The pandemic COVID 19 had severe effects on the mental and physical health of the people. At the same time, it also had a devastating effect on small businesses that were operating all over the world. The worst was, several of the hundreds and thousands of businesses have shut down due to the pandemic.
Market surveys also share that most of the small business owners are exhausted because of the pandemic and the new business challenges that they have been facing due to it. The entrepreneurs have said that they are actually feeling the impact of the business on themselves as they are facing several challenges in maintaining the work-life balance.
Such burnout is likely as compared to the other challenges faced by small and medium businesses. The current omnichron surge, an inclined number of resignations, and market inflations are also making the lives of small business owners difficult.
These professionals are facing a lot of burnout due to unexceptionally increasing workloads and deadlines that are becoming harder to achieve. The World Health Organization says that such burnout is due to chronic stress, which is not managed successfully. Such burnout can cause challenges in the work environment and can also lead to immense crises. The worst part is, most of the small business houses today have fewer employees, and this leads to a lot of challenges for the small business owners.
Survey Results from Major Capital One
The survey results revealed some shocking insights such as:
42% of the small business owners have said that they are facing heavy burnout. It was also found that burnout was affecting the nation’s monitory situations. Almost 62 % of small business owners have said that they have recently experienced burnout and mental exhaustion.
It was also revealed that almost 52% of the small business owners had not taken any vacations, which have made them mentally exhausted. Also, most of them have been working for long hours to save their businesses.
Almost 50% of the small business owners have also reported that running a business at the time of the pandemic had a negative impact on their mental health and wellbeing. Many of them have reported that they did not have enough sleep.
How did this Survey took place?
Capital One conducted this business survey in the United States for small business owners. These small businesses had revenues of less than $20 million. Almost 1000 small business owners participated in this initiative.
Some Positive Thoughts for the Future
It is important that small business owners remain optimistic. The zeal was observed in most of the businesses as the survey revealed that 63% of the small business owners expect that their work-life balance will improve over the next six months. At the same time, most business owners believe that the business conditions will improve in the near future.
Advise for the Small Business Owners
Small business owners are usually committed and passionate about their work. The difficult market conditions have made them work outgoing the extra mile and work for long hours. This led them to burn out to the levels they had never expected before, and they didn’t even notice them.
The best way to identify these burnout signs is to go for the small clues such as the presence of negative thoughts, less willingness to go to work, and even anger and outburst to the family members.
Therefore, small business owners are advised that they must spend some time relaxing. They must make priorities for their work items and plan them accordingly. A positive thought process will eventually help them through these difficult times.