UK SMEs have dangerous lack of insight into their business

Almost two thirds of small businesses in the UK dangerously unaware of the real state of their company, potentially stifling SME growth.

In a report from tech firm ClicData, 62% of UK SMEs said they don’t have enough visibility into the ‘health’ of their business, with 6% admitting that they never look at their accounts, a figure that represents 300,000 UK companies.

Two thirds (67%) of the companies surveyed believe their decisions are based on accurate and up to date information, even though 60% admit they only update their information no more than once a month.

Even the information that is available may not be used properly: more than half of small businesses use Excel spread sheets to produce their accounts, yet 34% of teams have no clear understanding of the information in the reports. The lack of understanding worsens as businesses grow ; 83% of decision makers in larger SMEs lack an understanding of their company accounts.

Better business energy deals

Confusion over business energy worsens the situation. A plethora of business gas and electricity suppliers all offer different deals that lack the transparency of the consumer market.

Busy small and medium sized business owners lack the time to hunt down tens of energy suppliers but are ignored by the compare and switch sites that serve consumers. The business energy comparison sites that there are tend to be focused on bigger companies.

SwitchMyBusiness.com is different. As an SME energy specialist we understand that you want a quick and easy energy comparison without the hard sell. In just 20 minutes, your impartial energy experts will provide you with a comprehensive comparison of the best business energy deals and switch you to a new cheaper business energy supplier. Your personal switcher handles all of the details and is the sole point of contact throughout.

Find out why we are the highest rated business energy compare and switch service with 5 stars on Trustpilot. Give us a call on 0330 0100 251 or fill in the form at the top right of the page.

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