Article provided by Mastercard
As the year comes to a close, small business owners often face a dual challenge: battling burnout and safeguarding against rising cybersecurity threats. Burnout—characterised by chronic physical and emotional exhaustion can strike after months of relentless effort to keep their businesses thriving.
According to a study by the Harvard Business Review, 25% of entrepreneurs experience moderate burnout, and a troubling 3% report severe burnout. Compared to the broader workforce, where only 11% report similar levels of burnout, these figures are a stark reminder of the mental and emotional toll that entrepreneurship can take.
In times of burnout, small business owners are especially vulnerable. The mental strain not only affects personal well-being but also impacts their ability to protect their businesses from external threats—particularly cyberattacks. Small businesses with limited resources and lean security infrastructures are prime targets for cybercriminals. Addressing burnout, while simultaneously shoring up cybersecurity, is crucial to maintaining long-term success.
Here are five essential strategies to help small business owners support their mental well-being as well as safeguard their business from cyber threats:
1. Prioritise self-care
It is easy to overlook self-care when managing a business, but it is critical. Taking time to recharge can dramatically improve focus and productivity, allowing business owners to return with a fresh perspective. Making self-care a priority isn’t just about relaxation—it’s about ensuring sustainable success.
2. Delegate effectively
No business owner can do it all. Delegating tasks, whether by hiring staff, outsourcing, or simply asking for help, can reduce stress and free up time to focus on key business areas. Offloading tasks to trusted employees or freelancers can also reduce decision fatigue, a common symptom of burnout.
3. Conduct regular business health checks
Just as self-care is important, so is ensuring the health of your business. Regularly assessing business performance, especially cybersecurity measures, ensures that your business is protected. Implementing strong cybersecurity tools can significantly reduce the risk of cyberattacks. Solutions like the Mastercard Trust Centre offer small businesses free vital resources—providing access to cybersecurity education, research, and tools to protect business-critical assets.
4. Build a support network
Running a small business can be isolating, making it important to connect with others. Joining a local business group, finding a mentor, or simply talking to friends and family can provide the much-needed emotional and professional support. Additionally, consulting financial service providers can help business owners track finances and make informed decisions.
5. Focus on what you love
Rediscovering the passion that drove you to start your business can be a powerful antidote to burnout. Reconnecting with the aspects of your business that you love most can reignite your energy and reduce stress. Whether it’s product development, customer interaction, or innovation—investing time in what brings you joy can help balance the demands of entrepreneurship.
As we approach the year’s end, burnout is a reality for many small business owners. However, this is also a crucial time to focus on self-care and cybersecurity, ensuring both personal well-being and the health of the business. By taking proactive steps to address burnout and protect against cyber threats, small business can not only survive but thrive in the new year.
Disclaimer: Mastercard is not an authorized Financial Service Provider (FSP). Therefore, the information provided in this communication does not constitute advice. It is important to note that the use or reliance on this information is done at your own risk. Prior to making any investment decision, it is strongly recommended that you consult with your Financial Adviser.
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