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SMEs inject festive cheer with wary eye on the year ahead

SMEs inject festive cheer with wary eye on the year ahead

Research commissioned by Barclays reveals just over two-fifths (41%) of small businesses will shut down operations entirely between Christmas and New Year giving employees an extra 2.5 days of annual leave. Around a quarter will hand out Christmas bonuses to staff and 44% will host a party.

However, looking forward, 68% of small firms are concerned about the negative impact of rising energy bills and 47% report worries about their business prospects for next year. Colin O'Flaherty, at Barclaycard Payments, said: “While it's been another challenging year for businesses, many SMEs are looking to inject some festive cheer by rewarding employees, as business owners are aware of the positive impact morale can have on staff retention. Our research, however, shows that although owners are very aware of the difficulties to come, they remain resilient in the face of rising costs.”

Read more: The Star

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