5 ways business can reduce their utility expenses

By saving on your electricity costs, you can save a lot of money that you can then reinvest, which can help your business grow. As well as this, making your business more energy efficient is also necessary as the political and business climate is much more focused on sustainability and eco-friendliness. If you are looking for ways to save money on your utility expenses, you can do so by following the tips below in 5 ways businesses can reduce their utility expenses.

Energy saving:

Saving energy is probably the easiest way to reduce the overall costs of running a business. You can significantly reduce your business expenses by making sure that all electronic devices, including lamps, fans and other devices, are turned off when they are not in use. You should also replace the usual light bulbs in your company with energy saving light bulbs. This can reduce electricity consumption and reduce electricity bills significantly. In this way, you can save a significant amount of money and save energy.

As well as this, you could think about a renegotiation of your electricity supply contract or a total change of your supplier, as some energy companies offer special prices and discounts for small businesses. If your current provider refuses to change your offers, look for a cheaper alternative. But be careful with transfer contracts: if you do not read the terms and conditions at the end of each year, your supplier may have changed their prices without prior notice.

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According to the team at UMC Solutions “A utility audit is really the first step to getting on top of your utility spending as a business, auditing is often avoided as it’s not seen as priority, but once an audit is completed it often opens up avenues to saving money that no one in the business previously knew about”.

Train your employees:

You must train and train your employees to turn off all electronic devices when they are not using them. Also ask them to turn off their computer when they disconnect for the day. In this way, you can save money in your company. It is also a good idea, and good management, to ask your employees to take part in the decision making around saving energy. For example, ask them to brainstorm ideas to reduce energy costs to your business, or even appoint an ‘energy saving champion’ who will spread the word about your initiatives to their colleagues. You may be surprised at what employees want to reduce if they believe they are a valuable part of the company. Configure computers and other electronic devices to operate in idle mode when they are not in use. This is especially useful if you only use your computer sporadically during the day or if your company consists of several workstations.

Use electronic energy-saving devices:

If you want to replace any electronic device in your business, be sure to replace them with the most energy efficient device. These units consume less electricity and can increase savings. Replace old lamps with fluorescent lamps or LED lights. They use less energy to work and have a much longer life cycle. In addition, they have better performance, so you need fewer light bulbs to illuminate the workplace. Though energy saving devices such as energy saving lightbulbs can seem expensive in terms of their initial cost, they last longer and so will actually prove to be of higher value in the long term.

Periodic maintenance and replacements:

Another way in which companies can save money is to perform regular checks of all electronic devices at the location of the company. You can replace the parts that do not work correctly. Replacing parts makes the unit run efficiently and saves money on energy costs.

Switch service providers:

The price of energy has increased and can hugely increase the business’s costs. Luckily, the energy market is reasonably competitive, which means that you may be able to find a provider that will be able to cut your costs if you look hard enough.  This allows you to change and use different service providers, which can save your company money. You can search online for websites that offer special packages tailored to your business needs, and even switch every year or every couple of years to get your prices down.

Having your own small business can be tough, particularly financially, as you may not have the financial muscle or buying the power of a larger company. However, if you follow some of the tips above, and possibly come up with some that are tailored to your own business, you will surely be able to find effective ways to save money.

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