UK businesses lose money due to inefficient practises

Epson's European Efficiency Report found companies in the U.K. are leading Europe in inefficiencies, costing the country's businesses a total of ?24 billion each year, or 36 percent of their annual revenue.

The research focused on several sectors when determining which countries had the most efficient companies: financial services, banking, hospitality, retail and professional services.

Chris Price of Epson UK said the report raised many concerns for U.K. businesses including operational company guidelines and how they can impact the bottom line.

"There is clearly an important message to British businesses to focus more attention on internal best practises, high prospect investment areas like technology infrastructure, and reconsideration of the credentials of the external supply chain,” said Price.

In order to improve efficiency, especially with the holiday season approaching, Internet Retail reported online retailers should make sure their ecommerce sites are accurate and ready for shoppers.

The news source recommends all retailers developing their online and mobile strategies have a copywriting team on hand to help optimise their sites with keywords. This will help consumers easily find the sites through search engines. It is also important to closely track and measure all online advertisement campaigns so budget allocation can be adjusted according to the results.