A small business looking to thrive in today’s world needs to be on top of costs. Reducing margins is the only way to survive when there is so much competition and many barriers to success. Therefore, being attentive to higher costs, such as energy, can significantly affect your margins. Here we offer advice on six signs that you need to change your energy supplier or your relationship with them.
Your current systems are inefficient
When thinking about your electricity and gas bills, you also need to look at your capital expenditure and the age of the facilities within a workplace. An old boiler could be draining your energy supplies and causing your bills to soar. Newer boilers are built to be energy efficient and you could find the new tech paying for itself relatively quickly.
Equally, changing your air conditioning or getting it serviced regularly can also save you money. Cooling your building and making sure the air is safe to breathe is as expensive as heating. Consequently, you may want to do an evaluation of your whole HVAC system.
Doing an energy audit, working out where your energy is being used, is a way you can immediately take control of your bills and increase the margins for your business. It might be that all you need to do is educate your team members of best practice when leaving work on an evening. Turning off computers and monitors at the socket could do wonders for your margins.
Much of these energy efficiencies could be managed with the introduction of smart technologies. A smart meter or energy monitor is a great place to start, as it allows you to investigate where inefficiencies are occurring. You would be surprised how much an old kettle drains your electricity throughout the day, and a small change here isn’t going to cost the Earth.
Equally, investing in a smart thermostat is a simple beginning too. It can help you to set different temperatures in different areas and not have to heat the entirety of a large building. Keeping empty meeting rooms heated is an expensive luxury and one you do not have to pay.
There are so many other ways to make your use cost effective. While introducing some of these technologies might feel expensive, there will be a significant return on investment.
It might be that you do not have the money to invest in some of these bigger upgrades. Times are difficult and a few thousand pounds here or there is impossible to spare. When looking to upgrade your energy use, you can start small. For instance, count the number of lightbulbs in your business. If you are using old bulbs and not the new LED lights, you are using more energy than you need. Change each of these and the savings will add up over time.
A quick search on a comparison website will let you know if you’re paying too much for your utilities. An upgrade to your energy supply could come with a few clicks on the internet, as you search out a better price from a new supplier. If you can’t remember the last time you changed your supplier, now might be the time to see what money you could save.
Cutting costs to maximise profits
Choosing to deep dive into your energy costs is a must in a time when margins are tight. Inflation and world instability have made it clear that we need to be proactive in our use of gas and electricity. Therefore, making any efficiency adjustments is going to help – even if they are small decisions like changing a lightbulb.