New research from Yell Business has uncovered the true cost of UK small businesses closing their doors for Bank Holidays, with an average annual loss of £2,250 per business.
Last Monday marked the first of two Bank Holidays this month and a recent study by Yell Business of 1,500 owners found that they stand to lose an average of £2,250 per annum if they opt to stay closed on every Bank Holiday in 2017.
The survey found that only 26% of small business owners surveyed currently open on Bank Holidays, accepting the loss of revenue in a quest to maintain a work-life balance. That’s despite the fact almost 86% of consumers surveyed in a separate study said they view Bank Holidays as an opportunity to go shopping or use other services.
The Midlands is the UK region with the fewest number of businesses open on a Bank Holiday, with less than 16% choosing to open. Meanwhile Yorkshire is the UK region with the highest, recording 37% of businesses open during the long weekend.
Mark Clisby, Product and Marketing Director, of Yell, said: “While no small business owner will want to lose out on potential revenue, the benefits of ‘time off’ cannot be underestimated – working constantly and no 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.”