Almost 7 in 10 Australian small business owners do not believe there are sufficient mental health resources available for them, according to a new report. A further 72% do not feel supported as a small business owner.
The news forms the first iteration of Localsearch’s annual State of Small Business Report for 2024, shedding light on small business owners’ mental health and wellbeing, the wider mental health landscape in the SMB space and challenges impacting people working in a small business.
“Small business owners are the backbone of our economy, but they’re facing immense challenges that go beyond just balancing the books,” said Adam Hargraves, CEO of Localsearch.
“The mental health strain on these individuals is clear, and it’s a problem that demands immediate attention … No business should have to sacrifice mental health to stay afloat.”
The report also found more than two thirds (67%) of small business owners have considered walking away from their business suggesting that sometimes it feels all too much.
More positively, small business owners are taking their employees’ mental health seriously by introducing supportive measures. Two in five (39%) have implemented mental health leave days; 39% have created on-site break rooms; 11% have developed mental health action plans and 9% provide access to a mental health support partner.
The data was collected between 17th September and 9th October 2024, with a sample of 512 Localsearch customers – Australian-based small to medium-sized business owners.
Two further iterations will form Localsearch’s State of Small Business Report 2024, with the others focusing on cybersecurity & cybercrime related to small businesses, and kills shortages in the SMB sector.
