Conflicting pressures from their business needs and family lifestyles force SME owners to live a double life, separating business stresses from family and personal wellbeing – trying not to let either bubble over into the other. Three quarters (71%) of them in the North East suffer a negative impact on their mental health as a result of managing the division and the dependency between these two separate worlds.
- Always on: 86% of business owners in the North East have never taken more than a week off
- Family income: 81% have a family that is reliant on the income from the business
- Financial pressure: 49% say they would struggle to reduce the income they draw due to their family financial commitments
Facing pressure from both sides, over a half (51%) feel that no-one understands the pressure they’re under and a third (31%) feel that there’s no-one they can talk to about it.
According to new research conducted among 500 UK SMEs by top 15 chartered accountants Haines Watts, released to coincide with Mental Health Awareness Week happening 14-20 May, the pressure comes from two places:
Time pressure
Because of the demands many business owners face to manage the day-to-day operations of their business, the time needed to think strategically and work “on” the business gets pushed into their personal time.
Two thirds (69%) of business owners in the North East report working at the weekend and 58% report working while on holiday. And that’s just those that can take a proper holiday; four out of five in the North East (86%) have never taken more than a week off. Less than one in ten (7%) are able to work a 40-hour week or less.
Money pressure
Perhaps most worryingly, a quarter (24%) of business owners in the region have put off financial investments in their business because of the need to draw a personal income. In fact, half (49%) say that it would be difficult to reduce the income they draw from the business due to their financial commitments.
For most SME owners in the North East the business bears the responsibility for maintaining that family lifestyle as four out of five (81%) say their spouse either works in the business or has no alternative income.
Donna Bulmer, Regional Managing Partner at Haines Watts comments:
“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.
“The key is to not let pressures bubble over into serious stress or mental health issues by seeking support early. 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.
“Most business owners already feel motivated and are willing to make certain sacrifices to achieve their business aspirations. Given this, a solid support network and an environment that encourages open and honest conversations could be all that’s needed to ensure pressures and strains don’t become anything more serious.”
Top 15 national accountancy firm Haines Watts has two offices in the region, Newcastle and Darlington, and provides business owners with tax, compliance, corporate finance, and strategic business advisory services.
