The Christmas/New Year period may be the holiday season for most Australians but not for the nation’s 2.3 million SMEs.
Research by leading online lender OnDeck confirms that one in three (30%) SME owners have no plans to take time off this year. Among the 70% that do intend to take a break, a holiday is likely to be a ‘workation’, with 95% of SME owners saying they check emails while away from their business.
Mr Cameron Poolman, CEO of OnDeck Australia, said, “The Christmas/New Year period is the peak trading period of the calendar for many SMEs so it is understandable that many small business owners are reluctant to take time off. But having some down time over the festive season is essential to avoid burnout.”
How are SME owners spending the holidays?
OnDeck’s research found that holidays can be a rare luxury for SME owners. Only one in two (50%) have taken a holiday in the last six months. One in four (26%) have not had a break from their business in the past four years. Six percent – potentially 138,000 SME owners – say they have never taken time off from their business.
SME owners report three key barriers to taking a holiday:
- 55% say the business is too dependent on them
- 50% cannot afford a break
- 32% say they do not have enough time.
“Taking care of yourself is taking care of the business. When the person running an enterprise becomes overly fatigued, the business can suffer, this makes it critical to embrace opportunities to take time out and recharge this festive season,” said Mr Poolman.
Five ways for SME owners to avoid burnout
1. Review your calendar
Find a time in your schedule that has the least number of deliverables due, meetings, etc. Carve out those dates and book the time you need to get away.
2. Prepare employees
Select an employee you trust to steer the ship in your absence. Make sure the person left in charge knows what decisions they are allowed to make and what needs to wait until you return.
3. Let clients know in advance
If you have a client-based business, let them know that you’re taking a break and when you’ll be back. Make sure they know who to contact in your absence.
4. Schedule check-in times
Set an agreed time or day with your family when you will check-in with your business. Then devote the rest of your time to family and relaxation.
5. Plan cashflow needs in advance
Forecast the cashflow needs of the business to ensure adequate working capital is available in your absence. If necessary, have finance in place before heading off on vacation.