Supporting small business owners with mental fitness

Running a small business is often seen as a passion project, but it can also be a source of stress, says Emma Fawcett, Executive General Manager of Small and Medium Business at MYOB.

Every day I talk to small businesses and see the unique challenges these entrepreneurs face, and that’s why we are proud to continue our partnership with Smiling Mind – a leading not-for-profit specialising in mental fitness.

Our latest MYOB Business Monitor report revealed that 40 per cent of small business owners experience high levels of stress and anxiety, with many feeling overwhelmed by financial concerns, increasing competition, and ongoing economic uncertainty. In fact, one in five small business owners admitted to losing sleep due to stress.

When running a business, the pressure to succeed can be relentless. Many owners wear multiple hats – from finance manager to marketing expert, customer service representative to HR officer. This juggling act often leads to long hours and emotional exhaustion, leaving little time for self-care or reflection. The impact on mental health is significant. Our research shows that 54 per cent of small business owners believe that their mental health has been negatively impacted by the demands of running their business. Clearly, it’s time to act.

Why mental fitness matters

Just as physical fitness is crucial for overall health, mental fitness plays a vital role in maintaining emotional well-being, managing stress, and improving focus. In the business world, where the pace is relentless and challenges can appear unexpectedly, mental fitness is a daily necessity.

Mental fitness helps business owners stay resilient in the face of adversity. It sharpens focus, boosts creativity, and helps individuals make better decisions, even under pressure. More importantly, when small business owners prioritise their mental health, it has a positive ripple effect across their business. Teams become more cohesive, work environments improve, and ultimately, productivity increases.

In contrast, when mental fitness is neglected, it can lead to burnout, poor decision-making, and an inability to cope with stress. Over time, this can not only impact the business’s performance but also the owner’s personal life, relationships, and long-term health. The stakes are too high to ignore.

We understand that the mental wellbeing of business owners is just as important as their financial success. That’s why we’ve partnered with Smiling Mind to deliver tools and resources that focus on building mental fitness specifically for small business owners.

Together we’re creating resources designed to be practical, short, and effective – recognising that time is often scarce  for business owners.

Mindfulness practices can help individuals manage stress by teaching them how to stay present and calm, even when they’re dealing with uncertainty or pressure. The benefits of regular mindfulness are well-documented: better sleep, improved focus, reduced anxiety, and enhanced emotional regulation. These are exactly the qualities small business owners need to navigate the ups and downs of their business journey.

Tips for developing mental fitness

For small business owners, building mental fitness doesn’t have to be very time-consuming. Here are some simple steps that can make a significant difference:

1. Practice mindfulness regularly: Dedicating just five to ten minutes a day to mindfulness exercises, like deep breathing or meditation, can help manage stress levels and improve focus.
2. Set boundaries: It’s easy for business owners to blur the line between work and personal life. Setting clear boundaries, like defined work hours or scheduled time off, can prevent burnout.
3. Prioritise sleep: Sleep is often one of the first things to suffer when stress levels rise. Prioritising a healthy sleep routine is crucial for maintaining both physical and mental health.
4. Connect with others: Talking to fellow business owners, mentors, or friends can help reduce feelings of isolation. Sometimes, sharing challenges and ideas with others can offer fresh perspectives and support.
5. Seek professional help when needed: It’s essential to recognise when professional support is needed. Therapy or counselling can provide the tools and strategies to cope with ongoing stress and mental ill-health..

Running a small business will always come with its challenges, but with the right tools and support, it’s possible to build both a successful business and a healthy mindset. Mental fitness is not just about surviving the hard times; it’s about thriving through them. Let’s empower our small business owners to build the resilience they need to succeed – both professionally and personally.

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