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Home Featured UK SMEs say running their own business has negatively impacted their mental and physical health
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UK SMEs say running their own business has negatively impacted their mental and physical health

by Uma Rajagopal
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UK SMEs say running their own business has negatively impacted their mental and physical health

By Roan Lavery, FreeAgent

“Running a business can be incredibly challenging and stressful, often requiring long hours just to keep on top of things. And this can have a big impact on your mental health. 

“We recently polled 1500 small business owners about their thoughts on running a business in 2023, and found that this issue is particularly prevalent in the SME sector – with more than a third (37%) of respondents saying they have experienced burnout as a result of running a business.

According to our research, many SME owners are working longer hours every week than their employed counterparts, with overtime being commonplace. We found two fifths (41%) of business owners say they work up to 48 hours a week on average, while a fifth (20%) work up to 64 hours a week. In addition, more than a third (36%) of business owners stated they often work in the evenings and two-fifths (41%) often or always work at the weekend.

The data also reveals additional pressures that SME owners face, with over three-quarters (78%) of respondents saying they had worked through an illness because they felt they couldn’t afford to take time off and the majority (84%) having no sick pay provision or business insurance to cover illnesses.

“However, despite this, two-thirds of small business owners (66%) feel they have a good work/life balance compared to just one quarter (27%) who feel they don’t. It’s really positive to see that the majority of small business owners still feel positive about their chosen career and say they would recommend self-employment. That’s a great foundation to build upon as the UK continues to navigate the ongoing cost of living crisis.

“In future, I would like to see more support for small business owners to manage physical and mental health challenges. Whether it’s providing more funding for mental health support programs, increasing access to sick pay and health insurance, offering tax incentives for businesses that prioritise employee well-being, or simply increasing support for business education and training programs, there are plenty of opportunities for the government to step in and provide help where it is badly needed.”

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Uma Rajagopal

Uma Rajagopal has been managing the posting of content for multiple platforms since 2021, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune. Her role ensures that content is published accurately and efficiently across these diverse publications.