80% of small business owners admit to suffering from poor mental health according to a recent study by Mental Health UK. Symptoms reported include poor focus, anxiety, sleep disruption, panic attacks and depression. Much information is available regarding supporting staff’s mental health, but what about the bosses themselves?
As the UK is expected to remain in recession throughout 2023 (according to the independent Office of Budget Responsibility), it’s important that the mental health of business owners is supported. Small businesses account for 99% of all businesses and 51% of private sector turnover in the UK. They are considered the backbone of the economy; these small businesses will create growth, provide employment, and new markets, and ultimately enable our economy to thrive after the recession. The individuals at the helm of these businesses are extremely important.
As a business coach, I see many business owners who admit to struggling with stress and anxiety. I’m concerned about the number of business owners believing that long hours, stress, sleepless nights and little or no personal financial return is to be expected when running a small or new company. That’s what leads to burnout. When the owner isn’t operating at their best, it reflects in their business.
Here are my 3 top tips:
1: Focus on what you can control
Whatever the cause of their worries, whether it be increasing costs, reduction in customer spending, difficulty in attracting talent, or anything else, I encourage my clients to focus on the elements that can be controlled. That includes avoiding negative influences such as scaremongering media stories.
2. Peer support
As a small business owner myself, I know it is lonely running your own business. I’m lucky to be a franchisee of a very supportive global organisation. Most business owners don’t have a ready-made community of peers – they must seek out their own. Knowing that others are facing similar challenges is invaluable, as is knowing someone is there to reach out for help and advice. Evidence shows that helping others can also benefit our own mental health and wellbeing
3. Prioritise self-care
For many, the volume of tasks and decisions becomes the focus and they don’t prioritise sleep, nutrition, hydration, exercise and mindfulness. I’m a big believer in the mantra “Healthy body, Healthy Mind, Healthy business”
Mental health is a critical issue for business owners and it’s important for entrepreneurs to prioritise self-care and seek out support when needed. By taking care of their mental health, business owners can improve their chances of business success and ultimately lead a more fulfilled life.
Recommended for you
