Vacation Time

Vacation Time!

Summer is rapidly upon us. Do you have your vacation plans set? Are you taking a vacation? When last did you take a real vacation?
For many busy executives, a vacation is way down on the list of priorities.  There is always something more to do that gets in the way of well-deserved rest and relaxation. And sometimes, even when people take vacations, they stay at home, are on e-mail and are tied to their cell phones. What type of vacation is that?

“VACATION” is derived from: “Latin vacationem (nominative vacatio) “leisure, a being free from duty,” noun of state from past participle stem of vacare “be empty, free, or at leisure” Source: Online Etymology Dictionary – click to view

So to take a vacation means literally to free yourself of your normal, everyday life.  And that includes being connected to the office.

There are many benefits to taking a vacation:

1. Allows you to relax, distress and even just to catch up on sleep.  Depending on the type of vacation, may also give you the opportunity to exercise (e.g. hiking) and eat well – may be a little too well, but the food is often healthy and dining is relaxed.
2. Gives you time to think unfettered by the operational issues that inevitably consume your day.
3. Shows how well your organization can manage without you.  If things fall apart when you are away for just 2 weeks, then you have some serious work to do when you return – but at least you will have the energy to do it!
4. Gives you focused time with those you love – your family and friends whom you may decide to visit.
5. Opens you to new experiences.  For some of us, even the experience of doing nothing is new!
6. Sets an example for others in your organization that they too, should take their vacations.
7. Makes you more productive and focused when you return to work.
8. Important for your health.  I borrowed this from a blog post by Tony Schwarz (click to view article):

“The famed Framingham Heart Study followed 750 women with no previous heart disease over 20 years. Those who took the fewest vacations proved to be twice as likely to get a heart attack as those who took the most. A 2005 study of 15,000 women found that the risk of depression diminished dramatically as they took more vacation. A 2006
Ernst & Young study found that for each additional ten hours of vacation employees took, their performance reviews were 8 percent higher the following year”.

You have spent a lot of time building your team.  Don’t worry – they will rise to the occasion when you are away and ensure that things proceed as normal.  Indeed, you may be pleasantly surprised to find that things actually work better when you are away!  But that’s another story.

THE BALANCED SCORECARD

How does the Balanced Scorecard link to the Budget?

For many organizations starting on their Balanced Scorecard journey, the issue of linking the budget to the BSC can be a challenge.  The budget process is typically well entrenched and usually dreaded.  Some organizations spend months on their budget – indeed, no sooner is the budget for one year completed and approved, than the process for the next year’s budget starts!  So the Balanced Scorecard can now seem like the addition of yet another monstrous process.

Look at the Balanced Scorecard and the budget as a single process.  In the planning cycle, the budget should be done after the Balanced Scorecard and the annual strategy review.  Why?  The Balanced Scorecard defines the strategy at a high level and then quantifies it in terms of metrics and targets.  This provides the context for the budget.  It sends clear signals about priorities, and what tradeoffs should be made.  The BSC targets should be reflected in, and drive the budget.  What would be the sense in setting targets for revenue, for example, and not including them in the budget?

The budget process is also a critical reality check on the targets you set.  When you work through the detailed budget process, you may find that it doesn’t add up – for example, the investment required to generate new revenue may be out of the reach of the company’s operating model.  You may have to rethink the strategy overall, or the targets.

In my experience, aligning the budget process with the strategy results in a more efficient, less time-consuming budget process.  Those doing their budgets are clear from the start on the overall direction of the company and specific targets for the year.  This results in fewer iterations and less time spent going back and forth trying to get the budget “right”.  Always remember that a key underpinning of the Balanced Scorecard is alignment, and that this principle applies to the budget process.

TAKE ONE ACTION

Get out your calendar right now and block time for a vacation (at least 2 weeks) some time in the next 6 months. Then, over the next 2 weeks, decide where you want to go, call your travel agent and get that vacation booked!

And if you need a little inspiration – trip down memory lane with:
Sly and the Family Stone’s Hot Fun In The Summertime – click to listen
And Nat King Cole’s Those Lazy, Hazy Crazy Days of Summer! – click to listen

INTERESTING LINKS

As an avid journaler, I certainly agree: writing is a great and inexpensive way to record your life, work through problems and celebrate successes. And who knows? It could be the start of your book! – click to view article

In Volume 3 of my newsletter, I raved about “Apple-ising” your business (if you missed that newsletter, click here).

Now, how about “Disney-ising” it? If you have ever been to Disney, you will relate to this article. How can you apply their 7 service guidelines to your business?
– click to view article