SME Leaders Working Through Illness Face Burnout

SME leaders working through illness face an alarming risk of burnout. Understanding this issue can help businesses take steps to support their leaders better.

The Reality of SME Leaders Working Through Illness

The Burden of Overwork

More than three-quarters of SME leaders continue to work through illness due to business demands. Financial pressures and a lack of formal workplace support contribute to widespread burnout.

Researchers discovered this after speaking to 1,086 SME leaders about the many challenges facing the sector. These challenges include long working hours, rising costs, and the burden of responsibility without the safety nets enjoyed by larger organisations.

Nearly half of the respondents said that running their business has negatively impacted their mental and physical health. Specifically, 44.8% experienced burnout due to their work.

The Consequences of Long Hours

A fifth of the respondents told pollsters working on behalf of FreeAgent that they worked an average of 48-64 hours per week. This is well above the standard working week hours in the UK.

Working such long hours can have severe consequences on both mental and physical health. Many leaders reported feeling exhausted and overwhelmed.

The Support Gap for SME Leaders Working Through Illness

Lack of Professional Support

Another factor contributing to mental health issues appears to be the lack of support SME leaders receive while building their businesses. About 42.8% said they do not have a strong professional support system to turn to, leaving them to navigate the pressures of running a business alone.

This isolation can exacerbate feelings of stress and burnout. It can also make it harder for leaders to find solutions to the challenges they face.

Lack of Formal Protections

For some smaller micro-businesses, the absence of formal protections such as sick leave and pensions adds to this strain. About 31.3% of survey respondents said they would like to see the government introduce more statutory protections, such as pensions and sick leave.

Without better support for business owners, economic growth may be at risk. Over a quarter (26.4%) of respondents worried that burnout and mental health challenges would challenge their ability to succeed over the next year.

The Economic Impact of SME Leaders Working Through Illness

Business Struggles and Economic Growth

FreeAgent Chief Accountant Emily Coltman said: “Our research certainly paints a concerning picture about the mental health struggles and support issues that small businesses are facing in the UK.

“While there are some steps that they can take – such as investing in technology to help their businesses become more efficient and better-organised, or taking advantage of local small business organisations or entrepreneurial resources – there’s clearly more that needs to be done to ease the burden on SMEs.

“These survey findings on burnout and mental health highlight the key challenges for business owners that are still to be met, including easing the tax burden on SMEs, simplifying the overall tax system and providing more resources to help people manage their businesses more effectively. It’s important that the government keeps the SME community front and centre when devising its business policies, so that small business owners are given the tools they need to thrive.”

Solutions for SME Leaders Working Through Illness

Investing in Technology

One potential solution is to invest in technology that can help businesses become more efficient and better-organised. There are many tools and resources available that can help streamline processes and reduce the burden on business leaders. By taking advantage of these, leaders can free up some of their time and reduce their stress levels.

Seeking Professional Support

Another option is to seek out local small business organisations or entrepreneurial resources. These can provide valuable support and advice, helping leaders to navigate the challenges they face.

Advocating for Government Support

Finally, there is a need for greater government support for SMEs. This could include easing the tax burden, simplifying the overall tax system, and providing more resources to help people manage their businesses more effectively.

By keeping the SME community front and centre when devising business policies, the government can help to ensure that small business owners have the tools they need to thrive.

Conclusion

SME leaders working through illness face a significant risk of burnout. The lack of support, long hours, and financial pressures all contribute to this issue.

However, there are steps that can be taken to help. By investing in technology, seeking out support networks, and advocating for greater government support, SME leaders can reduce their stress levels and improve their mental health.

For more information and support, visit our blog or contact us via email at tellmemore@westonfinancialltd.co.uk or telephone 0333 212 8557.