Monday marked the first of two Bank Holidays in May (1st and 29th May), however a new study finds that SMBs stand to lose an average of £500 in the month, and £2,250 if they opt to stay closed on every Bank Holiday in 2017.
The study of 1,500 small business owners by Yell Business reveals that Bank Holidays present a revenue boosting opportunity that currently isn’t being capitalised on by SMBs in the UK, finding that just a quarter (26 per cent) of businesses are open on Bank Holidays at present.
This business opportunity has also been highlighted in a study of 1,500 British consumers, 86 per cent state that they view Bank Holidays with the intention of shopping or using other services.
The studies also finds that only 42 per cent of SMBs in retail, catering or leisure stay open, despite the fact, that this sector could expect to profit most over the Bank Holiday weekend.
The Midlands sees the fewest amount of businesses open on Bank Holiday, at 16 per cent of businesses open.
While Yorkshire sees the highest, with 37 per cent open on the long weekend.
However, the opportunity comes at the expense of a day off, and maintaining a work/life balance is paramount, as explained by Mark Clisby, product and marketing director at Yell.
Clisby says, ‘While no small business owner will want to lose out on potential revenue, the benefits of ‘time off’ cannot be underestimated – working constantly and not switching off can harm productivity.
‘If you do plan to capitalise on the opportunity posed by consumers on Bank Holidays, then make sure to book a break over a quieter period. On the other hand, if you are choosing to close, our advice would be to ensure you update your website and social channels with your opening times, so it’s clear to customers when they will be able to use your services again.’