20th December 2007
SMEs full of festive cheer, says survey
Small business owners are prepared to spend significant amounts of money helping staff celebrate Christmas even though 2007 was a year of financial hardship for many, says a new survey.
Despite the proposed end to taper relief and the losses caused by flood damage, SMEs still plan to spend an average of £430 each on staff bonuses and parties, according to an Alliance & Leicester report.
The survey found that 30% of SMEs are prepared to lose money by closing down earlier than usual over the festive period, while 22% plan to fund a staff Christmas party. A generous 11% are willing to pay for employee gifts, while 500,000 small business owners will give staff a festive bonus.
Steve Jennings, director of business banking at Alliance & Leicester Commercial Bank, called the results "really positive news". He said: "It shows that SMEs recognise the importance of rewarding their employees for their contribution over the last 12 months."
However he did sound a note of caution by warning that many business owners will pay for the cost of Christmas out of their own personal finances or from company profits.
"Business owners need to ensure that they are always prepared for the unexpected, such as the hidden cost of Christmas," he said.
Despite the proposed end to taper relief and the losses caused by flood damage, SMEs still plan to spend an average of £430 each on staff bonuses and parties, according to an Alliance & Leicester report.
The survey found that 30% of SMEs are prepared to lose money by closing down earlier than usual over the festive period, while 22% plan to fund a staff Christmas party. A generous 11% are willing to pay for employee gifts, while 500,000 small business owners will give staff a festive bonus.
Steve Jennings, director of business banking at Alliance & Leicester Commercial Bank, called the results "really positive news". He said: "It shows that SMEs recognise the importance of rewarding their employees for their contribution over the last 12 months."
However he did sound a note of caution by warning that many business owners will pay for the cost of Christmas out of their own personal finances or from company profits.
"Business owners need to ensure that they are always prepared for the unexpected, such as the hidden cost of Christmas," he said.
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