UK small business owners are battling the cost of living crisis as well as mental health struggles.

Research has found that more than half of small business owners are not discussing how inflation is affecting their business with anyone.

In fact, the British Bank found that 41% of business owners said rising inflation is the main threat to their company, closely followed by a decline in customer spending and soaring energy costs. However, the cost of living crisis is taking its toll on small business owners themselves. 26% of them said that worrying about the cost of living had affected their mental health.

As well as this, HSBC found that over half of small business owners do not want to discuss these threats with anyone - including friends and family. Additionally, more than two thirds have not spoken to their bank about the situation and 29% have used their personal savings to keep their business afloat. Over half have researched solutions online rather than talking to someone.

Business debt and insolvency expert Jonathan Cooper of The Directors Helpline said business owners need support now more than ever.

"Most businesses are still recovering from the effects of Covid lockdowns and repaying any debts. However, they are now facing various challenges which are hindering their recovery."

"You are not alone! I would strongly recommend these small business owners to open up about their problems, be it finances, concerns, or mental health struggles. If your business finances are under pressure, speaking to your bank can help or an experienced, trusted firm for free advice - such as The Directors Helpline."

However, many small businesses remain resilient and optimistic. HSBC found that 65% expect their business to survive the next 6 months, and more than 1 in 3 predict their profits will jump next year.

You can find mental health support or more about The Directors Helpline here.

Article by The National News