SMEs missing out on millions

SMALL businesses in Yorkshire could save £576m a year through simple measures that do not impact on service or staff, according to new research.

One in four SMEs in the region only review their day-to-day costs once a year with a similar number having no routine mechanism for checking their major expenditure.

The research by Yorkshire Bank suggests after salaries that materials and supplies are the biggest costs facing SMEs.

Alan Young, Yorkshire Bank East Region director said: “Keeping a watchful eye on overheads is crucial to ensure business growth and profitability. 

“With difficult trading conditions it can be easy to lose sight of some of the simpler ways of helping your business, but regularly reviewing costs should be top of the to-do list for any SME owner or manager.”

Yorkshire SMEs that do regularly review costs saved themselves around £7,000 last year, according to the research.