Benefits June 28, 2004

Most Business Owners Plan for R&R This Summer

June 28, 2004 (PLANSPONSOR.com) - Sixty-six percent of business owners plan to get away this summer, even if they do not plan to get away from it all.
Reported by

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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