New research has revealed that over half of small businesses in the UK do not have accurate figures on their energy spending.
The study shows that despite the price of energy being the main cause of rising costs for 54% of SMEs, the frequency with which small businesses choose to review their energy costs is alarmingly low. Of the company directors surveyed, 14% never review their utility costs, preferring instead to make sure they are getting the best deals on things like internet, recruitment and stationery. While these are all important outgoings for a company to consider, the potential reductions pale in comparison to the savings that could be made on an organisation’s gas, water and electric costs due to the fluid nature of energy prices at source.
When a small business starts to see success, time and resources are often limited; in most cases no one person can be dedicated solely to energy management concerns. This responsibility often gets passed to whoever might best fit the bill, when perhaps a more serious focus would be beneficial.
When 68% of small business owners do not know the difference between fixed and flexible price energy procurement contracts, it is well worth considering having the experts take a look.