Two
Out of Three Small Business Owners Planning Summer Break,
According to the OPEN From American Express(SM) 2005 Semi-Annual
Monitor
One-Third Say They Try to Link Business with Pleasure to Save Time and Money;
Vacation Does Not Mean Getting Away 'Worry-Free' for Many
NEW YORK, May 19 /PRNewswire/ -- Most small business owners are planning
to take time off this summer, and fewer will act on the urge to check in with
their business while they are away, according to the OPEN from American
Express 2005 Semi-Annual Monitor. In all, 67% of business owners expect to
take a break of at least a week this summer, about the same as reported in
2003 and 2004. However, the number of respondents who intend to check in with
their business at least once a day dropped to 51%, down from 57% in 2004.
Business owners in the North Central states are the most likely to plan at
least one week off this summer (74%), followed by the West (68%) and the South
(65%). The number falls to 62% among business owners in the Northeast.
Among business owners planning a break in the next few months, 33% will
try to link vacations with business trips to save time and money. Vacationing
business owners in the West are much more likely (44%) to try to mix business
with pleasure, while the Northeast reports the fewest respondents (25%)
planning to combine the two. Thirty-two percent of business owners in the
South plan to combine business and vacation trips, followed by 31% of
respondents in the North Central states.
Business Anxieties -- Including Security -- Linger, though Fewer Plan to
Stay Informed While Away
Even while planning a relaxing vacation, respondents say that business
concerns continue to weigh on their minds. Of those with vacation plans, 42%
are concerned that an important client or customer will not receive an
appropriate level of service. Security of their business facilities is a
growing concern -- 18% say they worry about security issues while away on
vacation, up from 12% in 2004, and 8% from 2003. Other causes of vacation
anxiety include missing an important new business opportunity while away
(31%); staff judgment calls (28%); and equipment or operational breakdown
(24%). Twenty-three percent of respondents worry about who will manage the
business in their absence.
To help cure vacation anxieties, business owners try to stay in touch with
their firms while they are traveling. A total of fifty-one percent of
vacationers plan to check in at least once a day: Thirty-three percent plan to
check in by phone or e-mail just once a day, while 18% say they will check in
several times a day -- down from 24% in 2004. Another 14% of respondents will
opt for a more hands-off approach to running a business while on vacation by
checking into the office only once every couple of days, slightly down from
last year.
"The message is clear but not especially surprising, given the level of
dedication required to run a business: Taking a vacation does not necessarily
mean getting away worry-free for many business owners," said Alice Bredin,
small business advisor for OPEN from American Express. "However, 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."
Interestingly, the number of respondents planning not to check in has
increased to 27%, up from 22% last year.
Vacation Plans and Concerns Vary Greatly by Size of Business
According to the OPEN(SM) 2005 Semi-Annual Monitor, business owners who
generate more than $200,000 in annual revenue are much more likely to treat
themselves to at least one week of vacation this summer. According to the
survey, 74% of respondents in the $200,000+ category will take a week off,
versus 60% of respondents who generate less than $200,000 in annual revenue.
Compared to their larger counterparts, however, more small companies say
they worry about missed business opportunities while traveling (37%, versus
26% of larger companies). Concerns about facility security are also stronger
among owners of smaller companies -- 23%, versus 16% of their larger
counterparts.
Despite the differences in vacation plans and concerns, business owners
from companies of all sizes voice similar concerns about their firms while
away. Among companies of all revenue levels, the proper servicing of
important clients is the top concern (51% of smaller businesses and 39% of
larger businesses).
Make Vacationing Easier, or Plan Vacation Alternatives
While it can be difficult to avoid thinking about work while on vacation,
Alice Bredin, the OPEN small business advisor, offers tips to help business
owners find peace of mind while away:
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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.
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Do Worst-Case Planning: 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 ensure that clients will be speaking
with someone who understands their concerns should a problem arise.
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Brief Key Clients or Customers: Do not let your lengthy absence come as
a surprise to clients. When possible, give them a minimum of two to three
weeks' notice. 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. Also consider letting clients know where they can reach you when a
genuine emergency arises. It is important that your clients feel comfortable
with the arrangements you have made.
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"If a traditional vacation is out of the question, it is still important
for business owners to reward themselves this summer," adds Bredin, who
suggests these alternatives for business owners who find it too difficult to
get away:
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Learn Something New: If you cannot take off for an extended period,
consider enrolling in a continuing education course as a low-cost and
effective way to break from a work routine. 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.
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Become a Tourist in Your Hometown: Look into the exhibits that are
currently showing at a local museum. Invite a friend or loved one for an
afternoon tour, and then visit an historic landmark or treat yourself to a
massage.
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Take A Day Trip: For a quick recharge, get out of town for just a day.
A brief escape with a change of scenery can do wonders, says Bredin. 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.
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Survey Methodology
The OPEN from American Express Semi-Annual Monitor, released each spring
and fall, is based on a nationally representative sample of 627 small business
owners/managers of companies with fewer than 100 employees. The survey was
conducted via telephone by International Communications Research (ICR) from
February 9-February 22, 2005. The poll has a margin of error of +3.9%.
About OPEN from American Express
OPEN is the dedicated team at American Express that provides small
business owners access to an enhanced set of products, tools, services and
savings designed to help meet their evolving needs, 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. To obtain more information about OPEN, visit
http://OPEN.americanexpress.com , or call 1-800-NOW-OPEN to apply for a card
or loan. Terms and conditions apply.
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.
SOURCE
American Express
Web Site: http://www.americanexpress.com
http://OPEN.americanexpress.com
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