BES is committed to supporting all customers during and after the pandemic, and in conjunction with Smart Energy GB and Small Business Britain, we would like to share some money saving tips to help businesses survive these challenging times.
Worried owners of small businesses including retailers, hairdressers and builders estimate that, despite lockdown now being eased, they have an average of just nine weeks left before they will be forced to stop trading. So, what can small business owners do to save money and continue trading?
A recent survey with the owners of 1,000 small businesses (firms with less than 10 employees) revealed the devastating financial effects of the pandemic, as almost half of owners have considered closing their business altogether. As well as this, over a third haven’t paid themselves in order to cope with the crisis.
Please see our top pieces of advice below, including getting a smart meter installed to help you save energy.
Save energy, save money. Energy usage is one of the expenses small businesses are most likely to estimate. A great way to understand how much energy you’re using, identify ways to become more energy efficient and save money, is by getting a smart meter installed.
Here at BES, we are committed to providing all of our electricity customers with a smart meter, free of charge. To find out if your microbusiness is eligible for an installation, simply ring 0344 5678 427 or use the live chat function on our website.
Forecast cash flow. To save money, you first need to know where it’s going and when it’s coming in. While there’s some sophisticated cash flow software out there, sitting down with a simple spreadsheet to plot different financial scenarios can be just as effective too.
Access financial support. If you do have a shortfall to meet, there’s lots of financial support out there including Bounce Back Loans and Business Interruption Loans. The Government’s new Job Retention Bonus might help make it more affordable to retain staff. Just remember that any extra debt you take on will need to be paid back.
Cut costs. Two thirds of microbusinesses have changed their business model as a result of the crisis. Reshaping a business can mean extra costs, so interrogate all your spending to see if there are new ways to save – even if it’s how much you spend on milk!
Negotiate openly. If you are really struggling, don’t suffer in silence, we are here to support you. Here at BES, we realise these are tough times and we aim to do everything we can to help customers find expert help and support for debt and cash-flow problems. We are proud to partner with Business Debtline, a national charity providing free and confidential advice and support to businesses and organisations throughout the UK. More information is available on the Business Debtline website here, or by calling them on 0800 197 6026.
Smart meters can save you money
As smart meter installations resume across the UK, this is the perfect time to find out how a smart meter can help your business become more energy efficient and save money every year. Click here to learn about the benefits of smart meters.