One expert is speaking out about how holidaying can inspire business success, after recent MYOB research found a third of SMB owners haven’t holidayed since starting their business.
RewardsCorp Group managing director Randall Deer said that although owning and running a business in difficult economic times can be a battle focused on profitability, a holiday can work as a positive catalyst for inspiring business success.
Deer has created a list of five key reasons why taking a holiday can have a direct impact on business success, and offers some tips for incorporating them into your working life:
1. Taking yourself away from the frontline can let you address your business needs more objectively
Taking a break can be just what your business needs. Without the stresses and activity of the office to distract you, any time spent away from the workplace can act as an essential tool in objectively assessing the strengths and weaknesses of your business.
“I give myself the time I spend travelling on planes as an ideal opportunity to look deeper into my business, analyse strengths and weaknesses and put in place an action plan for when I return home. I find this also allows me to relax when I arrive at my destination knowing business is on track too,” Deer said.
2. Prove to yourself that your business can run without you
There’s a common misconception among business owners that a company will flounder and be left vulnerable without their constant support and attention. A key to achieving business success is structuring your business so that it can run successfully without you. Take a break, turn off your phone, deal with ‘your’ separation anxiety and allow your business and the staff your have confidently put in place to prove no one is indispensible – including you.
3. Relaxation leads to clarity
Relaxation is paramount for mental and physical wellbeing, so challenge yourself to turn off your phone or better still, leave it in your suitcase for emergency use only on holidays. If you are unable to commit to something so drastic, allocate yourself one hour every second day to check emails and voicemails, answering no more than 10 percent of communication and delegating the remaining 90 percent to staff.
If you feel you cannot be without communication, choose a holiday location where communication does not exist. Your sanity and family will thank you for it.
4. Reward yourself for hard work, even in the tougher times
When times are tough, we often work much harder and often achieve less leading to burn out and in some extreme cases, illness and depression. Before you allow the economy to get you down, take a break. You don’t have to spend a lot of money or go somewhere exotic, a long weekend or week somewhere closer to home is just as therapeutic. Rewarding yourself and your staff in the tougher times can lead to increased loyalty, support and more effective leadership which may be just what your business needs to get over a hurdle and move forward.
5. Holidays can be used to research other market places and inspire new ideas
Regardless of your type of business, there’s typically another business offering the same service or operating in a similar way. Researching competing markets in different environments is a valuable business tool that will allow you to compare your business with others, so why not turn your leave into a partial working holiday and capitalise on the opportunity to uncover fresh and innovative ideas while you’re at it.
“I often split my travel between relaxing and enjoying precious time with the family and for a few days at the end of my trip investigating potential new resort partners in sought after destinations for my business,” Deer added.
