Australian small businesses faced billions of dollars in unexpected costs in the past year, impacting the mental health of the majority of owners.
In new CommBank research, 52 percent of Australian small and medium-sized businesses owners and senior managers reported their mental health had been impacted in the past 12 months by the economic climate.
CBA Executive General Manager Small Business Banking Rebecca Warren said the research revealed nearly two thirds (65 percent) of surveyed businesses had to deal with unexpected expenses over the past year, totalling $7.3 billion in costs they didn’t see coming.
She said the most common areas of unexpected expenses were equipment repairs and replacements (48 percent), higher supplier costs (33 percent) and increased utilities costs (32 percent).
“On average, small to medium businesses have had to pay around $4300 in unexpected expenses,” Ms Warren said .
“Running a small business is hard yakka and right now, it’s tough. Rising costs of doing business and unexpected expenses can have a big impact when money is already tight.”
Ms Warren said CBA was launching a partnership with Smiling Mind, a not-for-profit mental health organisation focused on building mental fitness skills, to provide small business owners with access to mental wellbeing programs, tools and preventative strategies.
She said the Smiling Mind mental fitness program was specifically designed to promote mental wellbeing with a focus on businesses.
“It will be available in the Smiling Mind app from next month and will be accessible by anyone.”
Smiling Mind’s CEO Sarah La Roche said the app would provide Australian business owners, leaders and employees with practical support.
“These resources will be available anytime, anywhere, with no barriers to access.”
