HOW SMALL BUSINESS OWNERS COULD REDUCE COSTS
According to our research, 92% of small business owners are concerned about how they’ll manage the rising cost of living for the rest of 2022. So, small business owners will need to change their habits to reduce costs. But where should you begin? With the help of over 500 small business owners, we produce the Costs, Energy & Going Green guide, to help give advice on where you could save.
HOW IS THE COST OF LIVING RISE AFFECTING SMALL BUSINESSES?
With the rising cost of living, small businesses are feeling the pinch. According to our research, three quarters of small business owners have had to increase their prices as a way to cope. And unfortunately, over half of small businesses surveyed claim they have lost customers as a result.
But that isn’t all. 28% of small business owners don’t know how much their next energy bill will be. And the number of business owners who receive estimated bills has risen by 13% since the start of the year.
This means more and more businesses don’t know how much they are spending each month, making it harder to take control of their bills.
HOW CAN YOU REDUCE THE COSTS TO RUN YOUR BUSINESS?
We know this is a worrying time for many small business owners and employees. But there are things you can do to help. We asked 500 small to medium sized business owners what they do to help lower costs. Continue below to see the advice they gave, you can also click on the link below to download an infographic that highlights the advice.
1. Keep a closer eye on monthly bills
Knowing how much you’re spending each month will help you take control of your bills. You can begin by tracking how much energy you’re using. You’ll just need a smart meter to do this.
With a smart meter, you’ll be able to view how much energy your company is using online, in a way that traditional meters can’t show you. Smart meters also send your energy readings directly to your supplier, meaning accurate bills and an end to time spent submitting manual meter readings.
According to our research, 72% of business owners either have a smart meter or are thinking about getting one to better manage their energy use. So, are you ready to take control of your energy usage and request your smart meter?
Simply enter your energy supplier in the box below and we’ll connect you. If your small business works with a Third Party Intermediary (TPI) or broker, please contact them directly to request your smart meter.
2. Shop around for different energy suppliers
Shop around online to see if you can get more out of your energy supplier, or if there’s a better deal out there for you. You could find a cheaper deal or one that charges less during times when you use a lot more energy.
3. Switching to greener solutions
Based on our research, nearly seven in ten business owners have plans to avoid increasing their prices for the rest of this year. Being more sustainable by using less energy is one way to do that.
There are many sustainable things small business owners have done to cut costs. Some include: turning off appliances when they’re not in use, reducing the amount of energy used and going paperless.
Getting a smart meter is another solution that can make your business greener. Smart meters can show you when you are using your energy, which could help you find ways to cut down. They also allow energy suppliers to rely more heavily on renewable energy which helps us use fewer fossil fuels.
HOW TO REQUEST A SMART METER FOR YOUR SMALL BUSINESS
If you haven’t already got a smart meter, you can request one from your energy supplier below. If your business works with a Third Party Intermediary (TPI) or broker, please contact them directly to request your smart meter.
YOU MAY ALSO BE INTERESTED IN...
- Money saving tips for small businesses - our top tips to help your small business cut costs.
- The installation process - smart meters are available to many small businesses and installations are happening now. To find out if your small business is eligible, contact your energy supplier.
- How to use a smart meter to save money - smart meters give you accurate bills for your small business, so you only pay for the energy you actually use. But how can they save you money?