Bank holiday closures come at a cost for British small businesses
UK small businesses that close for the Bank Holidays stand to miss out on more than £2,250 if they are shut for each one in 2017.
Research from Yell Business found that the average small firm will lose £500 in May as a result of the bank holidays.
The study also showed that Bank Holidays are currently not being utilised in the UK, despite being a potential opportunity to boost revenue.
Currently, just 26% of small firms open on Bank Holidays, which comes despite a poll of British consumers suggesting that 86% view the days as a chance to shop and use other services.
Of businesses in the retail, catering and leisure sectors, only 42% stay open on Bank Holidays, with those that choose to close potentially missing out on income as a result.
In the Midlands, just 16% of businesses open on Bank Holidays, while Yorkshire has the higher proportion, as 27% open their doors.
While opening the business could provide valuable sales time and a boost to finances, maintaining a healthy work-life balance is also important, which is why many smaller firms opt to close.
The benefits of taking time off cannot be underestimated, especially as productivity can suffer if staff do not have time to do their own thing.
It is essential that small business owners weigh up the positives and negatives of each Bank Holiday and calculate whether they can afford to miss out on potential income that could result from opening.
However, if productivity takes a hit in the long term, sales could drop and the bottom line may ultimately suffer.
In these instances, alternative finance options are available to help business looking to grow and expand their operations.
Corporate recovery specialists can provide a range of services in such instances that can help with negotiations, proposals and sourcing innovative funding methods.
For businesses with financial concerns, its best to seek advice and guidance at the earliest opportunity, as that provides more time to source and deliver appropriate business solutions.
By Phil Smith