As a small business owner, you know that time is money. Unfortunately, SMEs across the UK spend too much time chasing unpaid invoices. A recent report by Starling Bank reveals that UK micro-businesses spend an average of ten weeks per year sorting out their finances. According to another study by Xero, small business heads spend an average of 10% of their working days pursuing unpaid invoices, and in the UK alone raked up a total of £1.6 billion in unnecessary late payment costs. This significant amount of time and money could be better spent nurturing your growing business.
Late payments are a particularly pressing problem for British SMEs, especially during the ongoing cost of living crisis. The study also revealed that the industries most affected are HR, IT, telecoms, manufacturing, and utilities. The consequences of unpaid invoices for small businesses include a loss of productivity, unnecessary expenditure, and a backlog of work.
At Reduce My Costs, we understand that chasing late payments can be frustrating and time-consuming. That’s why we offer solutions to help you manage your costs and reduce the time spent on chasing utility payments. Our friendly team can help you consolidate your utility and operational costs in one place. By managing your expenses efficiently, we are committed to finding you competitive prices while enabling you to control your costs. We can help you manage:
In addition to managing your costs and reducing the time you spend chasing late payments, it’s also essential to clearly understand what you’re paying for. By keeping track of your expenses, you can make informed business decisions and avoid unnecessary costs from late fees.
Emma Jones, the Founder of business community Enterprise Nation, noted: “Nearly 60% of all UK small business invoices were paid late in 2023, which can cripple and often close a business within its first few years.”
Just send us a recent bill for the services you’re interested in, and our team will swiftly gather the best prices and create a tailored proposal for you. Your dedicated account manager will walk you through your new contracts, and once your switch is complete, you can say goodbye to the stress of managing your operational costs. Our process is designed to be straightforward and hassle-free.
At Reduce My Costs, we’re committed to helping small businesses reduce their costs and save time. By managing your costs in one place, we can help you avoid the frustration of chasing late payments and focus on expanding your business. Every business is unique, so we tailor our services to meet your requirements. Whether you need help with energy bills, securing a business loan, or procuring a reliable payment system, we’ve got you covered.
Why not upload a bill, give us 24 hours, and let one of our dedicated cost-saving specialists handle the rest?
