Bartering for the best deal from suppliers saved Britain’s SMEs hundreds of millions of pounds last year, according to a new study.

The research, commissioned by npower Business and conducted by YouGov, showed that nearly two fifths (38%) of SMEs in the North West surveyed saved up to £10,000 (average £2,918) in the past year by negotiating.

This potentially resulted in impressive overall savings of £511m across the sector in Britain in the past 12 months.

Despite the financial benefits, the research went on to show that 85% of North West SMEs don’t bargain with their suppliers, and more specifically, nearly three quarters (70%) don’t negotiate with their energy suppliers, before agreeing to a contract.

In a bid to encourage SMEs to harness the power of negotiation, npower Business is launching a new campaign, led by Tim Campbell – the winner of the first series of BBC’s The Apprentice – to remind companies to negotiate their energy contracts and wider business costs to get the deals they deserve.

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