Canadian small- and medium-sized employers lose an average of 31 working days annually due to stress, according to a new survey by One Picture on behalf of Xero Ltd.
The survey, which polled 300 Canadian employers with less than 200 employees, found they spend an average of nine hours a week feeling stressed, concerned or worried about their business. Financial management in particular is a pressure point for 77 per cent of SMEs, prompting 39 per cent to consider giving up their businesses entirely.
As a result of stress, SMEs reported slower decision-making (33 per cent), missed opportunities (29 per cent), slower business growth (22 per cent) and avoidable mistakes (21 per cent), including financial errors.
Read: Leadership stress tolerance in short supply as demands on executives intensify: report
More than half (52 per cent) of respondents reported getting less sleep since starting their business, with 23 per cent losing five or more hours a night. Stress also caused them to give up hobbies and self care like exercise (32 per cent), travel (30 per cent) and quality time with their partners (26 per cent). Notably, 40 per cent reported keeping their business stress from their family or partner and 36 per cent reported being more short-tempered with others when stressed.
The majority (90 per cent) of SMEs said they’re concerned about the upcoming fiscal year, yet only 10 per cent said they seek advice from an advisor when they feel the pressure.
The results also identified an interesting cycle, with 53 per cent of respondents having been surprised by a tax outcome, yet their stress led them to put off financial management. As a result of stress from chasing paperwork (34 per cent) or fear of making a mistake (28 per cent), many SMEs were forced into inaction, with 29 per cent experiencing stress-caused procrastination.
However, 92 per cent of SMEs said they’re already taking steps to manage their stress, with 52 per cent turning to self-care, 44 per cent focusing on exercise and 41 per cent spending time with friends and family.
Read: Half of SMEs struggling with mental-health challenges: survey