UK SMEs are spending over 600,000 hours a year on company administration rather than core business activities.
That’s according to research carried out for the British Insurance Brokers’ Association (BIBA) which reveals that a significant number of SME leaders perform a lot of tasks outside their job descriptions, instead of outsourcing these to specialists.
The Populus-conducted survey of 500 directors, senior managers and owners of British businesses with between 10 and 249 employees, says that 26 per cent of SME leaders deal with IT issues, which costs them on average 52 hours a year. Most time consuming of all was HR, which costs 23 per cent of SMEs more than 60 hours per year.
Simon Denton, Tax partner at Milsted Langdon said: “This research shows that an astonishing amount of time is being wasted conducting tasks when SME leaders could be serving their customers and generating income. If we scale this up for the UK’s 5.2 million SMEs, then around 624,000 hours are wasted each week on non-business critical tasks.
“Frequently, SME leaders are handling tasks that fall outside their specialist knowledge, but this is where Milsted Langdon can help. We can assist SMEs with issues such as payroll services and can provide advice on tax, auto-enrolment and financing,” added Simon.
Milsted Langdon can take an holistic approach to the needs of your SME and advise on how you can focus on running your business. If you would like more information, please contact us.