Miscellaneous Costs and Stationary Revealed as Biggest Surprise Expenses for Small Businesses
32% of enterprises fail to shop around for better prices for “small costs”
13% of small business owners are inadequately prepared for minor miscellaneous costs, such as tea and toilet roll, according to new findings from insurance company AXA.
A further 13% named stationary and printer ink as the biggest unexpected cost, with the size of phone bills (9%) and postage charges (6%) also named among the top surprise expenses for small firms. Despite these shock costs, 32% of enterprises fail to shop around for better prices.
As the financial year comes to a close, the survey, which featured 297 small business owners, highlighted the need for small businesses to dedicate more time to managing smaller costs. Darrell Sansom, managing director of AXA Business Insurance, commented on the research:
“Little things can cost a lot and even if you have the best of intentions for your business budget, it’s amazing how quickly unexpected costs stack up and start biting into your profits.
“Of course we all know the importance of spending money wisely, and being too thrifty isn’t always best – there are clear benefits to be gained from paying your people well, using quality materials and investing in the right premises, products and services to protect your business and help it grow for example.”