When it comes to running a business, keeping your costs down is essential – and that’s doubly true when we speak of businesses on the brink of administration. Every penny counts and in a bid to save money, you should be looking at every aspect of your business with a renewed focus.
One such aspect is your energy usage. A recurring expense for any business, and unless it’s kept in check, it can be a serious drain on your finances.
Tackling that issue isn’t so easy though, requiring a number of changes and diligence from the very top of your business to the very bottom. So, what are our top tips for saving money on your business energy?
Step one: Change your supplier.
It’s common advice, but that doesn’t mean it’s any less valuable. The rise of comparison websites has meant that, in the home sphere, countless people have saved huge sums on their regular energy bills.
Now comparison websites have moved to support the needs of business energy customers, offering the same kind of ease-of-use and support that domestic customers have enjoyed for years. Simply visit a comparison website, select business energy and fill out the form.
Alternatively, you can shop around on your own. Get quotes based on your usage and evaluate whether it’s correct to tie yourself down to a fixed tariff or to bulk purchase your energy ahead of time at current rates and return to your current supplier. The contact details for all the main energy providers can be found at the energy company numbers website
Typically, if you’re managing the energy of a larger business, your greater energy demands will yield greater negotiating position, so always give your current supplier a chance to beat any other quotes you’ve received.
Step two: Change the energy culture within your business
Whether your business boasts ten members of staff or ten thousand, there are changes which can be made in their mindset which results in meaningful savings in your energy spend. However, any change should be made from the very top of your business down.
Ensure that the CEO of your business is ready to tow the party line and send the message from the very top with investments in things like energy saving light bulbs and motion sensors to avoid unnecessary energy waste.
Those are upfront costs, but the savings over the long term are significant, and they send a vital message to your staff – that energy concerns are real. You can also introduce energy saving information posters, encourage staff to make use of the natural light their office enjoys or even invest in microgeneration (like solar or wind power).
Informing your staff that they have to keep an eye on their energy usage is one thing, however, but when they’re so abstracted from the process, it can be difficult to ensure good motivation amongst your team.
That’s why incentivising your staff is so vital. Encourage some friendly competition within the company by pitting teams against each other, in a battle to find which team can save the most money on the energy bill across the month or quarter. At the end of it, the winning team get a treat, whether that’s champagne, a bar tab, a meal out or something else – compared to the savings you’ll make across your business, it’ll be worth it.
Of course, these are just a handful of tips you can use to help save energy in your business, there’s a whole world of creative energy saving methods out there, just waiting for your business to exploit it. Coupled with financial prudence around other aspects of your business, and you’ve got serious money saving potential.