Business owners put work ahead of well being, study reveals

NEARLY two thirds of SME business owners admit to "deprioritising" their mental health in favour of financial success, according to research.

A study of 500 small business owners found 63 per cent have overlooked their personal well being due to the pressures of running a business.

More than one in five (22 per cent) have sacrificed friendships in order to set up their company while 16 per cent have taken out personal loans.

Others have been forced to dip into their savings, skipped doctor’s appointments and worked in bed at night – all to make ends meet.

While one in five business owners have also missed key milestones like their child’s first steps, sports days and parents’ evenings.

But nearly all respondents (96 per cent) said they keep the stress of running a business bottled up with a further 68 per cent feeling like they have nobody to talk to about their problems. 

Kris Ambler, Workforce Lead from the British Association for Counselling and Psychotherapy (BACP), which commissioned the research, said: "We know how testing the last 18 months have been, especially for small business owners who have had to adjust to new business challenges.

“The fact so many business owners have deprioritised their own mental wellbeing in favour of financial matters and business success is alarming.

“It’s important to seek mental health support to prevent business challenges from being overwhelming.

“This survey highlights the importance of seeking qualified counselling support for small business owners. It may just impact your bottom line.”

The study found keeping customers and clients happy, cashflow and balancing all the different duties were among the main struggles of running a business.

Of those that felt like they had nobody to talk to, 43 per cent claimed it was because no one understands the pressures of running a business, while a further 35 per cent don’t want to burden others with their problems.

Almost three quarters (71 per cent) agreed they often pretend to family, friends and even work colleagues that everything is okay.

Over a quarter said that competition has been their biggest set-back as a business owner and 19 per cent saying they often feel like giving up running their business on a daily basis.