If you are a small business owner, you should know that managing your finances each month is a key part of growing your business and remaining profitable. Some business owners focus too much of their time and on generating revenues, while putting cost savings on the back burner, with disastrous effects over time. Smart business owners realize that there must be equal focus given to controlling costs each month or there will be no profits, no matter how much revenue you generate.
A key part of controlling your costs each month are the expenses you have in the area of energy costs. Without good management, they can easily drain a good percentage of your monthly capital causing your business to falter. Here are some things you should be doing to control your company’s energy costs.
Bid Out Your Utility Costs
Most companies think that whatever the rates they pay for energy, is simply what they have to be. In reality however, if you live in the UK, you can farm out your energy costs to companies that may offer you better rates. As utility costs have become an increasing part of a business’s overheads, there are companies today that aim to decrease these costs by offering a fully comprehensive service for finding utilities that offer better rates.
One great company that provides this service is UtilityBidder that will search the breadth of the marketplace to find you the best prices for your gas, electricity, water and telecoms supplies. Using this company to examine and reassess your energy costs can save your business thousands each month on these vital company expenses.
Do Maintenance on Your Largest Appliances
For most businesses the largest energy costs relate to cooling and heating their premises. This means that their HVAC systems are the largest energy culprits. HVAC systems are finely tuned appliances that must be maintained consistently for them to operate at their highest efficiency. When they are not serviced regularly, they run longer, with less quality, and cost you more money.
There are key parts that need to be replaced in these units, and others that must be calibrated correctly or you are spending money needlessly. Make sure of the maintenance plan for your units and when service is required, call your qualified service person.
Replace Older HVACs
HVACs can provide great service for a decade or more but like every electrical appliance, they eventually need to be replaced. If you HVAC and other heating and cooling units are more than a decade old, it might be time to replace them. This is a large expense for most businesses but the good news is that units today are often more than 40% more efficient that those manufactured more than a decade ago resulting in greatly reduced operating costs.
Additionally they offer features like smart thermostats, and remote operation allowing you to control your unit better and incur even more cost savings. Purchasing a new HVAC unit can pay for itself over time.
Finally, you should check door and window seals at your business because any leaks means that you are causing your HVAC unit to run too long costing you more money. Be smart about energy savings at your company and it will be like found money.
Interesting related article: “What does Utility mean?“