Nearly half of small business owners struggle to know who they can confide in about their business troubles and stress, according to a survey.
Two-thirds, of 500 SME owners polled, do not want to worry their family and friends by attempting to talk to them about the stress they are under.
And while one in three (34 per cent) are very open with employees on their payroll about potential issues the business could face, 44 per cent feel they are unable to do the best possible job for themselves and their staff, due to having nobody to talk to.
The top causes of stress for SME owners include the cost-of-living crisis (45 per cent), finding new customers (37 per cent), and inflation (35 per cent).
Claudio Gienal, chief executive officer for AXA UK and Ireland, which commissioned the research, 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.
“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.”
However, it is a different picture when communicating with members of staff, as 38 per cent with employees on the payroll will reveal at least a selected amount of information relating to the problems which they could face.
When it comes to their staff wellbeing, more than half (55 per cent) said they genuinely care about their staff – and 44 per cent are striving to create a positive work culture.
In fact, 40 per cent take an active interest to strengthen the relationship between them and their staff, with 36% believing this is important for staff retention.
And two-thirds will check in on their team's wellbeing up to three times on a weekly basis.
As well as this, 66 per cent also said they believe small businesses are better at reacting to the concerns of their staff.
This is because they are considered to be more in tune with their employees (63 per cent), have fewer formal processes in place (50 per cent), and management is more accessible (49 per cent).
As a result, 65 per cent of those polled, via OnePoll, feel confident managing people who are struggling with their mental health.
The research comes in the same week that six small to medium business owners won AXA’s Startup Angel Competition – aimed at celebrating some of the country’s next generation of entrepreneurs.
Muihood, a skincare brand rooted in traditional Chinese medicine, and Team Repair, a sustainable subscription service which teaches children science and technology, each won £25,000 and mentorship from some of Britain's best business owners, as well as 12 months of business insurance.
And four other businesses won digital advertising campaigns.
Charlotte Yau, founder and owner of Muihood, said: “Since launching my own brand over two years ago, I've learned that putting my health and wellbeing first is crucial for maintaining happiness and perspective.
“Running a business is a marathon, and sprinting can only get you so far until you feel the effects mentally and physically.
“Looking after your mental health will help you gain perspective on what really matters, and also give you the energy to keep going and not feel resentful in the job.
“If you never allow yourself to rest, hard work will always feel like punishment.
“Being the boss is really hard and will consume a lot of your headspace, so having a healthy disconnect to pause and reflect on the bigger picture is so important.”
Claudio Gienal, CEO for AXA UK and Ireland, added: “To thrive in business, it is so important to have open and honest relationships – and it is fantastic to learn many are doing their utmost to harness positivity in their workplace.
“Many SME owners really recognise the importance of wellbeing, and are doing everything in their power to create a space where members of staff feel comfortable talking about their concerns.
“Yet, they mustn’t forget to also look after themselves as well, particularly if they are going through tough times.
“We want to give our customers the confidence to thrive, so we’re pleased to see so many businesses feeling optimistic about what lies ahead.
“As we look to a positive future for SME owners, I’m delighted to congratulate the winners of AXA’s Startup Angel Competition, who will each receive significant support to help their innovative business succeed.”
