Nearly a quarter of business owners have taken no time off in the past year

Inflation is rising, and as a result many business owners are reluctant to take time off. A new study by Clarify Capital found that over 6 in 10 business owners have taken less time off in the past year due to inflation. Nearly 1 in 4 business owners said they have taken no time off in the past year.

Vacation and time away from work is essential for employees’ overall wellbeing, but despite this, many other factors get in the way of business owners taking time off. Seventy-two percent of business owners said financial concerns prevented them from taking time off. Additionally, factors such as the lack of a backup business manager, concerns about losing opportunities and fear of disruption kept business owners at work. 

The risks of not taking time off from work are clear. According to the study, about a third of business owners who did not take time off said they had poor mental health. Among that group, business owners were 146% more likely to face mental health challenges than those who took time off. The study found that the happiest business owners took an average of 10 days off in the last 12 months. 

Many business owners reported long-term side effects after skipping time off. The study found that over 50% of business owners reported having increased stress from not taking time off. Additionally, many business owners reported side effects such as work-life imbalance, decreased happiness, physical health issues and loss of passion for the business. 

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Even when business owners do step away from work, many still check their emails and complete business tasks while on vacation. Over 81% of business owners reported checking their email while on a break from work. Additionally, nearly 50% of business owners said they completed tasks for work while on vacation. 

Clarify Capital urges business owners to take time off as a long-term investment in their own success, as well as that of their business. The study recommends that business owners limit phone and email check-ins to a certain time each day while on vacation. In addition, the study encourages business owners to prioritize self-care activities, delegate tasks to trusted team members and completely unplug from all work devices while on vacation.