Despite Government support packages in place for businesses, concerns remain with company Owners and Directors as cost pressures increase due to the price of energy.
Energy cost is now the top issue in boardrooms across the UK. Our Energy Experts have pulled together some strategic advice for those Directors and actions they can take to manage the issue long-term.
Understand your business energy consumption
The first step a business should take is to look at the detail of its energy consumption, starting by covering energy usage and billing data. Companies should develop an energy management and cost reduction strategy that links to working towards net-zero goals. An understanding of how energy is used in the business, where it comes from and how changes in the company could impact energy usage in the future (for example, extensions or new staff) will help to develop a solid plan of the use, costs, and what the future holds.
Monitor your energy
Businesses should ensure they have invested in up-to-date smart metering and energy monitoring so they understand their position at all times. This can also be useful in pinpointing areas of high consumption. Understanding consumption can be valuable in making tariff, operational and financial decisions.
Keep an eye on operational efficiencies.
Along with consumption data, energy wastage can be identified through monitoring and a simple business audit. This will also help determine if any operational issues contribute to energy usage and cost. Energy-saving measures can be implemented at a departmental level, and simple changes across the business can save around 20% of the price per year.
Align the energy strategy with other business priorities
Energy-saving plans shouldn’t come at the cost of other business priorities. While outlining an energy cost strategy and improving efficiency is critical other commitments, such as employee well-being, should not be compromised. Linking your energy strategy to the overall business plan will help to prioritise decisions while managing costs.
Summary
While tough times may seem a foregone conclusion for many businesses, an energy partner such as iM Energy can bring financial and environmental benefits to your company. Many businesses trust us as their expert advisor, and our value has never been so high with so many opportunities to buy at the right time in what is a very volatile market. Similar to how an accountant or another specialist might work, we can guide you through contracts, energy monitoring, consumption and strategies to protect your business financially in the future. To find out more, get in touch today.