Mental wellbeing an issue for SME owners

A third of small and mediumsized business owners say working through Covid-19 has negatively affected their mental health.

Two in five are questioning whether they want to continue running their own business in the future as they struggle to cope with the increased pressure the pandemic has created.

New research from Santander, which polled over 2,000 UK SMES, also shows that just one in five of the smaller firms affected expect their operations to return to pre-covid levels this year.

More than half of businesses reported a decrease in revenues and profits as a result of lockdown restrictions, while still having to meet ongoing cashflow and cost commitments.

This data is worrying when you consider the vast number of people employed by Britain’s army of small firms which, according to latest figures, stands at 5.8 million.

Almost two out of five SMES said they would not be ready to face any other challenges or future crisis until they had dealt with Covid-19.

Female business owners have been hit hardest as four in 10 women said the pandemic had impacted their mental health, compared to less than a third of men.

The research comes as Santander has teamed up with Mind, the UK’S leading mental health charity, to enhance customer-facing colleagues’ knowledge and awareness of mental health, including how best to respond and support customers.

Susan Davies, head of business banking at Santander UK, said: “Running your own business can be challenging at the best of times, but the pandemic has pushed many business owners to breaking point.

“Our SMES are the lifeblood of the UK economy – losing these would create a damaging ripple effect.”

If you need a bit of extra support with your mental health and wellbeing during these times, Mind has a confidential information and support line on 0300 123 3393.