UK small businesses believe they could save thousands if they weren’t juggling too many tasks [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 all their expenditure is costing them nearly £350 each month on average.

For nine per cent they worry their unnecessarily spending is between £1,000 and £3,000 each month.

The survey revealed that 68 per cent of small business owners haven’t changed their approach to managing expenditure for a significant amount of time. A quarter don’t have enough time to give energy bills their full attention, and 20 per cent wish they had more capacity to focus on software and tech.

A further 41 per cent of owners have paid for unused subscriptions, while 39 per cent missed renewal notices or forgot the subscription existed, with 45 per cent claiming it was of so little value …