Most Business Owners Plan for R&R This Summer
Most likely to take time off this summer are business owners in the Northeast (70%), followed by the West (69%), the South (68%) and the North Central region (55%). Also, 62% of company owners with less than $200,000 in annual revenue plan to take at least a one-week vacation this year and 72% of larger company owners plan to do the same, according to a survey conducted by American Express’ OPEN Small Business Network.
While the majority of business owners are scheduling time off, 67% also anticipate grappling with business worries whiletraveling. Even though a majority will be checking in while away in 2004, this year’s number is down from the 73% with similar plans last year.
Of those that plan to check in, 37% percent of vacationing business owners plan to check in by phone or e-mail 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. Conversely, 20% say they do not plan to check in at all.
The chief concern among traveling entrepreneurs:
- an important client or customer will not receive appropriate service (42%);
- missing new business opportunities (28%);
- staff judgment calls (27%);
- equipment or operational breakdowns (24%);
- who will manage the business while the owner is away (22%).
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.
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