Starting a business is difficult, but ensuring that it will be profitable in the long run is more challenging. This is because so many things need to be done and considered. For example, you need to do administrative duties, file tax returns, manage operating costs and more.
Why changing your energy supplier can be great for SME’s? Because there is a high chance that you may be spending a lot more than what you should be paying for your commercial energy. According to recent data, one of the most considerable costs for UK businesses is energy suppliers.
Many businesses give very little thought when it comes to electricity and gas charges. Regardless if you are paying through a monthly tariff or on a yearly contract, you may be currently on a plan that does not give you the best deal for your commercial energy needs.
Often, you do not realize that you can save a lot when you switch energy suppliers. And many businesses are still missing out because you are not shopping around for energy.
Most of the time, high energy costs often burden small and medium-sized enterprises. However, large businesses such as corporations don’t experience this problem because they can negotiate the best deals for their companies.
Just look at it this way, if you are paying more on power, this will cause a significant drain on your company’s resources. So to help UK businesses, the government introduced the “Power to Switch” campaign in February 2015.
What is the Power to Switch Campaign?
The government designed this campaign to promote the benefits of switching energy suppliers. It provides information about the benefits of shopping around, and it advises on how individuals and businesses can find the best deal that will fit their needs and budget.
The campaign encourages everyone to look into alternative energy providers to help reduce their financial burden when paying for energy.
With this campaign, the government reformed the energy market to allow people and businesses to save hundreds of pounds. The program included the following:
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Lesser switching time
Previously businesses were required to switch suppliers in five (5) weeks. But now, it will only take you a lesser time frame to switch energy suppliers.
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More new suppliers in the market
From twenty-six (26) energy suppliers in 2015, as of now, there are over eighty-five (85) active energy suppliers and fourteen (14) have already stopped trading.
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Backed Ofgem reforms
Ofgem strengthened its Confidence Code for various price comparison sites. With this, people will have more confidence when they choose to switch energy suppliers. And once they do, they will see and enjoy actual savings.
The reform stamped out sharp and harmful practices, and it enabled competition and innovation. As a result, it helped to drive down prices and at the same time developed new products and services for consumers.
It also forced energy companies to be more transparent when it comes to energy bills. Furthermore, this gave customers more information about how to switch.
The Power to Switch campaign gave people an opportunity to take advantage of the most competitive energy market. When you switch to a different gas and electricity supplier, you get to reduce your energy costs.
But, if you decide to stay loyal to your current energy supplier, you may still try to re-negotiate your energy contracts to get a better deal. However, the savings may be smaller compared to when you switch.
There are also other things you may want to consider when it comes to switching your energy supplier. Check these out:
Customer Satisfaction
It’s not always about having a reasonable unit rate. There are times when energy suppliers fail to deliver excellent customer service. Issues like inaccurate billing and poor services are good reasons for you to switch energy suppliers.
You can compare customer satisfaction scores online among the suppliers to help you decide.
Going Green
You can also opt for green energy if you want to. If you plan on doing your part to help the environment, you can compare green energy quotes and switch suppliers. When you go green, you can reduce your carbon footprint and improve your public image.
Although green energy deals are a little more expensive than your traditional business energy, you could be eligible for tax relief because of your reduction in carbon footprint.
Smart Energy Technology
Reducing your energy consumption will also help lower your energy bill. With smart meters and advanced software and hardware, businesses can now identify and manage problem areas to maximize their energy consumption.
Conclusion
Switching energy suppliers will give you more benefits, and you can now compare energy quotes online. In addition, comparison websites are now available to help you out, so go ahead and check them out.
