Close to 2 million small business owners in the UK may have seen their mental health decline in the wake of Covid.
That is an astonishing number of people but, from the work we have been doing at Wellbeing Therapy Solutions over the past 18 months, I am hardly surprised.
That figure has been reached following a report put together by the Federation of Small Businesses (FSB) who conducted a survey of 1,000 business owners. It found that a third (34%) said their mental health had declined as a result of the pandemic.
If those percentages are applied to the Government figures which state there are 5.5 million small business owners in the UK, there would be 1.8M of those who have seen their mental health suffer during the Covid19 outbreak.
Looking back at what we had to endure as a country, it’s no surprise that people suffered when trying to run a business.
Lockdowns
Lockdowns and uncertainties were commonplace and that was far from an ideal foundation to conduct business from.
The FSB report also highlighted a ‘late payment culture’ which became prevalent and hung around for far too long afterwards.
Speaking with friends as the restrictions of the pandemic died down, many in full-time employment were grateful of the apparent security blanket of furlough or a guaranteed wage while working for a big company or in the public sector.
But it was a different case for owners of small businesses who had no idea what was coming next and no idea when their next pay day was coming from as much of industry and the economy ground to a halt.
Mental health conditions
Then, when things picked up again, subsequent lockdowns made day-to-day operations extremely hard to manage and plan for.
One in four in the
FSB
survey reported that they still, to this day, have a mental health condition such as anxiety, depression or post-traumatic stress and very few have said they managed to take advantage of workplace health support offered by the Government.
They were also managing members of staff who were off with
Covid19. While that may have been an easier hit to take for companies with hundreds of employees, you can imagine the effect it may have had on businesses with only a handful of employees.
Figures suggest that 400,000 small businesses are still under threat because of the hit they took during the pandemic.
Business owners
Yet while business owners have clearly had it tough during the past two years, those that have managed to get through that spell and remain in business will have built up plenty of resilience as individuals and as company owners.
They may also have been forced to innovate and find ways to develop their business or move it in directions they were not expecting. These could have made the business more agile and less likely to fall victim to any future unexpected scenarios, heaven forbid.
Wellbeing Therapy Solutions have a range of services to help both individuals,
groups and workplaces
if they would like to learn more about mental health and techniques to build up resilience against the many challenges life can throw at us.