordable counselling and support if they need it, above the average of the seven countries covered by the research of 21 per cent. In addition, 26 per cent of Australian small-business owners say managing issues related to employee mental health is a source of stress all or most of the time, while 12 per cent say work-related issues cause stress in their personal lives all the time.
On the other hand, only 17 per cent of Australian small-business owners say they experience financial distress most or all of the time.
“These insights are telling us that we need to do more to support Australian small-business owners and their wellbeing,” Will Buckley, Country Manager at Xero Australia, said. “The stress on business owners to manage different challenges is taking its toll on individuals so we should be continually looking at ways to ease some of the burdens in order to help small businesses thrive. On a productivity level, we encourage small-business owners to leverage technology and automate processes where possible, so they can take back time to focus on leading their business and working on other areas that they love.
“We encourage small-business owners to seek professional help if they are struggling,” Buckley added. “Making use of resources available from great organisations like Beyond Blue, who we’re proud to partner with, can enable small-business owners to improve their mental health so they can continue the incredible role they play in local communities.”
Patrice O’Brien, Chief Community Officer at Beyond Blue, highlighted the fact that running a business can be stressful at times and that the organisation sees all too often the pressures it can put on small-business owners and their families.
“For those that are struggling and in need of support, we encourage them to take advantage of services like Beyond Blue’s NewAccess for Small Business Owners program,” O’Brien said. “Delivered by mental health coaches who have a small-business background and understand the unique challenges facing small-business owners, the program helps equip Australians with tools and healthy coping strategies to manage the everyday stressors of running a small business.”
The Global State of Small Business Owner Wellbeing report drew on responses from more than 4,600 small-business owners in Australia, Canada, New Zealand, Singapore, South Africa, the United Kingdom, and the United States to better understand how small-business ownership affects different aspects of one’s wellbeing.
