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Mental health challenges triggered by the pandemic are weighing on business owners across Canada, according to a survey of 500 business owners and leaders the Business Development Bank of Canada conducted in late summer. While the majority of respondents said they were coping well with the impacts of the pandemic, the research offers a look at what’s stressing Canadian entrepreneurs out, and what they’re doing to cope. Here are the key findings.

Mental health is worse among women and minorities: Fifty-one per cent of women said they felt depressed, compared to 39 per cent of total respondents who said they felt depressed at least once a week. Forty per cent of women and 48 per cent of visible minorities reported that mental health challenges interfered with their ability to work. Business owners who still weren’t reoperating felt the biggest impact: 75 per cent said they felt depressed and 57 per cent said their mental health weighed on their ability to work.

The financial recession is entrepreneurs’ biggest stressor: Fifty-eight per cent of respondents said they were worried about the recession, while 53 per cent said cash flow was a source of stress, and 41 per cent said they were worried about work-life balance. 

Generating revenue remains the biggest concern for business owners: Forty-three per cent of respondents worried about turning a profit and 40 per cent were concerned about being able to cover expenses. Thirty percent of respondents reported worrying about having enough demand to sell their products and services, and 27 per cent worried about understanding which government programs were available to them. 

Taking time out may help: Forty-seven per cent found taking time out or going for a walk was helpful, and 41 per cent used regular exercise as a coping strategy. Twenty-nine per cent said talking to someone helped them cope, while 24 per cent found relief in vacation.