A survey from global small business platform Xero has found New Zealand’s small business owners are currently facing more wellbeing challenges than Aotearoa’s general population.

However, Xero’s recently published The global state of small business owner wellbeing report, also found Kiwi small business owners are coping well compared to their counterparts overseas.

The report surveyed more than 4600 small business owners across New Zealand, Australia, Canada, Singapore, South Africa, the United Kingdom, and the United States.

Xero[AW1] has ensured employee assistance programme (EAP) services like the Xero Assistance Programme (XAP) are in place to support small business owners, employees and their families. The report also found a clear link between small business owners’ wellbeing and having a better understanding of the financial position they’re in.

During these uncertain economic times, it’s important for small business owners to take control of their finances and know exactly where their business stands so they’re better prepared for any challenges ahead.

What did the report find about Kiwi small businesses?

Across the seven countries surveyed from November 2022 to February 2023, New Zealand’s small business owners ranked third in overall wellbeing, behind Singapore and South Africa.

Kiwi small business owners also placed first for overall life satisfaction, with almost half of small business owners (49%) reporting feeling calm and relaxed most or all of the time.

When it came to financial distress, small business owners in New Zealand experienced the least of any country surveyed, with just 14% experiencing it most or all of the time and 28% claiming to never experience it.

The report suggests these findings may be a result of strong financial literacy within the Kiwi small business sector, or the possible strengthened relationships they have with their accountants and bookkeepers after navigating the challenges of Covid-19 together.

Xero says strong financial literacy and attitudes towards business finance is important during tough economic times, and it’s essential for small business owners to know their numbers so they can make more informed decisions.

What can Kiwi small business owners do?

There are a multitude of things small business owners can do to better know their numbers and strengthen their overall wellbeing.

Owners can invest in policies that encourage small business innovation, learning, and upskilling. Xero’s The Next Level guide, for example, identifies insights into how investment in wellbeing and technology can boost a business’ bottom line.

Training and guidance in addressing the root causes of employees’ mental health issues can also be beneficial. One resource Kiwi small business owners can use is The Check-In, a five-step series providing simple actions on how to introduce wellbeing into the workplace.

Small businesses should also look into counselling and peer support networks to help navigate their challenges. Support offered through XAP gives small business owners free access to confidential mental health counselling and resources.

It’s also important for small business owners to explore ways to achieve restedness to intentionally set business matters aside and boost mental wellness.

Wellbeing can directly impact the success of small businesses and owners’ roles as good employers. Maintaining a healthy cash flow, accessing vital accounting resources and being prepared for obstacles down the road can ensure solid wellbeing in the workplace, and secure a positive future for a business.

This content was sponsored by Xero. You can learn more about Xero’s digital tools by visiting the Xero website.