Although the government have now introduced a fixed rate scheme for businesses, there is no doubt that the increasing cost of energy continues to be a concern in the long term. Some businesses have experienced increases of up to five or six times their current rate and employers are understandably looking at cutting costs. Here are some actions you can take to manage rising bills.
Consider layering up
There are no minimum or maximum temperatures set for workplaces, however government guidelines say it must be "reasonable" and suggest a minimum of 16C (61F), or 13C (55F) if employees are doing physical work. Staff are being asked to wear more layers to reduce heating costs and companies are already requesting bulk orders of outerwear and thermal clothing in preparation for winter. By wearing the right clothing at work, you can turn the thermostat down by a couple of notches and save money.
When layering up, always choose garments from the same range so that they coordinate well in terms of design and colourway. Some tips on designing a unique corporate uniform can be found here.
Switch energy supplier
Although energy cost increases are almost universal at the moment, it’s always a good idea to check to see if you can get a better deal from another supplier on a regular basis. According to the FSB, nearly half (43%) of SMEs have never changed energy company.
Compare Money UK monitors more than 150 business energy tariffs and makes some exclusive rates available to clients. It claims it can reduce annual energy bills by more than £1000.
Invest in renewable energy for longer term benefits
Lighting accounts for a very high proportion of a company's energy bill: You can save money by replacing traditional halogen lighting with similarly bright LED equivalents according to Energy Saving Trust. For the average UK household, the Trust says the upfront cost of fitting LED bulbs costs approximately £100 but reduces annual bills by £40 a year. A similar ratio can be applied to UK businesses.
In some cases, it may make sense to fit solar panels, heat pumps, or even small wind-turbines at your premises. The Renewable Energy Hub has details about the wide range of such products and information on grants that may be available. Credit: https://www.lloydsbank.com/business/resource-centre/insight/manage-energy-price-rises
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