Richard Hurwitz

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... »

Invoice Fraud Causes Small Businesses to Lose £9bn Annually

Invoice Fraud Causes Small Businesses to Lose £9bn Annually

UK small and medium-sized businesses lose £9bn every year to invoice fraud, according to a report by Tungsten Network. The survey of over 1,000 companies found that nearly half (47%) have received a fraudulent or suspicious invoice in the last year with 54% identifying it as their single biggest threat. Of those affected, one in six firms believe the fraud has cost them more than £5,000 in the last year alone. Worryingly, only 44% of smaller enterprises say they would contact the police or Action Fraud if they received a fraudulent invoice while 13% admitted they wouldn’t know what to do if such a situation arose. The invoice fraud methods utilised by scammers include viruses embedded in attachments, unknown invoices attached to an email, false changes to bank details, and sending duplicat... »