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3 tips for small businesses to deal with increasing energy prices

Are you concerned about the rising costs of running your business? Then you’re not alone. Every day we’re hearing stories about the financial strain caused by rising energy bills and none of us can escape the gloomy projections regarding the future rate of natural gas and electricity supplies. With this in mind, read on for 3 ways to manage your business energy bills. 

1. Contact your energy supplier

Energy regulator Ofgem is advising small businesses that are experiencing financial difficulties to contact their energy supplier to discuss and possibly organise a payment arrangement that would distribute their energy fees over a longer period of time or in smaller monthly instalments. Before phoning your provider, take a look at your budget so that you know the kind of monthly payment that is feasible for your circumstances.

2. Check out regional schemes

The https://www.gov.uk/business-finance-support has a list of all the grants and loan programmes available to companies looking to lower their energy costs. This list will update over time as various local governments receive funds and distribute them to the appropriate recipients. While it’s possible that your local council isn’t included on the list, it’s still worth checking on a frequent basis since funding possibilities arise throughout the year.

3. Look for new ways to reduce your expenses

Among the expenditures that small companies are most likely to underestimate is the cost of energy use. Installing a smart metre is a terrific way to better understand how much power you’re using, uncover opportunities to become more eco-friendly and save money in the process.

As a consequence of the economic downturn caused by the COVID-19 pandemic, two-thirds of small businesses have altered their business models. Since reshaping a company might result in more expenses, it’s important to examine all of your expenditures to see if there are any new methods to save money.

Contact us at CWR Accountants today on 01524 67371 for all your accountancy needs.