Growth, inflation and labour market all easing
New NAB data reveals key factors for the wellbeing of small business owners.
NAB has today released its latest Australian Wellbeing report, which for the first time explores how owning or running a small business impacts wellbeing.
Small business owners scored their wellbeing much higher than the Australian average – with their happiness, sense of life worth and life satisfaction all significantly greater, but anxiety levels only slightly better.
Overall, business owners and managers scored their wellbeing 72.3 points, higher than the average Australian (64.2).
Some of the most common reasons cited as positives for wellbeing included ‘work/life balance’ and ‘sense of achievement’. Previous NAB research has shown that customer satisfaction matters most for Australian SMEs, with 34 per cent ranking ‘seeing a customer’s smile’ as the most important business moment.
NAB Customer Executive Small Business, Leigh O’Neill says that while we hear from customers that factors such as uncertainty with cash flow and not having enough time to get everything done contributed to stress and anxiety, customer satisfaction and the sense of achievement is a significant contributor to the wellbeing of small business owners.
“While sales and profits are important for Australian SMEs, it is clear that their customers are why thousands of small business owners around the country get up and do what they do,” Ms O’Neill said.
“Despite intense workloads and pressures on all fronts, business owners are energised and motivated by their customers to succeed.
“Small business owners can often be consumed by simply running their businesses and it can be easy for them to lose sight of their health and wellbeing.
“In 2018 our bankers took part in a training program to better support our customers and to help them understand the important role they can play in starting the conversation about small business mental health and wellbeing.”
Overall the survey shows that wellbeing fell for the second consecutive quarter, with the NAB Australian Wellbeing Index falling to 64.2 points in Q4, down from 64.6 in Q3 and slightly below its long-term average level (64.4).
Learn more in our report and media release below:
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