Small and Family Business Advancement
In a 2017 study of over 1000 small business owners by Bank of America, 41% of respondents reported that managing their business is their top personal stressor. Contributing operational stress factors can include:
- Inadequate sales, high debt load, and insufficient cash flow
- Stagnation, high level of uncertainty, and insufficient resources for proper development
- Issues with employees
- Issues with operation
In addition to the above, small business owners also experience other personal stress factors that include:
- Professional isolation and lack of support
- Blurred boundaries between home and family life
- Difficulty maintaining spousal and family relationships
- Health deterioration
- Concerns with personal finances
- Long hours of work – one survey from New York Enterprise Research Report found that small business owners worked twice as much as regular employees, with 33% reporting that they worked more than 50 hours per week and only 57% indicated that they took vacations. Of those that took vacations, 67% indicated that they would check in to work at least once a day.
Family-owned and/or family-run businesses often bring additional set issues such business versus personal relationship boundaries, breach, conflicts, succession, and others. A 2014 Deloitte survey reported that only 17% of Canadian family businesses have a clear succession plan. Less than 30% of family businesses survive into the 2nd generation. A 2016 research by National Bureau of Economic Research further shows that only 12% of family businesses make it through the 3rd generation and a mere 3% make it through the 4th generation.
Without a doubt, the pressure and stressors of launching and ensuring the continued viability of a small or family business can have a huge impact on the physical, psychological, and relational wellness of the business owner. This in turn will impact the owner’s ability to function and perform in their leadership role, and that would ultimately impact the business’ viability and on-going progress. Small and family business owners need access to not only business operation and development support but also appropriately tailored physical and psychological health support.
Insight’s experienced small business associates, therapists, and medical partner can support and work hand-in-hand with small business owners and managers to:
- Examine and address their business management, operation, growth, and sustainability concerns.
- Examine and address their human resource needs and concerns.
- Care for their as well as their employees’ physical and psychological wellness.