Jessica Fino 11 Oct 2018 04:15pm

SME owners struggling with mental health

Three quarters (73%) of small and medium-sized enterprise (SME) owners have admitted suffering a negative impact on their mental health as a result of their job

Business owners face conflicting pressures from their business needs and family lifestyles, forcing them to live a “double life”, according to a survey of 500 UK business owners by Haines Watts.

The accountancy firm found 75% of owners have a family that is solely reliant on the income from the business, and 44% said they would struggle to reduce the income they draw due to family financial commitments.

Two thirds of SME owners (69%) admitted they work on weekends and 67% during holidays.

Karen McLellan, managing director at Haines Watts Hereford, said, “For many, personal success and business success are deeply intertwined, but they also conflict. It’s imperative that business owners’ long-term plans for the business include future business investment, and leave a buffer between business income and family financial commitments to help mitigate the stress of ups and downs.

“At present, only 4% of those surveyed had deemed their struggles severe enough to seek the help of a mental health professional, but that number will grow if owners don’t recognise and respond to early symptoms of stress.”

The survey, which was release in time for the Mental Health Awareness Week, follows a separate study released earlier this year that found 53.3% of accountants have considered resigning from a job due to lack of support over mental health.