Reducing staff (36%), reviewing expenses (35%) and cutting back on marketing (30%) are the most common money saving factors that businesses have put in place since the beginning of the pandemic*.
As SME owners continue to find areas to save money and reduce costs, Midlands-based business energy supplier Yu Energy has released a new energy health check tool to help organisations reduce energy waste and cut costs during the Coronavirus pandemic.
Yü Energy – which has offices in Nottingham and Leicester – says its figures show that a typical business could be overpaying on their electricity bill by 44% and their gas by 65% by being on a deemed tariff.
More than a third (36%) of businesses it asked believe they could save money on their energy bill but two fifths (40%) of business owners admit the last time they changed energy provider was three years ago.
To support businesses across the UK, the supplier has released an energy health check tool which enables companies to visualise their energy use against the average for a business of the same size and sector.
The development of the tool involves analysing thousands of energy records across different sectors, calculating whether a business’ energy usage could be excessive for its size and type. The tool is simple to use and provides results within a few clicks.
With nearly half (46%) of businesses surveyed agreeing that being more energy efficient is something they are actively working on, the new health check tool gives business owners a head start to see how efficient their current usage is and how much money they could be saving.
An additional survey of 500 business owners from the company also found a large proportion of UK business owners admit to not being energy savvy, with one in five (21%) confessing they don’t know who their current energy supplier is. Whilst more than a quarter disclosed that they didn’t know what energy tariff they are on (26%) or when their current contract is up for renewal (26%).
More than three quarters (77%) of business owners think they overpay for their energy, however a staggering 45% admitted to not knowing how much energy their business uses.
Over two fifths (41%) of owners admitting to not knowing their business’s EPC rating and almost a third (29%) admitting they don’t know the energy profile of their business.
Businesses with a better EPC rating of (A to C) will typically save 38% more on their electricity bill and 32% on their gas bills compared to the average business in their sector. Highlighting the monetary benefits that energy efficient measures can bring.
Simon Smith, Director Sales and Marketing at Yü Energy said:
“Businesses are looking for ways to save money more than ever to survive the pandemic. Being more energy efficient and having a competitive energy tariff has the potential to save hundreds on energy bills and that’s why now is the perfect time for businesses to take control of their energy use.
“Our latest energy health check tool is a quick and easy way for a business to see how their energy use and spend compares against similar businesses, identifying the potential savings to be made and showing how that can benefit them financially.
“We hope this helps businesses to identify how they can make savings through switching suppliers or implementing energy polices.
“As businesses head into one of the toughest winters they have been faced with, implementing energy cost saving factors such as switching unused devices off, installing smart meters and switching energy providers could be the simplest solutions to reducing hefty winter energy bills.”
The Yü Energy health check tool is suitable for all business types and sizes and is available to view here.