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For the past two years the COVID-19 pandemic has been the dominant issue for small businesses nationwide.
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The rise of mental health in SMEs and how to manage it
09 February 2022
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The lockdowns and restrictions implemented to combat the pandemic have generated many challenges for small and medium enterprises (SMEs) to combat, whether that be financially or mentally.
In June 2020 the MYOB Business Monitor found that 45 per cent of small-business owners had experienced stress in running their business, 50 per cent expressed feelings of anxiety while 20 per cent stated they experienced depression.
The latest MYOB Business Monitor, which was released earlier this month, found that those experiencing stress and depression had increased to 54 per cent and 24 per cent respectively, while anxiety had decreased to 45 per cent.
As a result, MYOB believes that it is crucial that businesses have internal and external strategies and support systems to help combat the rise of mental health-related challenges.
MYOB’s partnership with the not-for-profit Smiling Mind aims to deliver a Small Business Program. An app-based meditation program, Smiling Mind was developed by psychologists and educators to aid business owners in taking “proactive steps to manage stress, develop relationships and build resilience”.
Additionally, Beyond Blue has released NewAccess for Small Business Owners, a free and confidential mental health coaching program.
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The key to these programs is their affordability and accessibility for small-business owners, two crucial elements for helping SMEs manage their rise of pandemic-induced mental health issues.
Speaking on the rise of mental health challenges for SMEs, Helen Lea, chief employee experience officer at MYOB, stressed the importance of small-business owners allocating time in their busy schedules for wellness.
“We understand that time is precious for small businesses owners, and finding space to prioritise themselves can be a challenge. However, creating time to focus on mental wellbeing will not only benefit them and their loved ones greatly, it will positively impact the team and potentially alleviate the business pressures driving personal mental strain,” Ms Rea said.
“It’s helpful for small business owners to speak to those around them about how they’re feeling, seek professional advice where required, and utilise resources to guide them through. In addition to Smiling Mind other mental health support is available that is specifically designed for small business owners, including a ‘Supporting small business owners’ guide from Beyond Blue and resources via Ahead for Business.”
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