With this Monday marking the first of two bank holidays in May, Business Advice can reveal what small business owners stand to lose by taking an extra day’s rest this three-day weekend.
By choosing to shut up shop and not operate on 2 and 30 May, owners stand to forfeit £506 on average, rising to £2,163 annually by not working any UK bank holidays.
A recent survey conducted by Yell Business also revealed that closing your small firm’s doors on any given bank holiday will cost owners an average of £253 per day, yet 62 per cent of owners will chose to do so.
Out of 1,500 small business owners asked, sole traders were found to lose the most from the holiday – foregoing an average of £263 for the extra day off, as opposed to micro owners, who chose to lose £158 on average by stopping their services.
However, for those owners considering staying open to pocket the cash and scoop up others’ lost business, the benefits of a bank holiday should be considered. Yell Business marketing director Mark Clisby said: “As a small business owner, taking a break from the day-to-day responsibilities of work, allowing time to clear your head, spending time with your family or maybe focusing on how you want to develop your business, are all important things to take into consideration.
“Although owners can lose out on revenue, it’s important to balance this with the benefits that ‘time off’ can have,” added Clisby.
The findings also revealed which parts of the UK were the most expensive for small business owners to take bank holidays off, with Scotland coming out on top. Scottish owners that chose not to work bank holidays lose out on £479 per day and £4,311 annually on average.
Small business owners in Northern Ireland miss out on £139 per bank holiday on average – the equivalent of £1,390 annually, whereas Welsh owners forego £123 per day and £984 a year.
Clisby went on to say: “However you spend the bank holiday, if your choosing to close, my advice would be to ensure you update your website and social media channels with your opening times so it’s really clear to customers when they’re able to use your services again.”
Heading to the beach this weekend? Check out our interview with high-end bespoke VW Camper Hire venture The Cornwall Camper Company.
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