When you made the leap to start your own business, you likely considered the flexibility that supposedly goes along with ‘working for yourself’ to be among the best aspects of entrepreneurship. While the first few years of building a business often require a huge commitment of time and energy, and there will always be periods where you have to work hard to reach a goal. Over time, you should start to be able to take time off, even completely unplugged!
Most people look forward to vacations, but as a small business owner taking time off, you might have mixed feelings about being away from your business. If you’re finding that, a few years in, your business still requires your full attention, there may be other issues in play.
Wondering how to vacation when you own a business?
Invest in Your Business.
Many business owners get so caught up in the day-to-day tasks of working ‘in their business’, they often neglect to take a step back to work ‘on their business’, and wait too long to invest in the technology, staff, education, resources, and marketing initiatives that would have helped them grow well into the future. If this sounds like you, check out how to finance small business investments for long-term growth.
Increase Your Cash Reserves.
Cash flow always seems to be a problem. If you are unable to hire the people who will help you grow your business, or if you’re unable to invest in technology, equipment, or training that will allow you to be more productive and/or raise your rates, then now is a good time to dig into your potential cash flow issues. Having the ability to invest in the people, tools, or processes that will make your business more productive could free up your time for a much-needed vacation. If your business does not yet have a cash reserve of three to six months of expenses, you will want to focus on improving your small business cash flow rather quickly.
Delegate Your Work.
If your staff is not able to make decisions without your approval or if you are personally needed to be involved in all projects, you’re going to have an extremely difficult time trying to remove yourself from daily operations, even to take a few days off. Now’s the time to train a trusted employee to manage your daily tasks and even other employees. Start working on a plan that can remove you from the business temporarily or when necessary. This may be scary, but this could lead to new opportunities for you and your business in the future.
Now you can be a small business owner taking time off this summer! Be sure to subscribe to our e-mail newsletter for more small business tips from your friends at Franklin Savings Bank.