A key harbinger of success for your business is your personal commitment. When the chips are down, the deadlines are up and you’re worried about paying rent or making payroll, it’s your unwavering commitment to your business that will keep you going. Yet commitment can be a double-edged sword. Burnout happens to everyone, but it’s a particularly pernicious threat for American business owners. According to Hiscox’s most recent DNA of an Entrepreneur, U.S. entrepreneurs take just 10 days of vacation per year, compared to the 20 days taken by their global counterparts. Not only is that no fun at all, it’s also a recipe for burnout.
While taking a vacation is known to have considerable health benefits, the verdict is still out on whether it can improve you bottom line. Nevertheless, it seems intuitive that less stress will lead you to make better decisions about your business and improve your creativity. Since that marketing plan isn’t going to write itself, you may want to consider these tips for recharging when you’re strapped for time.
Set Yourself Up to Relax
Why go through the motions of planning and executing a dream vacation if you are going to spend your holiday worrying about what’s going on back at the shop? Luckily, there’s a thing called business liability insurance that can help you put your fears aside and enjoy your respite.
General liability insurance protects your business from third-party claims of bodily injury, associated medical costs and property damage. Similarly, professional liability insurance (also known as errors and omissions) protects your business if you are sued for negligence, even if you haven’t made a mistake. If you’re among the 33% of entrepreneurs who doesn’t have small business insurance, go through the quick process of securing a policy before you hit the beach.
Don’t Be Afraid to Delegate
As a business owner, delegation is arguably the most important management skill you can possess. But don’t start delegating authority right before you leave on vacation. Assigning responsibilities should be a regular part of your management practice. In the long term, it’s a great way to develop a succession plan if retirement is in the cards for you one day.
Before you leave for vacation, make detailed lists for anything that must be accomplished while you’re out. By the time you get back, your employees may be ready to take on some of these tasks as part of their regular responsibilities.
If you don’t have employees to cover for you while you’re gone, consider hiring a short-term contractor to answer phones and emails and keep the lights on. Find someone you trust and whom you can train before you go. And don’t worry – your business liability insurance covers employees and contractors too.