Three things we’ve learned about the emotions of running a small business

Across the nation, small businesses are the beating heart of our communities. The pandemic’s ripple effects have only acted to remind us just how meaningful the role is that you, as small business owners, play in our daily lives. Since then, many Australians – myself included – have developed a deeper appreciation for those that forge their own path. This is why at Xero we set out to uncover the emotional cost of running your own business this EOFY, writes Joseph Lyons, Managing Director, Xero Australia & Asia.

Of course, the small business sector is made up of diverse people, purposes and passions. However, there are shared experiences from the past 12 months that I’m sure just about all of you could relate to: sacrifice and resilience.

The emotional tax of small business ownership

Starting a business has long been a great Australian dream, and there are few things more rewarding than working for yourself. But that’s not to say it’s without challenges. To delve deeper into the emotional tolls, Xero created the Emotional Tax Return competition. In an effort to help small business owners account for more than just their numbers this EOFY, we invited them to submit a claim for something they missed out on in FY21 – such as making up for lost time with family (or having to cancel date night yet again).

In order to uncover just how taxing the past year has been, we also conducted a survey. Unsurprisingly, it found that most people (68 per cent) said running a small business has been more emotionally draining these past 12 months than any other year. The stories – as told by you through Xero’s campaign – shine a light on some of the emotional tolls felt by small business owners across the country. By sharing some of these learnings through real-life anecdotes, we’re delving deeper into what it takes to run a small business, and most importantly, the emotional rewards that make it all worthwhile.

The emotional rewards

We learned you’re hopeless romantics

At the heart of each of your stories was a shared desire to claim something back that we’ve all missed out on in the past 18 months: connection. In particular, rekindling romance ranked highly in some small business owners’ books. And our research explains why.

According to our survey, over a third (39 per cent) of singles are unable to remember the last time they went on a date and almost half (49 per cent) of those who are coupled up have sacrificed a romantic night out due to the demands of running a business. These statistics were reflected in your stories, one of which included a husband and wife duo who have forgotten their anniversary every year since starting their own business – likely because it happens to fall a day before EOFY.

Another featured a sole trader with a full house (that’s three daughters and nine pets) who hasn’t had a spare moment alone with their partner since the start of 2020. We also heard from a single father who, between homeschooling and running his business, hasn’t had the chance to look for love.

A caring community

We saw that you care for your employees like family

Although it makes the time you do spend together all the more precious, sacrificing moments with those who you care about is an inevitable downside of running your own business. And since the pandemic’s arrival, quality time with your employees – another important group in any small business owner’s life – has lessened too. We saw this highlighted in your emotional tax returns, with many of you wanting to pay it forward to your staff.

One business leader explained that the hardest thing about the past year has been the loss of connectedness between their workers, while another cited ‘fun’ as the greatest workplace casualty. To combat this, one small business owner wanted to treat their staff to a day out that involved climbing the Sydney Harbour Bridge. From barbeques in the park to pinball machines in the office, giving back to your team was one of your top priorities.

Little time for R&R

We know that you deserve a well-earned rest

Our survey reveals that nearly three-quarters (72 per cent) of small business owners have experienced symptoms of stress due to running their business, with sleeplessness as a leading consequence. One tired business owner wished for a weekly massage to reverse the effects of slumping behind a computer all day. While another was a working mum who requested a personal chef to cook her family a healthy meal after too many nights of carb-laden takeaways. In turn, a wedding planner told us a pamper session would help replenish the “blood, sweat and tears” they pour into their business.

But despite the sacrifice of long days and late nights spent building something of their own, they said it’s “all worth it” for the feeling that comes with doing what they love every day. In fact, this is a sentiment that many of you share. According to our survey, most Australians running a small business (77 per cent) wouldn’t change it for the world. And while the success of big companies is judged on metrics like revenue and growth each EOFY, Xero’s campaign shows that small businesses have a profoundly human impact that is equally worthy of recognition.

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