1/5 SME owners battling depression amid cost-of-living crisis

Following a tumultuous two years of lockdowns, restrictions, and uncertainty, new research has revealed that the challenges facing owners today are proving no less difficult to navigate for small business owners. Amid the cost-of-living crisis, many describe how their mental health has worsened with a fifth (20%) reporting battling depression.

The survey of over 600 small business owners, commissioned by small business insurance provider Simply Business, has revealed the key challenges facing SME owners in 2023. With a fifth (22%) rating their mental health as (18%) ‘bad’ or (4%) ‘very bad’. Over half (51%) reported feeling stressed, two-fifths (39%) have been experiencing anxiety, and over one in five (22%) struggled with insomnia.

Over four in five (81%) small business owners are worried about how the cost-of-living crisis is affecting their business, with two-thirds (65%) seeing rising costs as the biggest challenge to their business heading into 2023. A quarter (26%) are worried they simply won’t be able to pay their bills in 2023.

As a result, 15 per cent have no confidence in their business heading into the New Year with the reality of the cost-of-living crisis also affecting the way that SMEs can prepare for 2023. Three in ten (28%) say they’re unable to plan or budget due to uncertainty, a tenth (10%) have been unable to order stock and three in five (60%) say their profit margins are down.

And with pressure mounting and with the reliance on festive trading, many small business owners were forced to work throughout the holidays. One in three didn’t take any real break in December – with one in 10 (13%) working the whole of the festive period, and 23 per cent needing to check emails, take calls, and process orders throughout. In fact, 15 per cent last took a holiday or break from running their business 3- 5 years ago, while 10 per cent last took one over 5 years ago.

Alan Thomas, UK CEO at Simply Business said, “the self-employed are feeling the pressure of the current economic climate more than most, the effect of which is having a detrimental impact on their wellbeing. Our study found that four in five small business owners are worried about the impact the cost-of-living crisis will have on their business, resulting in a fifth of respondents battling depression.

“Small businesses account for 99 per cent of all British businesses, contributing trillions of pounds a year to the economy in turnover. The recovery of our economy and communities is directly linked to their success.”

Topics
More News
9 hours ago
62% eCommerce organisations to focus on real-time data collection in 2023
When asked about their goals for collecting data in the coming year, 62 per cent of eCommerce organisations said that real-time data would be at the forefront. This is one of the key findings from the new Oxylabs white paper, Alternative Data Defines Competition in the US & UK Ecommerce Sectors, which demonstrates the importance of real-time data collection eCommerce businesses.
11 hours ago
Exertis named first UK distributor to offer Seagate Lyve Cloud
Exertis has been named as the first UK distributor to add Seagate Lyve Cloud, a storage as a service to its portfolio. Seagate’s S3-compatible cloud storage offers a way to unlock the value of its unstructured data sets, helping to drive innovation.
11 hours ago
Solotech announces new UK HQ in Birmingham
Solotech, experts in AV entertainment and technology, is opening a new UK headquarters. Located in Birmingham, the new facility will serve as a hub for audio, video, and lighting rental stock and corporate offices.
13 hours ago
directprint.io adds new feature to serverless print management solution
directprint.io has added a new internal directory to its serverless print management solution, making it easier for customers to seamlessly take print to the cloud.
13 hours ago
iplicit launches reseller channel to help partners grow
Accounting software provider, iplicit is launching a reseller channel that will allow its partners to offer true-cloud accounting software to growing businesses and land new, larger clients.
14 hours ago
Nuvias UK partners with Pentera to enhance cybersecurity portfolio
Nuvias UK, an Infinigate Group company, has announced a partnership with Pentera, the category leader for Automated Security Validation, to become the company’s distribution partner across the UK. Nuvias will deliver Pentera’s platform across the enterprise market in the UK to support the growing need for automated security validation solutions.
3 days ago
New Relic now available as a Native Azure Service
New Relic has announced that it will be available to all Azure customers as a Native Service in the Microsoft Azure Marketplace, to help enterprises accelerate their cloud migration and multi-cloud initiatives.
3 days ago
N-able Empower conference details announced
N-able has announced the full line-up for its Empower conference at Prague Congress Centre, taking place between 9th-11th May. The agenda includes three days of networking and learning opportunities, 30+ hours of educational content, an expert cybersecurity keynote speaker, and four programming tracks geared toward helping MSPs scale and grow their business.
4 days ago
Administrators appointed at Bluespot Furniture
James Sleight and Oliver Collinge of PKF GM were appointed as Administrators of Bluespot Furniture Ltd on 20th January 2023.
4 days ago
Konica Minolta launches bizhub c3120i and bizhub c3100i
Konica Minolta Business Solutions (UK) has announced the launch of two full-colour A4 machines, bizhub C3120i and bizhub C3100i, suitable busy home offices, and smaller personal workgroups.

Login / Sign up