⁘Lack Of Time⁘ Costs Small Businesses £4,000 Annually, New Research Reveals - London...

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Small businesses are losing thousands of pounds each year due to a "lack of time" to manage all their expenditure and outgoings.

Researchers polled 500 SME owners and decision-makers and discovered that small businesses are losing nearly £350 each month on average – equating to approximately £4,000 per year – due to not having enough time to review their spending.

Added to this, 68 per cent of small business owners claim they haven't updated their approach to managing expenses in a significant period. However, the majority (89 per cent) are willing to adopt a new strategy, and 57 per cent are already turning to technology to manage their business finances and boost productivity.

When it comes to keeping on top of their running costs, the research found more than one in four (26 per cent) SME owners lack the time to thoroughly review their energy bills, while 20 per cent wish they had more capacity to focus on software and tech.

The research was commissioned by Smart Energy GB which is working with Nisha Katona MBE, founder of Mowgli Street Food and TV presenter, to share The Accuracy P.L.A.N.: Why It Pays To Know Your Bills ⁘ a free resource to help small business owners navigate their way through their business expenditure.

"Getting smart meters installed in my restaurants helped me, and my team, to better understand our energy usage, which in turn has helped me change the way I run my operations and have more control over our energy spend."