May is a time of sunshine and lots of bank holidays. If you’re a small business, this will leave you facing a decision. Do you close down for the bank holidays and take a well-earned rest, or do you continue trading in the hope of picking up some of the extra sales that a bank holiday can generate?
In most cases, the answer to this question will depend on the sector that you operate in. Many B2B businesses won’t gain very much from operating over the bank holiday since most of the business customers that they service won’t be at their desk anyway. B2C businesses, on the other hand, could stand to lose a lot of money if they choose to take the time off. In this article, we’ll outline the pros and cons of closing your small business for the May bank holidays.
Don’t lose out on income
A recent study suggests that small businesses which choose to close over the bank holiday risk losing as much as £2,250 each. Depending on the size of your business, that could be a significant amount that you simply can’t afford to turn down. With the economy under pressure and businesses facing ever tighter margins, it’s likely that many businesses will feel that they have no choice but to continue trading during the May bank holiday period.
Will you harm productivity?
The counterargument is that everyone needs a holiday. Forcing people to work when everyone else is enjoying a bank holiday break can be bad for productivity. Everyone needs the chance to recharge their batteries now and again and, if you’ll see a reduced trade on the day anyway, then the bank holiday could be the ideal time for them to do it. In many cases, you may find yourself having to give the day back to your employees later as a holiday (this will depend on the holiday arrangements in their contract) – so taking it now may make things easier in the long run.
The choice on whether to trade over the bank holiday is ultimately down to each individual business. Hopefully, this article has made it easier for you to understand the pros and cons of each option.
May 2, 2018