The fact is small businesses are being failed. They face blow after blow with increasing energy prices, rocketing inflation, disruption and delay to supply lines and international trade creating catastrophic consequences on revenue. On top of all this, they can’t get the staff. The crippling skills shortage affects businesses across the board but smaller firms are often not in the financial position to promise higher salaries or perks that giant corporations can lure applicants with. At the same small business owners are facing pressure from supplier price increases, squeezed margins and lower income, the cost of living rising.

Likewise, small businesses lose out again when it comes to accessing capital, unable to borrow what and when they need or exercise the capacity to take risks in the way that large corporations can. With this cloud of pressures forming over small businesses, it is little wonder that there is a huge toll on the mental health of owners and their teams.

Recent YouGov and Moblox research reveals that 65% of small business owners say the pandemic has had a negative impact on them and their teams’ mental health, while 44% say Brexit has done the same. These damning statistics reflect the crisis that our small business owners currently face and shed a bright light on the challenges facing small businesses across Britain.

Small businesses are the beating heart of the British economy. Innovation, creativity and entrepreneurship are forged in small businesses which drive the economy forward. They create 60% of UK private sector employment so when they succeed, the whole nation benefits. It’s a no-brainer that the urgent SOS calls from small businesses must be met sooner rather than later in order to secure a prosperous future for Britain.

For the time being though, survival is the watchword for many business owners and a full economic recovery still remains a pipedream. Small businesses must be supported in this transition period to get back on their feet and return to some semblance of normality.

So what can be done? Embracing technology is an important first step. Digital tools can make businesses run more efficiently, saving time and money which is crucial for improving profitability and easing the pressure off staff. According to our research, during the pandemic only a third (33%) of UK small businesses invested in technology such as tools to help with accounting, HR, communication, video calling software apps and online platforms. This shows the potential for the remaining two thirds to quickly improve their situation by automating processes. For example, look at how you can reduce time spent on bank statements or transferring data from one spreadsheet to another to make life easier. 

Whilst spending on new tech can seem like a dangerous game when times are tough, careful and considered investment in tools can make life so much easier and help your business reach new customer bases – increasing sales and profits.

Too many small businesses undertake tasks which are demoralising and repetitive which could be automated. This is actually quite damaging to our mental health in the long run, firstly, because it detracts from you and your team’s sense of purpose and enthusiasm and secondly, because it’s a time waster meaning stress builds up as everyone has less capacity for the important things.

With the right tech and tools, you can reinspire yourself and your team by freeing up everyone’s time to do the job that they care about. Streamlining these administrative tasks using existing technology can free up time to focus on the areas of your business that matter most to you. 

Whilst current challenges can seem overwhelming at times, don’t bury your head in the sand. If something isn’t working in your business, ask your friends and family for their opinions and where you could improve. They may spot something you hadn't before or may have a brilliant idea.

Running a small business is no walk in the park at the best of times but when stresses and anxieties escalate it can get even harder to think your way out of a difficult position. Reaching out for support, streamlining your workflow and engaging with small business communities can make all the difference to help you and your team thrive.