Missed appointments cost small businesses millions each year

Local Business Week 18 – 24 May

The latest figures from the FSB (Federation of Small Businesses) show that small and medium enterprises (SMEs) account for more than 99% of all UK businesses and nearly half of all private sector employment. This means the support and growth of local commerce is as important as ever in driving economic stability and opening new markets in communities.

This week is Local Business Week (18-24 May) and is a call to action for the public to support their local enterprises and enable them to compete with bigger businesses that monopolise the high street.

For many SMEs over a third of the working week is spent carrying out simple admin tasks, which is hindering business growth. This amounts to a lot of wasted time among the 1.1 million appointment-based businesses in the UK, who are being interrupted by customers, and managing appointments, both of which have the possibility of being automated. Up to five minutes is spent coordinating or changing each booking, which equates to around 20 million minutes a day across UK SMEs.

Customer no shows are a serious hindrance for appointment-based businesses, costing billions of pounds in lost time. In fact, over 40 million minutes are wasted each day by people coordinating and missing appointments. This affects both large and small businesses; it’s estimated that the NHS loses around £700 million a year from missed appointments.

A recent study revealed that tax administration is also a large time waster for small business owners, as they are losing around 12 days a year trying to keep on top of it. This means that UK SMEs could be losing half a billion pounds per year, that could otherwise be used to expand their business.

Despite a more positive outlook within the UK economy recently, there are still many barriers remaining for SMEs. Small and medium businesses need to eliminate unnecessary costs and time wasting if they are to make the most of the growth opportunities that are now finally beginning to present themselves.