A ‘lack of time’ is costing the average small business £4,000 every year.
A study of 500 SME owners and decision makers highlighted a lack of time to focus on all their expenditure is costing them nearly £350 each month on average.
And nine per cent worry they are unnecessarily spending between £1,000 and £3,000 each month.
The survey also revealed 68 per cent of small business owners haven’t changed their approach to managing expenditure for a significant time.
The research was commissioned by Smart Energy GB, which is working with Mowgli Street Food founder and TV presenter, Nisha Katona MBE to share The Accuracy P.L.A.N.: Why It Pays To Know Your Bills [https://smart-meters-for-business.smartenergygb.org/accuracy-advantage], a free resource to help small business owners navigate their way through their business expenditure.
Nisha Katona said: “Small business owners have to navigate their way through endless expenditure and keeping a close eye on bills is critical to a business’s success."
A study of 500 SME owners and decision makers highlighted a lack of time to focus on all their expenditure is costing them nearly £350 each month on average.
And nine per cent worry they are unnecessarily spending between £1,000 and £3,000 each month.
The survey also revealed 68 per cent of small business owners haven’t changed their approach to managing expenditure for a significant time.
The research was commissioned by Smart Energy GB, which is working with Mowgli Street Food founder and TV presenter, Nisha Katona MBE to share The Accuracy P.L.A.N.: Why It Pays To Know Your Bills [https://smart-meters-for-business.smartenergygb.org/accuracy-advantage], a free resource to help small business owners navigate their way through their business expenditure.
Nisha Katona said: “Small business owners have to navigate their way through endless expenditure and keeping a close eye on bills is critical to a business’s success."
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FunTranscript
00:00I'm Nisha Katona, the founder of Mowgli Street Food Restaurants.
00:03When I started my business, I had so much to juggle that honestly I didn't have time
00:08to really put my mind to my energy usage, and as a result, I was losing a lot of money.
00:15New research shows that many small business owners say there are simply not enough hours
00:20in a day to regularly monitor all of their outgoings.
00:23Energy is a cost that worries them the most.
00:26What has helped me immensely is having smart meters installed in all the restaurants,
00:31because what that allowed me to do is to change the way I run my operations.
00:36I have to have hobs on all day, and extractor fans, and air conditioning, and lights.
00:40This all really mounts up.
00:43Smart meters enabled me to understand and really make fantastic savings.
00:49Some of the ways that I've really helped with my energy bills
00:53is things like installing timers on the lights in the restaurants,
00:57because very often the bar lights were being left on all night.
01:00You've also got to really train your staff to care about electricity consumption.
01:05Small businesses have to navigate their way through endless expenditure,
01:09and keeping a close eye on bills is critical to a business' success.
01:14Experience has taught me that taking the time to get your finances in order
01:18can save you both effort and money in the long run,
01:22and allow you to focus on what really matters.
01:26Contact your energy supplier or broker to see if your business is eligible,
01:30or visit smartenergygb.org.