Ian Rand

Trips to The Bank Cost Businesses 93 Million in Wasted Hours Every Year

Trips to The Bank Cost Businesses 93 Million in Wasted Hours Every Year

UK small businesses spend a combined total of 93 million hours each year making trips to the bank, according to a report by Barclays Business. The survey of 1,000 small enterprise owners revealed that it takes the average respondent one hour to pop down to deposit cash –  totalling 26 hours and 17 minutes every year. The errand isn’t just costing businesses time, however, as its revealed that 18% of those surveyed actually temporally close their business to carry out the chore, with this figure rising to 47% when concerning 18-34 year olds. It’s suggested that some business owners find the task of depositing cash tiresome, with 27% of business owners admitting they put off taking their earnings to the bank on a regular basis while 7% even keep their cash in a locked safe or “under th... »