When is the last time you took a vacation?
According to a 2012 survey conducted by Manta, 50 percent of small business owners do not take any vacation time. Out of those who do get away, 70 percent are tied to their computers, tablets, and phones while they should be relaxing. Not only does this level of involvement ruin your vacation, it could be harming your business as well. To learn why it’s a great business decision to stay out of the office, read our blog post Increase Your Company’s Value by Taking a Vacation.
Here are four ways you can decrease your time in the office while simultaneously increasing the value of your business:
1.Establish a Concrete Company-Wide Vision
One of the first steps to creating a company that can operate without you is making sure all employees are on the same page and working toward the same goals. Employees and leadership alike will be able to make more confident, informed decisions when they know what the company stands for. Here’s a simple guide to creating a vision from Early to Rise.
2.Hire People Smarter Than You
Putting together a top-flight management team is one of the best ways to reduce your time in the office and increase your company’s value. Hire experienced, motivated, and loyal managers and give them autonomous authority. Setting up programs that attract high-value candidates is a great way to go about getting the best candidates—consider putting regular bonuses, profit sharing, and paid leave in place.
3.Delegate, Delegate, Delegate
Take a long, hard look at any task that’s below your pay grade. If you’re the owner of the business, you shouldn’t be doing the books, making small-time sales calls, writing the press releases, or reviewing the contracts. Not only will delegating small tasks allow you to spend more time out of the office, it will also drive company value by proving to future buyers that the business can run without you.
4.Shut Off Your Cell Phone
I’m not talking about simply silencing your cell when you’re on vacation. You should shut down your cell phone completely anytime you leave the office. This will force managers and employees to make their own decisions and to grow more independent. As Donald Todrin, president of Second Wind Consultants Inc., writes, “There are never any real [business] emergencies. That’s what insurance is for.”