69% of Small Business Owners Want Greater Mental Health Support

Running a small business in today’s economic climate comes with immense challenges, but none weigh more heavily than the toll on mental health. Our latest State of Small Business Survey shines a spotlight on the growing mental health crisis, with nearly 70% of business owners seeking more support. Over 72% feel left without adequate resources to manage their well-being, and an alarming 67% have considered stepping away from their businesses entirely due to stress. 

The stress factors are significant. From the ongoing skilled worker shortage to inflation and the lingering effects of COVID-19, small business owners are feeling the pressure. A staggering 82% are also deeply concerned about the potential impact of an economic downturn in the next 12-24 months. These uncertainties not only affect their mental health but also hinder their ability to invest in support systems for their staff. 

Addressing this mental health challenge is crucial for the sustainability of small businesses. Initiatives like Beyond Blue’s NewAccess program offer a lifeline, but more needs to be done to ensure business owners have the support they deserve. 

What is the State of Small Business Report?

 
Across September and October this year, Localsearch, in collaboration with Thrive PR & Communications, carried out our third annual State of Small Business Survey, reaching over 28,000 small and medium-sized businesses (SMBs) within our vast client network. Our mission was clear: to gain deeper insights into the everyday challenges that SMBs encounter. Whether it’s the ongoing skilled labor shortage, looming economic uncertainties, or cyber security, our goal was to understand the critical issues shaping their business landscape and how we can support their success.