Small business owners lose out on £4,000 a year due to lack of time

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A study of 500 SME owners and decision makers found that not having enough time to focus on all their expenditure is costing them nearly £350 each month on average

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.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.

But finding time to do so is a challenge as small business owners believe they're responsible for too many tasks and it makes it difficult to find time to check on their outgoings. "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."

Victoria Bacon, director at Smart Energy GB, commented: "The research highlights the time pressures and range of responsibilities small business owners have and also, their concerns, especially around managing their finances and running costs.

 

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