UK SMEs admit running their own business has negatively impacted their mental and physical health

Virtually half of small enterprise homeowners state that operating their very own enterprise has negatively impacted their bodily and/or psychological well being – up barely from 2022 at 44%.

That’s in keeping with new analysis from cloud accounting supplier FreeAgent.

A survey of small enterprise homeowners from throughout the UK, carried out by FreeAgent, has revealed the dimensions of the problem going through the SME sector with regard to psychological well being, with findings displaying greater than a 3rd (37%) have skilled burnout because of operating a enterprise.

In line with respondents, many SMEs are working further hours each week with extra time changing into commonplace, with two out of 5 (41%) enterprise homeowners saying they work as much as 48 hours per week on common, and a fifth (20%) working as much as 64 hours per week. Greater than a 3rd (36%) of enterprise homeowners acknowledged they usually work within the evenings and two-fifths (41%) usually or at all times work on the weekend.

The information reveals that there isn’t a relaxation once you personal your individual enterprise. With over three-quarters (78%) of respondents working by way of an sickness as a result of they felt they couldn’t afford to take day without work and the bulk (84%) don’t have any sick pay provision or enterprise insurance coverage to cowl circumstances beneath which they fall in poor health, it’s clear that UK entrepreneurs are placing their hearts into their companies.

Nonetheless, regardless of this, two-thirds of small enterprise homeowners (66%) really feel they’ve a great work/life stability in comparison with only one quarter (27%) who really feel they don’t.

Roan Lavery,  CEO and co-founder of FreeAgent mentioned: “Our analysis suggests {that a} vital variety of SME homeowners within the UK are feeling the bodily and psychological well being pressures of operating a enterprise. Many say they’ve skilled burnout because of working for themselves, whereas many extra are spending lengthy hours on their enterprise ventures – together with evenings and weekends.

“Nonetheless, regardless of these challenges, it’s actually optimistic to see that almost all of small enterprise homeowners nonetheless really feel they’ve a great work/life stability and say they might advocate self-employment as a profession. That’s an incredible basis to construct upon because the UK continues to navigate the continued value of residing disaster.

“What I wish to see going ahead, although, is extra help for small enterprise homeowners to handle these bodily and psychological well being challenges. Whether or not it’s offering extra funding for psychological well being help packages, growing entry to sick pay and medical health insurance, providing tax incentives for companies that prioritise worker well-being, or just growing help for enterprise schooling and coaching packages, there are many alternatives for the federal government to step in and supply assist the place it’s badly wanted.

“By taking these steps, I consider the federal government may assist to strengthen the SME sector and promote financial development, whereas supporting the well-being of the UK’s 5 million small enterprise homeowners.”

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