Small and medium-sized business owners are increasingly feeling the strain of tough trading conditions on their mental health.
According to the latest MYOB business monitor, over a third of surveyed owners have faced mental distress, such as anxiety or depression, since taking charge of their businesses. For those dealing with declining revenues, this figure rises to 45 percent, marking a 10 percent increase from last year.
Anna-Louise Hoffmann, MYOB’s corporate affairs manager, highlighted the significant financial pressures faced by these owners. “Over the past few years, owners have been under immense pressure,” she explained. “They’re handling rising bills, paying salaries, retaining staff, and striving to attract customers and boost sales. It’s a heavy burden, and it’s understandable that many are feeling overwhelmed or experiencing mental distress.”
Hoffmann noted a rise in anxiety levels among those reporting mental health challenges, with 77 percent now citing anxiety, up six percent from a year ago. This underscores the growing impact of these pressures on mental wellbeing.
Shaun Robinson, CEO of the Mental Health Foundation of New Zealand, emphasized the importance of open discussions about mental health in the workplace. “Reducing the stigma around mental health starts with creating an environment where employees feel safe discussing their mental wellbeing without fear of judgement,” he stressed. “Recognizing that mental health is an asset, and promoting positive mental health through initiatives like the Five Ways to Wellbeing, helps build resilient teams and fosters a supportive work culture.”
Robinson encouraged business owners to lead by example in prioritizing wellbeing. “By sharing strategies for personal wellbeing, seeking support when needed, and championing a workplace culture that values wellbeing, owners can strengthen their businesses,” he advised. “Supporting the mental health of small business owners is crucial for their resilience and business success. Healthy leaders, supported in their wellbeing, are better equipped to navigate challenges and lead their teams effectively.”
