Is your business missing out on potential savings? by Phil Foster

Friday, 28 October 2016
All over the UK, businesses like yours are paying, on average, 40% more than they should be, simply by failing to switch to a cheaper tariff for their gas and electricity.

As a busy business owner, it may not be a no.1 priority to switch your business’s energy bills, but this mentality has lost small and medium size enterprises (SMEs) an estimated £2.4bn over the last 5 years alone!

There are now more suppliers than ever before, with numerous independents starting to challenge the incumbent Big Six with cheaper prices and tempting introductory offers.

But, be aware! When your contract comes to an end, higher prices usually follow.

So how can you ensure that your business remains on a cheaper tariff?

Why should I switch my business energy?

As we have already mentioned, businesses all over the UK are overspending by an average of 40% on their business energy.

This means there is one simple reason why you should switch: to save money!

Running a business is a tough job and keeping tabs on your cash flow plays a large part in this. When you’re looking into buying a new computer, for example, or when you’re purchasing goods from your supplier, you will always be looking for the best deal.

You wouldn’t just accept it if your goods supplier suddenly chose to put your prices up by 40% after a year of working together. You would ask them why and look around for a better deal.

Likewise, why would you let this be the case with your energy supplier?

Admittedly, it may not be solely price that you focus on, but also quality or customer support. Before any purchase you may seek advice from a business mentor or look for some reviews from previous customers, and likewise you should be doing the same with your energy.

Working with a trusted third party comparison service will provide you with advice on the options available, not only in terms of price, but also additional benefits that some suppliers may offer and insight into how other customers have found them in terms of customer service, so you can make a fully informed decision.

When should I switch my gas and electricity tariff?

Many business owners don’t realise just how early you can begin the switching process. Your contract is eligible for renewal up to six months before your current contract ends, meaning that you really have no excuse for not taking a few minutes to see if there is a cheaper deal out there. There may even be a cheaper deal available with your current supplier!

Given the fluctuating nature of the energy market, if you do find a cheaper deal it would be worth locking in those prices sooner rather than later. Once a deal has been agreed, it’s just a waiting game until your current contract ends.

How difficult is it to switch my energy tariff?

Many businesses are deterred from beginning the switching process due to the perceived level of hassle and time involved.

From comparing deals between all the different suppliers and negotiating the best deal, to actually applying for the switch and dealing with any objections that may arise, it can seem like a daunting process.

But it doesn’t have to be.

Business price comparison engines, like ours, were designed not only to amalgamate and compare over 150 tariff options from 19 different suppliers, but also to offer advice and help throughout the entire switching process.

The managed service that comes as part of the comparison package works with suppliers on your behalf, ensuring fair prices. They also keep an eye on the progress of the switch, providing help and advice at every stage of the process. From applying for the switch, to sending you all the relevant forms for sign-off, and being on the other end of the phone should you need support or clarification, we do all the hard work so you can concentrate on running your business.

And it doesn’t end once a successful switch has gone live, either. From then on you will be assigned an account manager who will remind you every time your contract is up for renewal and ensure you get on a cheaper deal if one is available.

Switching your energy supplier doesn’t have to be a difficult and arduous process. Just like you may outsource some of your more admin-heavy business processes to specialist experts, why not do the same with your business energy contract?

It takes 60 seconds to compare prices through our business energy price comparison engine. This is a free, no obligation service so you have no excuse not to take a look at the amount you could be saving.

So what are you waiting for? Click here to get started!

As MD of Love Energy Savings, Phil has a strong desire to support UK SME’s make much needed savings on their energy bills. It was for that very reason that he created Love Energy Savings, to help business owners not only improve their profits through savings but also save valuable time in the process of comparing and switching suppliers.