Small Business Owners Struggling Post Pandemic

After two years of rolling lockdowns and business restrictions, the pandemic has had a significant impact on small business owners. Half (50 per cent) report difficulty coping with mental health challenges, says a report by (CFIB) and Nexim Canada (PrimaSure). ‘Near the Breaking Point: Mental Health in Small Business’ sheds light on the reality of small business owners' pressures during the pandemic, including managing their employees' mental health needs, staffing issues, reduced consumer spending, paying bills, and growing debt. "Owning and operating a business can be a very challenging and exhausting job. Business owners who are still struggling to reopen fully or return to normal revenues tend to be closest to burning out," says Corinne Pohlmann, senior vice-president of national affairs at CFIB. "In addition, business owners are struggling to take care of themselves while looking after their staff. There are limited mental health and wellness programs and initiatives aimed at smaller businesses, making it harder for them to access resources that might help." CFIB's results show 66 per cent of small business owners are close to burning out. But it is not just employers who are reeling from the pandemic. Mental health concerns have also increased for employees over the course of the pandemic, with more employers aware that some of their employees are facing mental health issues in 2022 than in 2020 (54 per cent and 35 per cent, respectively). The organization is calling on the government and mental health sector to share expertise, reduce red tape, and improve access to online tools for small businesses.