SMEs ‘throwing away £2bn’

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Small to medium-sized enterprises (SMEs) could save big bucks by making little adjustments to the way they are currently operating, according to AXA UK.

The insurance firm has released a report which suggests SMEs are literally throwing away a collective £2 billion every year as a result of inefficiencies.

As part of its research, the company used a sample of 300 businesses which have workforces of less than ten people to identify where savings could be made.

One suggestion was that more SMEs need to keep on top of their energy bills – or rather, who they are paying for their energy.

AXA found that the average business could save around 30 per cent on what they pay each year if they keep on top of which supplier can offer them the cheapest deal.

It also suggested many SMEs miss out on interest payments as they do not invoice clients on time, while buying stationery in bulk and shopping around for cheaper petrol when travelling could also make a difference to the bottom line.

Do you have any money-saving tips you’d care to share?

Posted by the Secret Businessman