Trips to The Bank Cost Businesses 93 Million in Wasted Hours Every Year
Businesses in London are most concerned about having cash stolen whereas those in the North West are suspicious of employee theft
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 the mattress”.
The average small business, its revealed, delays depositing cash for two weeks – stifling a vital boost to cash flow.
Despite respondents’ tendency to delay the process, the fear of theft appears to be a genuine concern with 19% reporting they have lost or had their cash takings stolen in the past.
Of those who have yet to fall victim to theft, 27% fear cash will be stolen from their premises with 17% worried that cash will be stolen from an employee sent to deposit it.
In terms of geography, businesses in London (36%) are the most concerned of theft from someone outside the business, whereas those in the North West are most concerned that employees will steal cash while taking it to the bank (28%).
Ian Rand, CEO of Barclays Business banking said:
“Running a business is time-consuming enough, so shutting up shop to deposit cash simply shouldn’t be a factor preventing businesses staying open for their customers.”