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British SMEs are losing thousands due to poor efficiency

(Image credit: Image Credit: Shutterstock/Sergey Nivens)

Small business in the UK could be earning an additional $40,000 every month, if only they could be more efficient online. This is the conclusion of Wix’s new report, which analysed the productivity and general sentiment of British SMEs this year.

The report argues that four in ten of SMEs in the country are not present online, while a third do have a website, but aren’t completely digital. Businesses that don’t have a website argue that they don’t see the benefits, but the report says otherwise.

In fact, SMEs that are completely digital (that includes invoicing and payments tools, customer service, etc), earn an average of $40,000 more every month. Smaller organisations, those with up to 50 employees, earn an extra $28,000 a month.

Most of these earnings comes from saving time and resources, it was added.

Customer service, administration, bookkeeping, payments and invoices and marketing are the most common tasks which SMEs enjoy keeping offline.

“The results of the survey are not a surprising. At Wix we build features and functionality to directly address small business pain points,” said Matt Rosenberg, Director at Wix.

“For an SME owner, moving your business online for marketing and management is good for exposure, productivity and efficiency, and the results will be evident on the business’ bottom line. SMEs in the UK would absolutely benefit to strive for peak efficiency and bringing their business operations fully online would do just that. The great news is that it’s easier than ever, even for small businesses, entrepreneurs and solopreneurs, to migrate their businesses to function fully online in a cost-effective manner.”