Small Business Vacations
Over half of small business owners are planning summer vacation, while continuing to work.
According to American Express OPEN(SM) 2006 Semi-Annual Monitor, 67% of small business plan to work while 54% are intent to continue working while on vacation.
46% of small business owners cite concern that a vital client or customer will receive inadequate service during their absence.
31% worry about missing an important new business opportunity while away.
26% say their judgment (decision making) may be needed.
21% are concerned over who will manage the business in their absence.
According to OPEN, vacation plans and concerns vary by region, gender and size of the business:
31% of small business owners say they will mix business with pleasure to save time and money, with smaller firms more likely to combine business and pleasure than those that generate more than $200,000.
Business owners in the West are much more likely to take a week-long break than their counterparts in the North Central states (73% versus 56%). More women (72%) than men (64%) will do the same.
Owners of firms that generate greater than $200,000 in annual revenue are more likely to treat themselves to at least one week of vacation this summer (70%), versus those whose businesses generate less than $200,000 in annual revenue (64%).
Tips for small business owners going on vacation (from American Express' small business advisor to OPEN):
Notify key clients or customers, and identify your stand-ins, and communicate your confidence in their ability to help clients should a problem arise. Also consider letting clients know how they can reach you when a genuine emergency arises. It is important that they feel tended to while you are away.
Prepare for the 'worst case scenario'. Create a list of possible scenarios on current projects, and brief internal staff or colleagues. What are the chief concerns for each client? Advance planning can help ensure that clients will be speaking with someone who understands their concerns should a problem arise.
Schedule Breaks During Business Downtimes: Consider planning some time away this summer when your business may be slowest ? or the least hectic. If your business is seasonal, try vacationing during the off-season.
The OPEN from American Express Semi-Annual Monitor, released each spring and fall, is based on a nationally representative sample of 618 small business owners/managers of companies with fewer than 100 employees. The survey was conducted via telephone by International Communications Research (ICR) from April 4-21, 2006. The poll has a margin of error of +3.9%.
OPEN(SM) is the American Express team dedicated exclusively to the success of small business owners and their companies. OPEN supports business owners with unparalleled service. With tailored products and services, the team delivers purchasing power, flexibility, control and rewards to help customers run their business. Specifically, business owner customers can leverage an enhanced set of products, tools, services and savings, including charge and credit cards, convenient access to working capital, robust online account management capabilities and savings on business services from an expanded lineup of partners.
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