Good news for Aussie small biz owners: despite the daily grind and growing pressures, mental wellbeing is on the up. The latest MYOB Business Monitor shows that small business owners aren’t just keeping their heads above water; many reckon being their own boss is actually boosting their mental health.

The report has found mental wellbeing among Australia’s small and mid-sized business community is holding strong, scoring 6.8 out of 10. That might not sound like much, but it’s actually an up from 6.7 in early 2023 and 6.5 the year before.
And in further good news, more than half of the business owners surveyed (52 per cent) said running their business has actually had a positive impact on their mental health. Why? Because of the flexibility and better work-life balance that come with being your own boss. It turns out, calling the shots can be good for the soul!

Stress and anxiety still in the mix

It’s not all sunshine and spreadsheets. The report also shows stress and anxiety are still knocking at the office door. Over the past year, 43 per cent of business owners said they’d felt stressed, while 35 per cent experienced anxiety — mostly driven by cashflow headaches (no surprise there), the ongoing battle to win and keep customers, and not enough time with the fam.
Sally Elson, Chief People Officer at MYOB, says the findings show both the strength and struggles of the small biz community.
“It’s encouraging to see many owners embracing the flexibility and balance being their own boss can offer,” she says. “But stress, anxiety and financial pressures clearly weigh on them. It’s vital they have access to resources and support to protect both their businesses and their wellbeing.”

Smiling minds and MYOB

To that end, MYOB has partnered with Smiling Mind – the not-for-profit mental wellbeing organisation known for its free, science-backed mindfulness tools – to help small business owners improve their wellbeing.
Smiling Mind CEO Sarah La Roche says resilience and mental fitness are skills that can be learnt:
“Just like physical fitness, mental fitness is something we can build over time, and it’s especially important for business owners dealing with the ups and downs of entrepreneurship.”
So if you’re doing it tough or just want to build a bit more resilience into your day-to-day, Smiling Mind has a stack of practical tools you can tap into anytime, anywhere.

What the numbers say about small business mental health

The average mental health score of small business owners has increased incrementally over time. This small but steady climb suggests many are finding ways to take care of their mental health, even while juggling the pressures of running a business.
Interestingly, just over half (52 per cent) of those surveyed said that being their own boss has actually improved their mental wellbeing. Flexibility and better work-life balance were big reasons why.
But it’s not all smooth sailing. Stress is still a major issue, with 43 per cent saying they’ve felt the weight of it over the past 12 months, and 35 per cent reporting that anxiety has also been a challenge. The main culprits? Cashflow dramas were the top concern (no surprises there), followed by the stress of keeping customers happy and hanging onto them (10 per cent), and not having enough quality time with the family (also 10 per cent).

All in all, the numbers paint a picture of a small business community doing it tough in parts but still finding silver linings and fighting the good fight. Running a small business comes with its share of curveballs, but with the right support and mindset tools in place, Aussie entrepreneurs are showing they’ve got a pretty solid head on their shoulders.

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