Isolation impacts SME owners’ well-being and performance

Research from Axa UK has found that 48% of business owners find it hard to know who to speak to about business troubles, leaving 44% of the 500 SME owners questioned believing they are unable to do the best job for both them and their staff.

The research highlighted the cost-of-living crisis (45%), finding new customers (37%) and inflation (35%) as major causes of stress for SME owners.

Axa released the research findings as it announced the winners of its Start Up Angel Competition, which seeks to support small businesses.

Claudio Gienal, CEO of Axa UK and Ireland, 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.”

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