May brings two Bank Holidays but in order to enjoy the time off, it’s important that businesses prepare. We look at the steps to take to ensure you have a relaxing time off.

In the news, there’s reports that the EU VAT rules have “destroyed” businesses. But on a more positive note, new research shows that remote working and wearable technology makes businesses more efficient.

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EU Commissioner says new VAT rules have “destroyed” firms

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Remote working boosts staff productivity, say HR directors

The majority of HR directors believe giving employees greater autonomy over how they work, such as flexi-time, will bring positive business results, according to research.

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79% of business embracing wearable technology think it will be strategic to their company’s future success and 76% report improvements in business performance since deploying wearables.

Small businesses fear the stress of moving premises

Small businesses have lost an average of 7.5 working days each as a result of moving premises in the last five years and 75% delay the move because of the stress.

Key dates for your diary

Nothing significant this week.

Bank holidays: how to get ready

What do you have planned for your bank holidays next month? From getting out in the garden to long weekends away, there’s a lot of relaxation to be had. But it’s not all good news for businesses, with the Centre of Economics and Business Research reporting that each bank holiday costs the UK economy £2.3 billion.

In order to minimise the impact on your business, it pays to be prepared. We look at the key tasks to make sure you’re ready.

Decide if you can close

The first question is whether you’ll remain open. If your business is consumer-focused and has a retail premises, you may find that it pays to stay open, as people will be off work and able to shop. If your customers are business who are likely to be closed, you may wish to shut too.

Understand what it means for employees

While many people think they are entitled to a day off for a bank holiday, there’s actually no statutory entitlement unless you’re a bank employee. However, contracts can specify that workers are entitled to public holidays off work, so make sure employees and managers know what is included in the employment contract.

If your employees are contracted to be in work, you may find there’s an increase in holiday requests. As always, you’ll need to make sure these are dealt with fairly.

If your employees are not contracted to be at work but you need them to come in, you’ll need to discuss this with them and agree the terms under which they will be working. This might include overtime payments or time off in lieu, although this is not mandatory.

There’s also specific rules you need to be aware of:

• Part-time employees: they are entitled to a pro-rata’d allowance of paid bank holidays, even if they don’t normally work on a Monday.
• Employees off sick: if your employees work on Bank Holidays, this counts as a normal working day and they would be entitled to their contractual sick day. If they don’t work, it would count towards their “period of incapacity for work” but would not be a “qualifying day”.
• Staff on maternity, paternity or adoption leave: in this case it depends whether bank holidays are included in their minimum holiday entitlement of 28 days per year. If they are, employees are entitled to a day off in lieu. If not, it will depend on what is specified in their contract or the holiday policy.

Factor in the effect on your business

Even if you’re remaining open, other businesses may be closed. From the banks (no surprise there) to the postal service, you may find you need to adapt your business to fit in.

Make sure you know which systems will be affected and find a secure way to handle any money that you’d normally pay in to the bank. Let customers know if deliveries will be affected and if you need to deliver parcels that day, look for an alternative provider.

If you travel for your business, you may need to allow additional time to contend with those notorious traffic jams.

Tell your customers

Whatever happens, it’s important that you publicise your opening times well in advance. This gives people time to get in touch before you close for the long weekend, or to know that you’re open so that you don’t miss out on custom.

Whatever you decide to do, have a successful long weekend.