Business insurance firm AXA UK has released new research, suggesting companies could save nearly £1,500 a year each by making small cost-saving changes to their operations.
The study estimates that, on the whole, small to medium enterprises (SMEs) are throwing away a collective £2 billion every year by not being financially efficient.
It has since published a list of suggestions to encourage SME owners to streamline their firms and stop them from wasting more money.
One piece of advice AXA has given them is to shop around for their motor insurance. The company’s research suggested that 11 per cent do not bother to do this at the moment – despite the fact that rates are dropping more sharply than they have done in many years.
AXA Business Insurance’s managing director Darrell Samson said: “Some businesses are clearly very savvy and these figures certainly do not reflect how every SME in the country operates – but what is very clear is that a huge number of companies make small changes which would result in significant savings.”