Summer is the perfect time for taking a break from work and recharging your batteries. However, as a business owner, have you ever considered using your vacation to increase the value of your company? In this blog, we will discuss six steps to help you profit from your vacation time this summer and make your business more valuable.
Step 1: Schedule Your Vacation Plus One Day
When planning your vacation, consider scheduling your return to work one day later. This will give you an uninterrupted day to review what went wrong in your absence and what needs to be improved. Use this day to analyze the situation and make a plan for moving forward.
Step 2: Bucket the Mistakes
When you return from your vacation, make a list of everything that went wrong in your absence. Categorize these mistakes into one of three buckets: mistakes, bottlenecks, and stalled projects. This will help you to identify the areas that need the most attention and focus your efforts.
Step 3: Correct the Mistakes
Start by correcting the mistakes that were made while you were away. These mistakes are usually due to a lack of training, so write up clear instructions for your team to follow next time they face a similar situation. Share these instructions with your team and encourage them to ask questions if anything is unclear.
Step 4: Unblock Your Bottlenecks
If you find that you are being asked for input on projects, it’s likely that there is a bottleneck in the process. Make it clear to your team which projects require your input and which ones they can handle without you. This will help to unblock any bottlenecks and keep projects moving forward.
Step 5: Re-assign Stalled Projects
Identify the stalled projects that need your attention and categorize them into two groups: strategic projects that you need to lead and non-strategic projects that you are leading by default. Hold onto the strategic projects but delegate the non-strategic projects to someone on your team who is better suited to drive them forward. This will free up your time and allow you to focus on the areas that are most important to your business.
Step 6: Give Every Employee a Blank Check
Empower your employees to make decisions when you’re not around by giving them some spending authority. At Ritz Carlton Hotels, they give every employee the discretion to spend up to $2,000 on a guest without approval from their general manager. This encourages employees to act first and ask questions later, which can lead to faster resolutions of customer issues and a more empowered team.
Taking a break from work is essential for maintaining your mental health and overall wellbeing. However, as a business owner, it’s important to use this time to improve your business and make it more valuable. By following the six steps outlined above, you can use your vacation time to analyze your business, identify areas for improvement, and empower your team to make decisions in your absence. So, go ahead and take that vacation – your business will thank you for it!