Small businesses don’t have ‘spare time’ to review their expenses | Personal Finance | Finance [Video]

A ‘lack of time’ is costing the average small business £4,000 every year, according to a study of 500 SME owners and decision makers.

The research highlighted that not having enough time to focus on their expenditure is costing them nearly £350 each month on average. A small 9% even worry they are unnecessarily spending between £1,000 and £3,000 each month.

The survey revealed that 68% of small business owners haven’t changed their approach to managing expenditure for a significant amount of time.

If they had more time to review them, small business owners believe they could save money on energy costs (31%), insurance premiums (23%) and broadband (20%).

It highlighted that a quarter don’t have enough time to give energy bills their full attention, and 20% wish they had more capacity to focus on software and tech.

A lack of time claimed to create a ‘forget-to-cancel’ resulting in regular …