cheaper small business suppliers

Businesses Blind to Value, As Many Urged to Adopt an Eye for a Bargain

Businesses Blind to Value, As Many Urged to Adopt an Eye for a Bargain

UK small businesses are being urged to shop around for better deals or miss out on cheaper supply costs, according to a report by Tungsten Network. The survey of 1,000 business owners revealed that 28% of respondents believed they could have saved between £5,000 and £20,000, and 15% cited potential savings of £50,000 if they had checked the prices of their own suppliers’ competitors. The potential savings for UK small businesses who have an eye for a bargain amounts to £106bn – when based on the estimation that the average firm could save £19,663 annually. Just 42% of those surveyed admitted they reviewed their wholesaler annually with only 29% doing so two or three times a year, and just 19% assessing their deal on an ad hoc basis or when they are dissatisfied. Richard Hurwitz, CEO at Tun... »