Originally written by Timothy Adler on Small Business
One in 10 small business owners in Britain are considering suicide, according to their accountants, in their latest snapshot of SMEs.
Eleven per cent of small business owners are thinking of ending it all, overwhelmed by the coronavirus pandemic, while 78 per cent of SME owners have worse mental health, according to research from chartered accountants’ group ACCA and The Corporate Finance Network (CFN).
And 89 per cent of accountants say that their small business clients are generally under more stress.
>See also: Nearly half of small businesses do not intend to repay government loans
The ACCA survey shows how the coronavirus pandemic has affected small business owners’ mental health, driving many of them to consider suicide. On top of spiralling debt and a cratered economy, many independent retailers have the prospect of the next quarter day commercial property rental payment looming on June 24, despite their shops not having been open for the past three months.
Thousands of small businesses say they are firefighting immediate concerns such as cashflow pressures and resuming operations safely ahead of lockdown lift.
The biggest three fears of small businesses, according to their accountants, are being able to manage cashflow pressures, implementing social