1 in 2 business owners feel mental health challenges: Report

It’s not just workers’ mental health that are hurting – their employers also face the same problem, based on a recent report.

Nearly half (45 per cent) of Canadian business owners feel mental health challenges, up from 38 per cent in February 2022, notes the Business Development Bank of Canada (BDBC).

Over half of the business owners cite inflation as an important source of stress, and work/life balance is now a concern for 54 per cent of them, compared to 45 per cent last year.

"Canadian entrepreneurs are facing a daunting challenge in today's economic context, compounded by the scars left by the COVID-19 pandemic,” says Annie Marsolais, chief marketing officer and mental health advocate at BDC.

“Inflation rates and other factors are affecting their business in ways that are harder to control, leaving many entrepreneurs resorting to working even longer hours just to stay afloat. This is amplifying their mental health stresses because of the sometimes-devastating consequences on their personal lives and overall well-being.”

Mental health suffers as Canadian workers struggle financially, according to a previous report from TELUS Health.

Just 36 per cent of respondents say they are satisfied with their mental health everyday, while 64 per cent are not, according to the BDBC report.

And at least once a week business owners say they:

• Feel tired, low or have little energy (67 per cent, up 7 points from February 2022)
• Feel depressed and accomplish less than they would like (48 per cent, up 5 points)
• Feel mental health challenges/needs (45 per cent, up 7 points)
• Feel mental health challenges interfere with their ability to work (38 per cent, up 4 points)

Seeking help

And 31 per cent want to seek support from a mental health professional at least once a

week in the past two weeks, up from 21 per cent last year. The main reasons for not seeking mental health services: costs of mental care, uncertainty about services and discomfort with discussing mental health needs.

Thirty-five per cent of SME owners actually sought such help in 2022, based on the survey of 1,500 small business owners across Canada, conducted between Feb. 20 and March 3, 2023.

The most popular choices were:

• Consultation with a family physician or other physician (36 per cent)
• In-person therapy or counseling (35 per cent)
• Virtual therapy or counseling (28 per cent)

While 94 per cent of employers say they’re available to help staff who are struggling with mental health concerns, just 12 per cent of employees have confided in their bosses, according to a previous report.

Here are 7 ways entrepreneurs and small business owners can prioritize their mental health in the face of an unpredictable year ahead, according to financial technology company Square:

1. Practice self-care.
2. Set boundaries.
3. Practice mindfulness.
4. Seek support.
5. Don’t be afraid to take breaks.
6. Actively encourage employee well-being.
7. Know the signs.

“As the figurehead of companies, business owners must lead by example and give their mental health the care and attention it deserves,” says Square. “By addressing entrepreneurs’ mental health, business leaders can help safeguard the cultural, financial and operational well-being of their companies.”