Survey lifts lid on entrepreneurs' stressors and coping strategies, as well as concerns for employees
Although the pandemic has exposed a variety of concerns connected to psychological maladies, a topic that is more evident in public conversation, 90% of Canadian business owners now believe they are willing to get help for a mental health issue.
That’s according to a BDC Survey on SME Owners' Mental Health, which was just performed and published recently.
According to a 2019 poll performed by the Canadian Mental Health Association and backed by BDC before to the pandemic, 16% of small business owners stated they were inclined to take professional help at the time.
In its new survey, BDC found the primary sources of stress for those who said they would seek help for a mental health problem are concerns of a cash shortfall (62%) and the recession (51%).
To deal with mental health issues, these business owners emphasize coping tactics such as finding quiet time to relax (59%), receiving physical activity (53%), and enjoying time off or vacation (43%).
"Canadian business owners are more open than ever to seeking mental health support when needed. That's encouraging news," said Annie Marsolais, chief marketing officer and mental health ambassador at BDC. "The fact that seeking mental health support is no longer as taboo as it was in the past is very positive."
The report also touches on how business owners perceive their workers’ mental state. On that front, it found personal finances are the primary source of stress for half of their workforce.
Work/life balance is listed as a major cause of stress by almost half of the company owners polled (48%), which is mirrored in the steps they are taking to encourage good mental health among their team members.
The top two initiatives that leaders are implementing to help their staff in this area are to give flexible schedules (55%) and more time off (50%).
Additionally, the sources of stress for company owners from diverse groups are sometimes more severe than for all respondents together.
This is notably true for access to cash, a worry for nearly four in five LGBTQ2+ company owners (79%), compared to 62% of those polled overall.
The recession is also a source of concern for a higher number of visible minority company owners (66% vs. 51%).
