As summer kicks into high gear, many Canadians are packing their suitcases and heading off on vacation. But a recent Expedia.ca survey found that over half (55 per cent) of Canadians consider themselves “vacation deprived.” This is often the case for business owners, many of whom don’t feel they can take time off because of the sheer amount of responsibility on their shoulders.
The health and productivity benefits of taking a break, however, cannot be denied. Vacation time is important for preventing burnout and reconnecting with family and friends. The good news is that with a bit of planning, you can position your business to not only withstand a few weeks without you, but actually be better off in the long term.
Here are some tips on how you can take a much-needed break without hurting your bottom line.
12 months in advance: Tax planning
Strategic tax planning might not be something you associate with summer vacation, but putting a plan in place early on so that you’re only paying the tax you need to pay, and not more, will put your business in a strong financial position for years to come.
Many business owners are paying more than they need to without realizing it, so getting rid of that unnecessary cost can give you the financial freedom you need to be able to close the business for a few days a year, or hire the help you need to take over so you can get away.
8 weeks in advance: Delegating tasks
Putting someone else in charge of running your business requires a great deal of trust, but it can empower your team and strengthen your business in the long term.
If possible, start preparing your team to take on your responsibilities several weeks before you go away. This gives them plenty of time to ask questions. You can also leave written instructions on how to manage certain situations.
4 weeks in advance: Minimizing client impact
Making sure clients are happy is one of the principal concerns of any business owner. That’s why it’s important to have a strategy in place before you leave on vacation.
That can include giving clients advance notice before you go and letting them know who they can contact if something comes up while you’re away. It can also mean scheduling your vacation for the slowest part of the year, when it’s likely to have less of an impact on clients.
1 week in advance: Preserving your sanity
If possible, block off your calendar for the first couple of days after you return. This will give you time to catch up on what you missed and take care of any urgent business without unnecessary disruptions.
During your vacation
Remind yourself to relax. You’ve done the prep work for your time away, so you can turn the business side of your mind off for a few days and focus on recharging.
With a little planning, taking regular breaks from managing your company is not only feasible, but is also the best thing you can do for yourself, your family, and your bottom line.
As always, if you’d like to meet with us to review your current strategies, please don’t hesitate to contact us at 604-534-7701 or email@example.com.