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70% Of small businesses lose over £4,000 a year to utility companies

Brendan Mann
money

According to a recent OFCOM report, 70% Of small businesses lose over £4,000 a year to utility companies. The report shows that UK small businesses lose an average of £4,317 each year. Overpaying for business utilities that include internet and electricity. This is a number that has risen 17% since the last report in 2015. The report shows that over 80% of UK businesses overpay for at least one utility.

The increasing number of businesses overpaying for basic necessities such as broadband and electricity. Has created a financial black hole in the SME sector. A number of business switch pilot schemes. Most notably one in Greater Manchester. Have enjoyed great success. With many business leaders suggesting businesses need to take a more proactive approach to saving money. With increased financial insecurity across the small business sector. It is being seen an imperative that businesses look to reduce basic operating costs. Through negotiating the correct tariffs with existing suppliers. As well as considering the alternative.

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How do you get your money back and start saving today? Use a specialist business costs comparison service. The OFCOM report that shows this £4,000 a year financial black hole. Shows another interesting statistic. Over 50% of the businesses owners surveyed. Had used an independent switch provider. To reduce the cost of their domestic utility bills. But had failed to do the same for their business. The process is simple. It takes a matter of minutes to enter the correct information for a switch specialist to work with. The question is Why do business owners fail to look at their basic utility costs.

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