Boost your small business: The things owners wish they had time for and how to save money

Small business owners are losing an average of £4,000 each year because they don't have enough time to manage their expenditure and outgoings, new research has revealed.

A 500-strong poll of small business owners found that they are typically losing nearly £350 each month on potentially avoidable costs due to a lack of time to focus on all their expenditure.

However, when it comes to managing their essential bills, there are some simple steps they can take to save cash and make things easier - as two business owners tell us below. 

The research, conducted on behalf of Smart Energy GB, showed being responsible for so many tasks, as well as the volume of admin they had to deal with, were key challenges for owners when it comes to keeping on top of business finances.

From sorting energy bills to accounting and even buying office supplies, we look at the things business owners struggle to find time for, and how they can save time and money.  

The to-do list. Simple ways small businesses can take control of their admin tasks

1. Energy costs

Energy bills are the top concern for business owners, with 43 per cent identifying them as a major worry, according to the research.

It also revealed that more than a quarter of owners lack the time to thoroughly review their energy bills.

Whether you own or rent your business premises, you may be eligible for a smart meter. They make it easier to keep track of your energy use and spot ways to reduce waste.

Small businesses with a smart meter can request access to 12 months of data from their energy supplier which could help with budget management and cost forecasting.

If you rent your premises, you may need to check with your landlord that changes to your meters are allowed within your rental contract.

2. Insurance premiums

Almost a quarter of small business owners think there are potential savings to be made from reducing their insurance premiums.

Setting aside some time to shop around each year can really help. It could also help to use an insurance broker and source a better deal.

Demonstrating the business is well run and that safety regulations are adhered to can sometimes result in insurers offering lower premiums.

3. Supplier costs

Carving out some time to compare alternative suppliers or negotiate bulk discounts could make a big difference to profit margins.

4. Technology and software

One in five small business owners wish they had more capacity to focus on software and tech.

However, more than half of small business are already turning to technology to manage their business finances and boost productivity.

Time saving tech can range from accounting and invoicing software to transcribing tools or adopting biometric payment systems.

5. Marketing and advertising

Marketing your business is crucial for growth, but can be hard to prioritise. 

Consider outsourcing this work to an expert freelancer to avoid missing out on opportunities to take your business to the next level

6. Equipment and maintenance

Not having enough time to properly source or maintain equipment is also something small business owners feel they are neglecting.

Remember that investing in the right equipment can be a cost saving endeavour in the long run. For example, upgrading to more energy-efficient equipment could lead to bigger savings over the long run.

7. Broadband

Almost one in five small business owners think they could reduce costs if they had more time to review their broadband.

A quick check on some price comparison sites could take minutes, but result in some worthwhile savings. 

8. Subscriptions

A 'forget-to-cancel' culture is something small business owners admit to, from paying for unused subscriptions, to missing renewal notices or forgetting a subscription existed.

Almost a quarter of small business owners admit they have let subscriptions run on longer than they needed to.

A further 41 per cent have paid for unused subscriptions, and nearly half admit they have overlooked subscriptions because they feel like smaller costs.

Cost saving tips for small business owners

Nisha Katona MBE, founder of Mowgli Street Food and TV presenter has partnered with Smart Energy GB to offer up some more tips to help small businesses control costs.

1. Set clear goals for financial success

'Whether you're aiming to increase profits or cut costs, setting clear goals gives you a roadmap for success,' says Katona.

'Maintain accurate financial records and closely track all your expenses, including energy costs. 

'This will save you time and money in the long run, so you can focus on what really matters – growing your business.'

2. Get a smart meter installed

Katona says: 'Smart meter data can help give you more control over your business's energy spend, and help you monitor energy usage and identify where you can make some cost savings.'

3. Encourage energy saving habits

'Implement simple energy-saving practices like setting timers on lights and turning off appliances to avoid wasting energy when they're not in use,' adds Katona. 

'At Mowgli Street Food, we started coming in a little later in the morning, which saved energy as we reduced the hours we were in the kitchen with the lights on and the ovens running. 

'Keeping vents and equipment clean ensures they run efficiently.'

4. Educate your team

'Teach your team good energy habits,' says Katona. 'It's important they're on board with your energy saving measures and understand the cost of energy and how even small changes in behaviour can make a big difference to an energy bill. They may also have their own ideas too.'

5. Invest in energy-efficient equipment

Katona adds: 'While the initial investment may be higher, upgrading to energy-efficient equipment can lead to substantial long-term savings. 

'These appliances consume less energy, reduce operational costs, and contribute to a smaller environmental footprint.'