What’s not to love about a public holiday? Sleep-ins, traffic-free roads and the warm glow of relaxation – unless you happen to be a small business owner.
In that case, it’s hard to forget about the fact that a shorter week of trading doesn’t mean that rent and other expenses also get trimmed.
The decision of whether to open your doors or not on a public holiday can be a fraught one – opening often means paying higher penalty rates, but foot traffic can be unpredictable. Yet, staying shut means losing a day of trading, putting pressure on cash flow.
Every business (and every public holiday) is different, so there’s no magic formula for determining whether it’s worth your while to forgo the lure of a backyard barbecue in favour of opening up shop, but there are some key considerations that need to be factored into your decision.
If you need a little financial help to tide you over during the quiet holiday period, talk to Prospa about how a business line of credit might be able to help support cash flow.
The information on this website is provided for general information only and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from financial, legal and taxation advisors. Although every effort has been made to verify the accuracy of the information, Prospa, its officers, employees and agents disclaim all liability (except for any liability which by law cannot be excluded), for any error, inaccuracy, or omission from the information or any loss or damage suffered by any person directly or indirectly through relying on this information.