How Much Does Bank Holidays Lose Businesses Each Year? Are They Any Good For A Small Business?

Whether you spend it relaxing in a beer garden or sunning yourself at the beach, everyone looks forward to the much-needed break that a Bank holiday can provide… but just how much could it be costing your business?

The Centre for Economics and Business Research reported that in 2012, bank holidays could cost our economy nearly £19bn each year. However, this information is quite dated and doesn’t really reflect the economy of today. Is it worth the quiet time relaxing in a beer garden or catching the sun at the beach?

For smaller companies, such as local pubs or restaurants can benefit from the free time bank holidays allows, and that if people have the free time, they might want to eat out etc. For smaller online businesses, such as online retailers, can offer ‘flash sales’ or a select time/day discount to encourage customer spending.

However, it was recorded by Business Advice.co.uk, that bank holidays can lose small business up to £2,000 over the year. So, all companies need to allow their employees some time off, however it does come down to understanding the implications that time off can have.

Understanding your business Is key, and here at Amica HR, we make sure that we make it our goal to understand your business first. Please don’t hesitate to call us on 01522 370190 or email us at info@amicahr.co.uk if you have any questions.

Source: https://hrnews.co.uk/bank-holidays-good-or-bad-for-small-businesses/