Two Out of Three Small Business Owners Planning Summer Break, According to The OPEN Small Business Network(SM) 2004 Semi-Annual Monitor from American Express

Fewer Entrepreneurs Worry About Running the Business While on Vacation

NEW YORK , May 27 /PRNewswire/ -- Most small business owners are planning to take time off this summer, and more will find themselves escaping the worries of doing business while they are away, according to the OPEN Small Business Network 2004 Semi-Annual Monitor from American Express.  In all, 66% of business owners say they are planning to take a break of at least a week this summer, about the same as in 2003.  Of these, 67% also anticipate grappling with business worries while traveling -- a drop from 73% last year. Despite fewer having concerns, 59% of vacationers will check in with their office at least once a day via telephone or e-mail.

Business owners in the Northeast are the most likely to plan at least a week off this summer (70%) followed by the West (69%) and the South (68%). The number falls to 55% among business owners in the North Central region.

Among business owners planning a break in the next few months, 36% say they will try to link vacations with business trips to save time and money -- an increase of 5% versus 2003. Vacationing business owners in the West are most likely to try to combine the two (49%), followed by the North Central (44%), Northeast (34%) and the South (26%).  Additionally, respondents with businesses in multiple locations are slightly more likely to try to mix leisure travel with business travel (42%), compared to their counterparts with a single establishment (35%).

Many Vacationing Entrepreneurs to Put Business Out of Their Minds

Similar to last year, the top concern among business owners with vacation plans this summer is that an important client or customer will not receive appropriate service (42%), followed by concerns about missing new business opportunities (28%), staff judgment calls (27%), equipment or operational breakdowns (24%) and who will manage the business while the owner is away (22%).

To deal with these concerns, most business owners say they plan to keep in touch with their offices while traveling.  Thirty-seven percent of vacationing business owners say they plan to check in by phone or e-mail just once a day; 22% plan to check in at least once every couple of hours and 18% plan to check in once every couple of days.  Interestingly, one in five (20%) business owners with vacation plans this summer say they do not plan to check in at all while they are away.

"For business owners, taking a vacation does not always mean getting away worry-free be cause many are rightfully concerned that their companies run smoothly in their absence," said Alice Bredin, small business advisor for OPEN: The Small Business Network from American Express.  "Careful planning and preparation can make it easier for hard-working entrepreneurs to more fully enjoy their vacations and help them return to work invigorated."

Vacation Plans Vary by Size of Business

According to the OPEN Small Business Network 2004 Semi-Annual Monitor, a greater number of company owners with less than $200,000 in annual revenues are planning to take at least one week of vacation this summer. Sixty-two percent (up from 56% in 2003) of smaller company owners plan to take at least a one-week vacation.  In 2004, 72% of larger company owners plan to do the same -- steady with 2003 results of 74%.

Despite the difference in vacation plans among businesses of various sizes, business owners share similar concerns about their companies while away.  For companies with more than $200,000 in annual revenue, the proper servicing of important clients rose this year from third to first as a top concern (41%).  This remains the top business concern (44%) among owners of smaller companies who plan to travel this summer.

Compared to their larger counterparts, more small companies say they worry about missed business opportunities while traveling (35%, versus 21% of larger companies).  In addition, larger companies expressed significantly stronger concerns about staff judgment calls (34%, versus 19% of smaller companies), and greater concerns about operational breakdowns (30%, versus 14% of smaller companies).

Make Vacationing Easier, or Plan Vacation Alternatives

Since many business owners find it difficult to put their minds at ease while spending a significant amount of time away, Alice Bredin, the OPEN Network's Small Business Advisor, offers tips to business owners that may lead to a more relaxing vacation:

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, consider vacationing during the off-season.

Budget Your Workload

Once you decide how long you will be away, figure out what needs to be done before you leave, and build this extra work into the days or weeks leading up to your vacation.  By leaving with a "clean plate," you can reduce your anxiety about leaving the office and give yourself a greater chance of relaxing.

Do Worst-Case Planning

Come up with a list of possible scenarios on current projects, and brief internal staff or colleagues. What are the chief concerns for each client? What is the worst thing that can happen with each account? This kind of planning means that clients will be speaking with someone who understands their concerns should a problem arise.

Brief Key Clients or Customers

Do not let your lengthy absence come as a surprise to clients. Give them some notice about your absence -- a minimum of two to three weeks.  Identify your stand-ins, and communicate your confidence in the ability of staff or a stand-in to help your clients should a problem arise.  It is important that your clients feel comfortable with the arrangements you have made.

"If a traditional vacation is out of the question it is still important for business owners to re ward themselves this summer," adds Bredin, who suggests these alternatives for business owners who find it too difficult to get away:

Learn Something New

For business owners who are not comfortable taking off for an extended period, enrolling in continuing education courses can be a low-cost and effective way to break the monotony of work. Giving your mind something new to learn will occupy it fully, leaving it little energy to wander back to the office. Focus on activities that require participation, like cooking, repair work, or sailing.

Become a Tourist in Your Hometown

Look into the exhibits that are currently showing at your local museum. Invite a friend or loved one for an afternoon tour, and then visit an historic landmark or treat yourself to a massage. You could also check into a local hotel to enjoy a peaceful night away from ringing phones and household chores.

Take A Day Trip

Looking for a quick way to recharge?  Get out of town for just a day, says Bredin.  A quick escape with a change of scenery can do wonders.  Plus, you will think twice about sneaking back to the office if it requires you to drive for a couple of hours to get there.

For more tips on planning vacations, business owners can visit http://www.open.americanexpress.com, and click on the "Inform Your Decisions" link.

Survey Methodology

The OPEN Small Business Network Semi-Annual Monitor, released each April and October, is based on a nationally representative sample of 732 small business owners/managers of companies with fewer than 100 employees. The survey was conducted via telephone by International Communications Research (ICR) from March 8 - March 19, 2004 . The poll has a margin of error of +/- 3.62%.

About OPEN: The Small Business Network from American Express

OPEN: The Small Business Network is a division of American Express that offers small business owners a wide range of tools, services and savings designed to meet their evolving needs, including charge and credit cards, convenient access to working capital and credit in formation, enhanced online account management capabilities and savings on business ser vices from an expanded lineup of partners. To obtain more information about the OPEN Network, visit http://OPEN.americanexpress.com or call 1-800-NOW-OPEN to apply for a card or loan.

American Express Company is a diversified worldwide travel, financial and network services company founded in 1850. It is a world leader in charge and credit cards, Travelers Cheques, travel, financial planning, business services, insurance and international banking. For more information about American Express, visit http://www.americanexpress.com.

SOURCE  American Express
CO:  American Express
ST:   New York
SU:  SVY
Web site:  http://www.americanexpress.com