In Xero's study, the factors used to understand what affects owners' wellbeing levels were:

Macroeconomic and business-related financial distress:
Ever-evolving global economic pressures and the effects of "the great resignation" (i.e., difficulty finding and retaining employees) had the biggest impact in this area.
Xero suggests measuring success outside of financial metrics, training and upskilling to be better equipped at anticipating and managing financial hardships and digitally automating pertinent business operations over hiring staff.
Stress management and mindset:
The biggest stressors were work spilling into personal life and managing employees' mental health and wellbeing.
Proactively pursuing a positive mindset, finding ways to co-mingle business and personal time, as well as seeking mentoring from within the small business community on how to get to the root of and manage employees' personal struggles would prove helpful.
Prioritizing recovery:
Especially in the United States, small business owners neglected to set aside daily or weekly time to completely unplug from business, apart from taking scheduled vacation time or sick leave.
Innovative solutions included teaching owners to completely unplug, participating in social and physical activities, and destigmatizing taking leave.
Fulfilling work: This represented one of the smallest influences on wellbeing, but was still a factor.
Accessing support:
Many small business owners can't afford or simply don't have access counselling.
Policies making counselling more accessible — specifically to small business owners —and to incentivize accessing it should be put in place.

Your overall wellbeing is integral to the success of your small business. You are not alone in your challenges and simple, strategic adjustments can make a world of difference.

Instant Insights /

Overall wellbeing is integral to the success of your small business

More From HR Executive

Related Stories

Recommended For You