The MYOB Business Happiness Index, conducted by business management solutions company MYOB, found that 84 percent of Australian business owners are currently either happy or very happy with their business.
The strength of the Australian economy depends on happy business owners who are committed to their business and will push forward through thick and thin, according to MYOB CEO Tim Reed.
“These very positive results clearly show the true spirit of Australian business owners when you think that less than 12 months ago we were in the grip of a global economic crisis. Our economy was one of the few to remain out of recession and I have no doubt that the positive and passionate attitude of our business owners revealed by the MYOB Business Happiness Index would have played a significant role in that achievement,” Mr Reed said.
The Index also found that micro business owners were the least happy, with 20 percent reporting that they were quite or very unhappy. This result was six percent more than any other type of businesses.
The fact that micro businesses are only employing up to four people and are usually just starting out means that it is often quite a stressful environment, says Mr Reed.
“It’s interesting that micro business owners reported the highest level of unhappiness. Our experience is that businesses in this category tend to be the ones most impacted by growing pains,” Mr Reed commented.
“They have just brought on employees and are dealing with the legal complexities and red tape burden that comes with being an employer, but don’t yet have the scale to have specialist resources in their business.”
This result corresponds to other Index findings that indicated that having happy customers, the flexibility of hours and location, and being themselves or having the flexibility to have their own style has the most impact on business owners loving their work.