It’s been twelve working weeks since lockdown measures were introduced across the UK and thousands of businesses have been desperately looking into the most effective way to cutting costs, in order to survive the Coronavirus crisis. Now, as many begin to reopen for business, there is some key information I’d like to share with you.
Managing costs is important for any business, but during a crisis, resilience is key to your recovery. Utility bills make up a large proportion of a business’ overheads, so when it comes to your financial health check, managing your business energy costs is a critical part of this.
Review Your Energy Contracts
A good energy procurement strategy means more than just renewing your gas and electricity contracts at their end dates - it’s always worth reviewing your current contracts to see where you could be paying less. Are you on the right tariff for your business needs? Have you missed a renewal date, leaving you stuck with a poor value default rate? At Inspired Energy plc, we can perform a free, no-obligation energy assessment to confirm whether your utilities are performing well and unearth any cost-saving opportunities. Plus, we can set up renewal reminders to ensure you avoid those pesky rollover rates!
Be mindful of consumption
Did you leave the lights on over closure? If you did, chances are that this will have gone unnoticed, but it will have undoubtedly cost you money. Improve the way you use energy with a business smart meter, which can help you to monitor and reduce your energy consumption - after all you can’t manage what you can’t measure. We work with suppliers who offer free smart meters and can arrange this on your behalf.
Take advantage of current market lows
Energy prices fluctuate daily and can be affected by a whole host of factors, including demand, weather conditions and political factors. Due to the current market, wholesale energy costs are extremely low – in fact, prices have only been this low once in the last 10 years, meaning that now is the perfect time for smart business owners to act quickly and secure a better tariff.
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Enjoyed this? Read more from Ben Beetham, Inspired Energy