Bank Holidays - How do they affect businesses!!
Spring is such a lovely time of year, winter is over, the sun is starting to shine, and we have a list of Bank Holidays ahead of us, and with the Easter Bank Holiday upon us, most of us are really looking forward to the opportunity to recharge our batteries and spend that time with our families.
Opinion is split however on whether Bank Holidays are good or bad for the economy.
Bank Holidays can cost the economy a huge amount, as much as £19bn a year.
Running a business can be draining with the business owner putting in long hours to keep their business thriving, so for them it is important to take the opportunity to recharge.
If they choose to shut the doors to their business for the bank holiday, they can recharge their own internal batteries. A day off can often help boost productivity upon their return to work.
In the Industrial and Commercial sector, it is more common for them to feel obligated to close their doors for the Bank Holiday even though they would rather stay open.
It’s not mandatory for any employer to close their doors when a bank holiday is on the calendar, it’s become a standard that a lot of employees expect.
However, closing a small business over the Bank Holiday can cost as much as £2163 over the year.
The hospitality and entertainment sector, however, can benefit massively from a Bank Holiday.
For businesses in the hospitality and retail industries, staying open on a bank holiday can earn them massive profits. With most people having the day off, they are more likely to book a meal out with friends and family or go for that shopping trip they don’t usually have time for, this therefore shows many businesses seeing a spike in their profits before, during, and even after the bank holiday.
So, whether public Bank Holidays have a positive or negative impact seems to be subjective, with arguments to be made both ways.
It all comes down to what is best for your business and workforce.
Opinion is split however on whether Bank Holidays are good or bad for the economy.
Bank Holidays can cost the economy a huge amount, as much as £19bn a year.
Running a business can be draining with the business owner putting in long hours to keep their business thriving, so for them it is important to take the opportunity to recharge.
If they choose to shut the doors to their business for the bank holiday, they can recharge their own internal batteries. A day off can often help boost productivity upon their return to work.
In the Industrial and Commercial sector, it is more common for them to feel obligated to close their doors for the Bank Holiday even though they would rather stay open.
It’s not mandatory for any employer to close their doors when a bank holiday is on the calendar, it’s become a standard that a lot of employees expect.
However, closing a small business over the Bank Holiday can cost as much as £2163 over the year.
The hospitality and entertainment sector, however, can benefit massively from a Bank Holiday.
For businesses in the hospitality and retail industries, staying open on a bank holiday can earn them massive profits. With most people having the day off, they are more likely to book a meal out with friends and family or go for that shopping trip they don’t usually have time for, this therefore shows many businesses seeing a spike in their profits before, during, and even after the bank holiday.
So, whether public Bank Holidays have a positive or negative impact seems to be subjective, with arguments to be made both ways.
It all comes down to what is best for your business and workforce.
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