UK SMEs lose thousands yearly from unmanaged expenses [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 some nine per cent they worry they are unnecessarily spending between £1,000 and £3,000 each month.

The research found that 26 per cent don’t have enough time to give energy bills their full attention, while 20 per cent wish they had more capacity to focus on software and tech.

A ‘forget-to-cancel’ culture, where a lack of time means regular subscriptions rollover without being reviewed, was another reason why 24 per cent felt they had higher outgoings.

If they had more time to review them, small business owners believe they could save money on energy costs (31 per cent), insurance premiums (23 per …