The arrival of September means many things in business. For those that work closely with education providers, it’s the start of a new academic year, while the end of the month is also the cut-off for companies looking to claim EC VAT from last year. One thing that’s always notable to those both inside and outside of businesses, however, is the change in weather and temperature that the move from summer to autumn brings.
This affects all companies, whether it’s because they offer a product or service that’s more in demand in the summer, or simply because of the costs that come with keeping an office or other place of work warm once the mercury drops.
Fortunately, there are ways in which energy costs can be minimised if you run a business, and here are some of our tips:
Explore the market
Advisers like Martin Lewis of Money Saving Expert are constantly urging consumers to shop around for their energy providers, but this is advice that business owners should heed too. Price comparison sites are realising this, and are beginning to cater to SMEs.
With energy bills soaring year-on-year, there seems little point in showing loyalty to a particular provider when services can be found for less elsewhere. Take the time to review your energy package regularly to make sure you are getting your money’s worth.
Consider what you can claim back
Don’t forget that heating and electricity all come under the cost of operating a business, so you should be claiming tax relief on them. Even if you are self-employed and working from home, you can still claim for gas and electricity if you are using it for work.
This is an example of where it pays to outsource accounting services. With UK tax laws often being complex, a trained accountant can look into what your entitlements are and whether you are wasting money on utilities.
Avoid waste
This stands to reason, but it’s surprising how many companies leave lights and electrical appliances on overnight. In recent years, one of the biggest causes of wasted energy has been phone chargers. If employees must charge their phones at work, encourage them to do this during the day where possible, and then switch their phones off at night so that they’re fully charged the following morning.
Similarly, you could look into how much heat you are losing through your windows and walls, and get a thermostat installed so that you only use what you need. In much the same way as a homeowner should look at efficiency for the sake of their own bank account, a business owner should do so with the company’s cashflow in mind.