Small business owners have had a lot to deal with in recent years. Many businesses had to change the way they operated, from working from home to switching to online trade. Others weren’t so fortunate and stopped trading completely.
The downturn in travel due to border closures also meant that taking a break became impossible, leaving many small business owners unable to decompress during one of the most stressful periods in living history for business of all sizes.
It was a tough time for small business, with inflation, supply chain pressures, talent shortages, and COVID-19 all adding to the uncertainty. Australian Bureau of Statistics data shows that in June 2022, 46% of businesses reported increased operating expenses over the previous month, compared to 21% of businesses in June 2021.
One bright spot is the return of travel. To continue its support of small business owners, American Express decided to find out* how the halt of travel impacted their wellbeing and outlook towards their businesses, as well as the positive ramifications they were feeling because of its return.
The research found 87% of small business owners plan to take at least one domestic holiday for personal reasons this year, while 68% will go overseas. The findings show a variety of reasons for travel, but indicate a general trend that people are keen to make up for lost time.
And there are some compelling reasons to start planning your next trip, whether you’re a small business owner or could benefit from a refreshed outlook towards your work.
Boost your mental health and wellbeing
It’s no secret that the pandemic took its toll on mental health and wellbeing, and 47% of Aussie small business owners told us theirs suffered from not being able to take a break in the form of a holiday.
Travel is a chance to decompress, with 67% saying it’s one of the only ways they can switch off from the pressures of running their small business. In a challenging climate, a chance to recharge the batteries could be exactly what small business owners need.
Kiely Potter, Vice President, SME Account Development, American Express. “With personal travel back on the agenda, taking a holiday is critical in helping to replenish small business owners’ sense of wellbeing and productivity, and offers a fresh perspective they can inject back into their business. Supporting small businesses to be at their best is a key component to reinvigorating our economy and communities.”
Run your business more effectively
Find it hard to justify a break? Small business owners say stepping away for a while could actually be better for business in the long term because of the benefits it brings. 77% say personal travel positively impacts their outlook and ability to run their business. It also helps reduce the number of unexpected breaks later, as 66% say it makes them feel rejuvenated and that they take fewer sick days as a result.
Dan Gregory, behavioural researcher and strategist, and Founder of The Behaviour Report encourages small business owners to take some time out, saying, “While some small business owners may think there’s too much on their plate to step away at the moment, they should consider taking a trip, not only for their own wellbeing, but for the business benefits that will come from the time off.”
Help with business decision making
Innovative thinking has been for small businesses during the pandemic and will continue to be as we deal with the ongoing uncertainty of new variants. Evolving challenges continue to impact businesses, and time away can be a starting point for new ideas. 63% of small business owners say personal travel helps them make better business decisions, 72% say it allows them to bring fresher thinking to their business - boosting innovation and growth - and 26% say it increases creativity. And when small businesses are at their best, local communities and the economy will benefit.
Leah Cameron, owner of Marrawah Law, says: “For me, getting away somewhere is the only time I can really down tools and refocus. Your mind just stops and you can broaden your thinking beyond the day-to-day. I always try to go to new and challenging locations, as this is where I can completely reset. Immersing myself in different cultures makes my brain think in different ways and this inspires me to do the same when I return to work.”
From boosting wellbeing to getting new perspectives on business, the return of travel is good news for Aussie small businesses and the economy. Do you have travel plans coming up? If not, maybe it’s time to start planning your next break.
About the American Express Business Class research
*Small business owner/manager is defined as someone who owns or manages a business with up to 19 employees.
The research was commissioned by Ogilvy PR on behalf of American Express and was conducted by Lonergan Research in accordance with the ISO 20252 standard. Lonergan Research surveyed 517 Small Business Leaders in Australia aged 18+. Surveys were distributed throughout Australia including both capital city and non-capital city areas. The survey was conducted online amongst members of a permission-based panel, between 6 and 13 June 2022. After interviewing, data was weighted to the latest population estimates sourced from the Australian Bureau of Statistics. Age groups are defined as Gen Z (ages 18-24), Millennial (ages 25-39), Gen X (ages 40-59), and Baby Boomer (ages 60+).
Header Photography - Jo Panuwat D