As a survey from AXA reveals the cost of the small things needed to run a business often come as the biggest surprise, the insurer reminds owners to look again at their smaller expenses when finalising budgets.
The research shows many small business owners underestimate the money needed for the everyday items vital to the business – with 13 per cent saying that the cost of sundries and miscellaneous items such as tea and toilet roll are the biggest shock. The amount of cash required for stationary and printer ink is the biggest surprise for a further 13 per cent of business owners, while nine per cent are taken aback at the size of their phone bills and postage horrifies six percent of leaders.
Despite this, almost a third of these confess they do not always shop around to get best value for money largely due to lack of time or simply not realising the need to do so.
Salaries remain the most significant expense for a third of small businesses followed by fuel, materials, stock and rent / rates.
At P F Spare Insurance Brokers we aim to share advice on an ongoing basis to assist in the continued development of our commercial clients. For further information on how we, in conjunction with our partners at AXA, can assist your business, large or small, with its insurance, please contact us.