# A missed opportunity: research reveals that while small finance & accounting businesses view themselves as cost-savvy, most aren’t switching water suppliers, or other services Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2018-05-31 Category: BUSINESS Category URL: https://financedigest.com/category/business Meta Title: Research: Small Finance & Accounting Firms Slow to Meta Description: Research shows only 4% have switched since non-domestic market opened, despite 87% describing themselves as cost-savvy. Switching can lead to reductions in URL: https://financedigest.com/a-missed-opportunity-research-reveals-that-while-small-finance-accounting-businesses-view-themselves-as-cost-savvy-most-arent-switching-water-suppliers-or-other-serviceshtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/fd310518-2-1736842679105-compressed.jpg) Research has revealed that just four per cent of small businesses in the finance & accounting sector with an office in England have switched water suppliers since the non-domestic market opened a year ago, even though 87 per cent describe themselves as cost-savvy when it comes to choosing suppliers.The research, carried out by [SES Business Water](https://www.sesbusinesswater.co.uk/) in conjunction with [YouGov](https://yougov.co.uk/), also showed that, on average, only 37 per cent of small finance & accounting businesses are switching providers of other services\*, including energy, stationery, IT, healthcare and pensions. Since April 2017, businesses and organisations in England no longer have to buy their retail water services from their regional water company, and can choose one retailer for their water and another for wastewater services, or just one for both. Small businesses that switch can expect to see a reduction in their water bills, and may also see further cost reductions through the identification of abnormally high levels of consumption. In addition, having the freedom to switch gives [small businesses](https://www.financedigest.com/small-businesses-run-out-of-cash-before-they-run-out-of-potential.html "Small businesses run out of cash before they run out of potential") the chance to choose a company with a better customer service record than their current supplier. Despite these benefits, research carried out by SES Business Water and YouGov, in which 757 people\*\* were surveyed, revealed that just four per cent of [small businesses](https://www.financedigest.com/small-businesses-and-scams-what-you-need-to-know.html "Small businesses and scams: What you need to know") in the finance & accounting sector with an office in England have taken the opportunity to switch water suppliers. Conversely however, 87 per cent of small finance & accounting firms believe they are cost-savvy when it comes to choosing suppliers, and 98 per cent believe being cost-conscious is an important attribute for their type of organisation – indicating they will place importance on being careful with money, being mindful about their purchases, and always looking for the best [deal on supplies](https://www.financedigest.com/exclusive-germany-qatar-at-odds-over-terms-in-talks-on-lng-supply-deal-sources.html "Exclusive-Germany, Qatar at odds over terms in talks on LNG supply deal -sources"), including utilities. SES Business Water’s research also showed that, on average, just over a third (37 per cent) of small [businesses in the finance](https://www.financedigest.com/2016-the-year-of-technology-financing-the-year-of-business-growth.html "2016 – THE YEAR OF TECHNOLOGY FINANCING, THE YEAR OF BUSINESS GROWTH") & accounting sector are likely to switch providers of other services\*, including stationery, IT, catering, cleaning, car leasing, energy, healthcare and pensions – so many more businesses could benefit from making comparisons and switching to save money. Stationery was the top service that [small finance & accounting businesses](https://www.financedigest.com/government-assisted-financing-schemes-for-small-businesses.html "Government Assisted Financing Schemes For Small Businesses") had switched, with over a third (37 per cent) switching suppliers in the previous 12 months. The [services that small businesses in this sector are least likely to switch are car leasing companies and catering providers](https://www.financedigest.com/whats-in-store-for-2016-leading-online-trading-services-provider-easy-forex-reveals-predictions-for-the-new-year.html "WHAT’S IN STORE FOR 2016? LEADING ONLINE TRADING SERVICES PROVIDER EASY-FOREX REVEALS PREDICTIONS FOR THE NEW YEAR") (eight and 12 per cent respectively) – but these percentages are still higher than for switching water suppliers. Max Langford, SES Business Water’s commercial director, said: “Small [businesses](https://www.financedigest.com/the-small-businesss-guide-to-getting-started-in-digital-advertising.html "The Small Business’s Guide to Getting Started in Digital Advertising") play a significant role in the country’s economy, but it can be challenging for them to grow and prosper. Therefore, they need to be shrewd when it comes to their spending behaviour, especially in today’s uncertain times. “However, their inactivity in terms of switching suppliers of [key products](https://www.financedigest.com/polyols-and-sorbitols-products-market-industry-research-segmentation-key-players-analysis-and-forecast-to-2029.html "Polyols and Sorbitols Products Market Industry Research, Segmentation, Key Players Analysis and Forecast to 2029") and services could mean they are missing out on a range of important benefits – for water, these include cost, efficiency and resource savings, and better customer support. “While our research confirmed that an overwhelming majority of small businesses believe that it’s important to be cost-conscious, and view themselves as cost-savvy, it also highlighted there is [potential for many businesses](https://www.financedigest.com/the-real-potential-of-web-3-0-and-blockchain-for-business.html "The Real Potential of Web 3.0 and Blockchain for Business") to refocus their efforts, shop around and save money. “Small businesses in the finance & accounting sector are far more likely to switch [energy](https://www.financedigest.com/germany-braces-for-energy-supplier-casualties.html "Germany braces for energy supplier casualties") supplier than their water supplier, even though switching water could reduce their costs. It’s clear that more must be done to raise awareness of the open [water market](https://www.financedigest.com/tectonic-innovation-to-drive-the-us-bottled-water-market.html "Tectonic Innovation To Drive The Us Bottled Water Market") among small businesses so they can actively engage in it.” SES Business Water is committed to improving [market engagement by communicating with small businesses across the UK to explain how switching can help them achieve cost savings and access better products](https://www.financedigest.com/demand-for-meatless-products-and-vegetable-proteins-is-expected-to-improve-nutritional-yeast-market-sale.html "Demand For Meatless Products And Vegetable Proteins Is Expected To Improve Nutritional Yeast Market Sale") and improved customer service. To coincide with the one-year anniversary of the opening of the non-domestic water market in England, SES Business Water has published [The Missed Opportunity report](https://www.sesbusinesswater.co.uk/sites/default/files/pdf/SES-TheMissedOpportunity-v8.pdf), which summarises the switching activities of small businesses. --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---