"When it comes to looking for support, there are many avenues business owners can take; for example, having robust insurance can help to take a weight off the mind."
- Claudio Gienal, AXA UK and Ireland chief executive
The survey, conducted by OnePoll on behalf of AXA UK, revealed that out of 500 small business owners, over 60% felt they couldn’t confide in friends or family about business stresses due to fears of worrying their loved ones. Furthermore, 48% claimed they found it difficult to know whom they could speak to about their business troubles in the first place.
Consequently, 44% reported feeling unable to deliver the best possible business outcomes for themselves and their staff.
When asked what was contributing to this stress, 45% said the cost of living crisis while 35% felt it was primarily caused by inflation.
As well as these concerning statistics, AXA UK’s report also uncovered that more than a third (34%) of SMEs with employees on the payroll felt that, although they were very open with staff about potential issues with the business, they were selective on what was said. 38% declared that they reveal select information relating to the problems their business could face.
Commenting on these findings, Claudio Gienal, AXA UK and Ireland chief executive, has said:
“It can be a very lonely place being an SME owner, which is why it is so important to ensure you can confide in someone who can relate to how you feel. Especially for those who have built much of their business alone, it can feel very strange opening up about what is going on in your workplace.
“But for many, taking those first steps and talking through what you are concerned about goes a long way to lifting that burden – it can offer a new perspective on what’s going on, as well as a renewed sense of clarity to the situation.”