The mental health of entrepreneurs has been challenged by managing two years of a pandemic. Nearly two-thirds of small business owners say they are “closer to burnout than ever.”
This is the conclusion of a series of surveys conducted by the Canadian Federation of Independent Business (CFIB) among its members since the start of the pandemic. The results are analyzed in the report On the Brink: Mental Health in Canadian SMEsunveiled on Tuesday.
The situation is worrying, says Jasmin Guénette, vice-president of national affairs for the CFIB. “It’s already very exhausting, in normal times, to manage your own small business,” he says in an interview. The owner of an SME is often the one who takes care of all the operations within an organization. »
The pandemic has added additional stress for entrepreneurs, notes the CFIB, which has been surveying its members on their mental health since 2018. Many entrepreneurs have had to go into debt to get through the crisis. On average, Canadian SMEs have incurred almost $160,000 in debt due to the pandemic. “Small business owners find themselves working very long hours to keep their business afloat in conditions that are very difficult. »
Bosses and employees in the same boat
Unsurprisingly, the report shows that the mental health of owners is more fragile in companies that find themselves in a more difficult position due to the pandemic. Owners who say they are closest to burnout are less likely to run a business that has fully resumed operations, has recalled all of its employees, or has returned to a “normal” income threshold.
Owners and employees often find themselves in the same frame of mind within the same company. Among entrepreneurs “close to burnout”, 75% say they are aware that at least one of their employees had “precarious” mental health.
For all SME owners, this rate is 54%. In 2020, only 35% of small business owners had this concern.
Pandemic-related mental health issues are hurting business productivity, 54% of respondents believe. This assumption is particularly prevalent in finance and insurance (65%), social services (64%) and arts, entertainment and information (61%).
Falling taboos
Mr. Guénette still sees good news in the owners’ responses. He notes that entrepreneurs and employees are increasingly open to the idea of talking about mental health.
Seven out of 10 business owners say they are comfortable discussing the topic with their employees. Barriers are also falling among employees, with six in ten feeling comfortable discussing the subject with their boss.
Showing openness does not mean that you feel well equipped to support your employees. Only 31% of small business owners believe they are well prepared to deal with the mental health issues of their employees, compared to half who believe they are poorly prepared. “Of course this is a challenge for SME owners: they are not mental health specialists. »