More than three-quarters of SME leaders continue to work through illness due to business demands, with financial pressures and a lack of formal workplace support contributing to widespread burnout, it was been claimed.
Researchers discovered this after speaking to 1,086 of them about the many challenges facing the sector – including long working hours, rising costs, and the burden of responsibility without the safety nets enjoyed by larger organisations.
And worst all, nearly half told them that running their business has negatively impacted their mental and physical health, with 44.8% experiencing burnout due to their work.
In fact, a fifth told pollsters working on behalf of FreeAgent that they worked an average of 48-64 hours per week, high above the standard working week hours in the UK.
Another factor contributing to mental health issues appears to be the lack of support they receive whilst building their businesses – with 42.8% saying they do not have a strong professional support system to turn to, leaving them to navigate the pressures of running a business alone.
For some smaller micro-businesses, the absence of formal protections such as sick leave and pensions, adds to this strain – and 31.3% of survey respondents said they would like to see the government introduce more statutory protections, such as pensions and sick leave.
Without better support for business owners, economic growth may be at risk, with over a quarter (26.4%) of respondents worried that burnout and mental health challenges would challenge their ability to succeed over the next year.
FreeAgent Chief Accountant Emily Coltman said: “Our research certainly paints a concerning picture about the mental health struggles and support issues that small businesses are facing in the UK.
“While there are some steps that they can take – such as investing in technology to help their businesses become more efficient and better-organised, or taking advantage of local small business organisations or entrepreneurial resources – there’s clearly more that needs to be done to ease the burden on SMEs.
“These survey findings on burnout and mental health highlight the key challenges for business owners that are still to be met, including easing the tax burden on SMEs, simplifying the overall tax system and providing more resources to help people manage their businesses more effectively. It’s important that the government keeps the SME community front and centre when devising its business policies, so that small business owners are given the tools they need to thrive.”
When employees fake sick days
On the sick: how we are claiming for it
