Coronavirus pandemic strips business owners of their wellbeing

New research from The Well Institute among small business owners, published in 2020 in association with market research specialists The Outcome, highlights a deterioration in their sense of control of their workload, their mental health and their levels of stress. This is despite SMEs reporting  that they are coping well with their health – healthy eating, alcohol intake, exercise and their working and personal relationships. 

“A quarter of small businesspeople claimed that before Covid they had been re-evaluating their reasons for building a business, and during lockdown, this doubled to 50%.  They took time to focus on what to do next, and to calm themselves,” says Valerie Wistreich, founder of The Well Institute.  “Despite this, since they’ve re-opened their businesses, there has been a tendency to go back to the old ways and not try to change their work-life balance.”

This week, The Well Institute launches a programme of online workshops, called The Lighthouse Series’ to support the mental wellbeing of people who are trying to deal with the uncertainties brought about by the Coronavirus pandemic, both on a personal level and in their working lives.

“I was heartened by the level of optimism and enthusiasm which small business owners are expressing about the future” says Valerie. “But their hope is also mixed with anxiety and stress, and while the men in the research were more likely to report their optimism, the women were much more likely to admit to being stressed, anxious and sad.” 

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The survey, conducted online between October 14th and 27th, among 257 SMEs, found that the March lockdown caused huge shifts in business owners’ views of their work, and many of the negatives reported have not shifted since the end of lockdown:

  • The pandemic and lockdown substantially reduced the number of people earning enough for their day to day needs (from 70% down to 40% during lockdown and only at 44% now).

  • Their sense of empowerment for self-determination plummeted (down from 62% to 25% during lockdown and is now only at 32%)

  • Achieving goals (48% before the pandemic, down to 28% during lockdown and continuing to slip now to 24%)

  • Being happy in work (just 32% before Covid, down to just 15% during lockdown and only at 20% now)

  • Being driven by material success, from only 6% before Covid dropped to just 3% during lockdown, but has now risen to 10%

  • Against these negative shifts, there have been some positive changes:

  • SME owners and the self-employed report their productivity is returning (57% were very productive pre-Covid, and this dropped to 28% during lockdown and is now at 46%)

  • Being driven by fear of failure was at 28% before and during lockdown and has since declined to 22%.

  • Being creative in work (63% before the pandemic, was down to 43% in lockdown and is now back to 54%)

Small business owners report that the most important factors in their business survival or success are their own mental health (88%) and having a positive mindset (88%), followed closely by keeping calm (84%), being adaptable to new ways of doing business (82%) and having stamina (81%).

Adrian Wistreich