Small Business Owners at Breaking Point as Failures Hit Record High

The harsh reality for business owners

Business owners across the country are battling rising costs, economic uncertainty and increasing financial pressures, which are taking a heavy toll on their well-being. According to Fahey:

• Many business owners are not coping and making poor decisions under stress.
• The pressure is spilling into their personal lives affecting relationships, marriages and families.
• The mental and emotional strain is leading some to destructive coping mechanisms such as alcohol, gambling and reckless business choices.

Personal and professional devastation

“The financial crisis is not just destroying businesses, it’s tearing families apart,” Fahey said.

“I’m seeing highly capable business owners crumble under the pressure, leading to poor decision- making, broken relationships and in some cases, total burnout and destruction. The stress is overwhelming, and many are suffering in silence.”

How business owners can cope

To navigate this difficult period, Fahey urges business owners to take proactive steps to manage stress and avoid making emotionally driven mistakes. His key advice includes:

• Find someone to talk to: Keeping struggles to yourself only amplifies the problem. Seek out a mentor, coach or trusted confidant.
• Don’t wait for things to improve on their own: Hope is not a productive strategy. Many business owners hold on, hoping for a turnaround, but this can lead to deeper financial and emotional turmoil.
• Get support to process your challenges: Having a structured support system can help you make clearer, more strategic decisions and prevent emotional reactions that could worsen the situation.
• Avoid destructive coping mechanisms: Turning to alcohol, gambling or other vices under stress can compound the crisis rather than solve it.

You are not alone

“Too many business owners believe they have to deal with everything alone,” Fahey said.

“But trying to navigate extreme stress without support is a dangerous path. Having someone to confide in and utilise as a strategic sounding board can be the difference between survival and collapse.”