Gaining an Edge

A utility pole supporting electrical wires in Bac Ha, Viet Nam. According to the Millennium Development Goals (MDG) Report, 1.6 billion people the world over, or a quarter of humanity, live without electricity.

Heard the old adage about keeping your head when all around you others are losing theirs?

In these financially troubled times, that advice could prove to be an important lesson in getting an edge on the competition.

When it comes to saving money on small business electricity rates, you’ll be aware that it isn’t easy, as it’s estimated that 1 in 5 small businesses spend more than 10% of their annual turnover on energy bills.

And just to drive that point home, more price rises are on the way.

SSE have already raised their prices by nine per cent, British Gas have announced that their customers’ bills will rise by 16 per cent in mid-November, and all the other major energy suppliers will undoubtedly follow suit.

All businesses face the financial reality of these challenging times, and it may be that the cost of electricity rates for your business are preventing you from making a real success of your enterprise.

Figures from The Department for Business Innovation & Skills (BIS) have shown that while turnover is down, energy costs are soaring, and it’s hitting businesses hard on the bottom line.

With the latest price rises, the whole problem becomes  a little more pressing for everyone.

Shop around and consider switching providers of your tariff. Don’t be afraid to fight your corner and ask your provider to see what deals they can offer you.

Keep track of how much you’re spending on energy so that you’re well-informed when you come to compare. Even a change in tariff could bring significant savings, so do your research.

Deals often seem to be the preserve of new customers, which has long been a bone of contention for existing customers who want to see some reward for their loyalty.

What about renewable energy? This could help you reduce your business energy costs significantly.

Could you downsize to smaller premises with the obvious savings that would bring?

Employ every possible energy saving tip you can think of. You will find a lot of advice on the internet to help you.

Consider everything and dismiss nothing.