The survey reveals that among those who report being open to seeking support for a mental health issue, fear of a cash shortfall (62%) and the recession (51%) were identified as the main sources of stress.
To address mental health challenges, these business owners prioritize various coping strategies, including finding quiet time to relax (59%), getting physical activity (53%) and taking time off or vacation (43%).
“Canadian business owners are more open than ever to seeking mental health support when needed. That’s encouraging news,” says 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.”
According to the report, which also addresses business owners’ perceptions of the mental health of their workforce, personal finances are the number one source of stress for half of their employees.
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1 Note that the question and methodology of the 2019 survey differed from those of the 2022 survey.
Work/life balance a key concern
Nearly half of the business owners surveyed cite work/life balance as a major source of stress (48%), which is reflected in the actions they are taking to promote good mental health among their team members. To support their employees in this area, the top two actions leaders are taking are to provide flexible schedules (55%) and additional time off (50%).
“The biggest source of stress for the business owners surveyed is financing, which is no surprise given the current economic climate. However, behind these concerns lies a particular consideration for their well-being and that of their staff. The solutions that these business owners are prioritizing reflect a transformation in the work environment: flexible schedules, additional time off, remote and hybrid work, and team-building activities,” adds Marsolais.
Business owners from diverse backgrounds are more affected by mental health issues
The report shows that the sources of stress for business owners from diverse backgrounds are sometimes more acute than for all respondents combined. This is especially true of access to cash, which is a concern for nearly four in five business owners from LGBTQ2+ communities (79%), compared to 62% of those surveyed overall. The recession is also a concern for a larger proportion of business owners who are members of visible minority groups (66% vs. 51%).
BDC’s Survey on SME owners’ mental health was conducted among 753 small business owners across Canada between August 26 and September 9, 2022.
