There are several reasons why our bills across the UK are rising, from increasing global demands to limitations of distribution, the impact is affecting everyone both at home and within the workplace. This can be a daunting time for businesses, especially those who are just getting started and might not have the financial profits or available cash to cover these increasing costs.

We understand that every business has unique requirements and will therefore be impacted differently by these rising costs. But there are some universal solutions that could be beneficial in the long-term. We’ve pulled some of these together to help you reduce your energy bills, potentially saving you money.

SET UP A BUSINESS BUDGET

It’s important, now more than ever, to have a good understanding of your business’ financial position. By knowing your weekly, monthly and yearly income and expenses, you can budget for additional costs or identify areas where you might be overpaying. Our Business Budget blog can provide you with more information on the benefits of this.

SEE WHERE YOU CAN BE MORE ENERGY EFFICIENT

There are lots of little changes you can do around your office or at home, to help save money on energy bills as well as reducing your impact on the environment. Some switches you could implement today include:

• Move to energy saving light bulbs
• Switch off electronics and lights when not in use
• Use sensors for lights to turn on and off
• Reduce your thermostat and leave at a constant temperature
• Invest in green technology where you can
• Be paperless and print less

REVIEW YOUR ENERGY SUPPLIER

Energy bills are usually paid as a monthly direct debit, so it becomes a regular expense that can often be forgotten. Many businesses have an ongoing relationship with their energy suppliers, but that doesn’t mean they’re your most cost-effective option. Use online comparative sites to compare different energy suppliers; many will organise a seamless switch, or your current supplier might match a cheaper deal.

SEE IF THE GOVERNMENT CAN HELP

The Government are yet to confirm any specific financial support for businesses, but it’s worth checking if you are eligible for any local or regional schemes. If your business involves working from home, you may be able to claim back on your gas and electricity costs. Or, if you’re looking to invest in green technology, there are grants available so you can implement these changes. Take a look at the Government’s website to see if there are any loans or grants available near you.

HELPFUL INFORMATION

Here at Busby Finance, our team are on hand to support you and your business goals. The content within this blog should be used for information purposes only and cannot be considered as legal or financial advice. If you have any queries, please get in touch.