‘Half of small business owners suffer burnout as confidence frays’ reads a headline in The Times this morning. It reports on a Virgin StartUp survey which finds that almost half of Britain’s small business owners experienced more burnout this year than last, while one in three said their mental health had deteriorated over the past six months. Article by Peter Swanson of Intertronics.
Sadly, I doubt many business owners will find those figures surprising. We all know that it is hard out there. Geopolitics is creating market ructions which feed all the way to the high street and small businesses. The UK government’s recent tax changes have hindered rather than helped employers. More than half are worried about their business surviving the next year. Only 40% feel confident about their financial position over the next six months. I mean, I know you are not paranoid, but they are all out to get you, right?
Running a business can be a lonely place. Most of the important decisions ultimately rest with you, and while your family and friends may be supportive, they rarely carry the same responsibility. They’re not the ones wondering whether there will be enough cash to make payroll in three months’ time, whether that investment should go ahead, whether losing a major customer changes everything. Many owner-managers spend years surrounded by people they can lead, but almost nobody they can confide in.
One of the biggest misconceptions about entrepreneurship is that the pressure comes from working long hours. Long hours are part of it, but the real burden is responsibility. The responsibility for customers, employees, suppliers and the future of the business never really switches off, and that can be mentally exhausting even when things are going well.
It’s one of the reasons I’m such a strong believer in peer-to-peer groups for business owners. Not because they provide easy answers, because often there isn’t one. But because they provide perspective. Sitting around a table with people who have wrestled with the same problems, made similar mistakes and faced the same uncertainty reminds you that what you’re experiencing is often normal. Someone who has already navigated a redundancy programme, a cash flow crisis, or a failed strategy can often help you see a way through your own challenge, or simply reassure you that you’re not the only one finding business ownership difficult.
The conversation doesn’t have to be about mental health for it to improve mental health. Sometimes simply talking to people who genuinely understand the weight you’re carrying is enough to make it feel lighter.
Over the years, I’ve become convinced that every owner-manager should have a trusted peer group. Could be formal or informal, but somewhere you can talk openly, challenge your thinking, borrow other people’s experience and occasionally discover that the problem keeping you awake at night is one that someone else has already solved. If you don’t have that today, I’d encourage you to find it.
B4 Perspective – Richard Rosser, CEO, B4
“Peter’s article captures something many business leaders quietly experience. Success in business is often associated with resilience and independence, but the reality is that leadership can be isolating. Having a trusted group of peers to challenge your thinking, share experiences and simply listen can make a significant difference – not just to the quality of your decisions, but to your wellbeing too.
“At B4, creating those opportunities is at the heart of what we do. Through B4 Circle, Leaders Circle and Moonshot, we bring together business leaders in carefully curated groups where openness, trust and shared experience create an environment for better conversations and, ultimately, better decisions. These aren’t networking events in the traditional sense; they’re confidential forums where leaders can discuss the opportunities and challenges they face with people who genuinely understand the pressures of running an organisation. Under Peter’s expert guidance in the Leaders Circle, we are witnessing first hand the deep relationships developing between members and the support they are gaining to help them outside of the group.”
“Peter’s message is an important reminder that none of us has to lead alone. Sometimes the most valuable support isn’t another consultant or another report – it’s a conversation with someone who has faced the same challenge before.”