Page last updated on 16th October 2024
Why it pays to know your bills
We've teamed up with Mowgli Street Food restaurant founder Nisha Katona to discuss the challenges small business owners face. Read on to discover how the Accuracy P.L.A.N. can be a helpful approach to managing business finances.
Simplify your finances with the Accuracy P. L. A. N.
Running a small business, you'll be managing countless responsibilities every day. However, without enough time to review every bill, subscription, or supplier contract, your business could be losing nearly £350 each month on unnecessary expenses.1
Luckily, we’ve made it easier for you to regain control of your business's finances with The Accuracy P. L. A. N. : Why It Pays to Know Your Bills.
It's a free, easy-to-use resource designed to help small business owners identify where they can cut costs and save more money.
Take a look at our top tips, or watch this video below for more information:
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I’m Nisha Katona, the founder of Mowgli Street Food restaurants. When I started my business, I had so much to juggle that honestly, I didn't have time to really put my mind to my energy usage. And as a result, I was losing a lot of money. New research shows that many small business owners say there are simply not enough hours in a day to regularly monitor all of their outgoings.
Energy is a cost that worries them the most. What has helped me immensely is having smart meters installed in all the restaurants. Because what that allowed me to do is to change the way I run my operations. I have to have hobs on all day and extractor fans and air conditioning and lights. This all really mounts up.
Smart meters enabled me to understand and really make fantastic savings. Some of the ways that I've really helped with my energy bills is things like installing timers on the lights in the restaurants, because very often the bar lights are being left on all night. You've also got to really train your staff to care about electricity consumption. Small businesses have to navigate their way through endless expenditure, and keeping a close eye on bills is critical to a businesses success.
Experience has taught me that taking the time to get your finances in order can save you both effort and money in the long run, and allow you to focus on what really matters. Contact your energy supplier or broker to see if your business is eligible or visit smartenergygb.org.
Nisha's tips to help you take control of your business finances
Take a look at the planning tips for your business below.
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Set clear goals for financial success
Whether you’re aiming to increase profits or cut costs, setting clear goals gives you a roadmap for success. Maintain accurate financial records and closely track all your expenses, including energy costs. This will save you time and money in the long run, so you can focus on what really matters – growing your business.
To get started, download The Accuracy P.L.A.N.: It Pays To Know Your Bills The Accuracy P.L.A.N.: It Pays To Know Your Bills, a free resource to help small business owners navigate their way through their business expenditure.
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Get a smart meter installed
Smart meter data can help give you more control over your business’s energy spend, and help you monitor energy usage and identify where you can make some cost savings.
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Encourage energy saving habits
Implement simple energy-saving practices like setting timers on lights and turning off appliances to avoid wasting energy when they’re not in use. At Mowgli Street Food, we started coming in a little later in the morning, which saved energy as we reduced the hours we were in the kitchen with the lights on and the ovens running. Keeping vents and equipment clean ensures they run efficiently.
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Educate your team
Teach your team good energy habits. It’s important they’re on board with your energy saving measures and understand the cost of energy and how even small changes in behaviour can make a big difference to an energy bill. They may also have their own ideas too.
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Invest in energy efficient equipment
While the initial investment may be higher, upgrading to energy-efficient equipment can lead to substantial long-term savings. These appliances consume less energy, reduce operational costs, and contribute to a smaller environmental footprint.
How can I request a smart meter for my small business?
Simply enter your energy supplier in the box below and we’ll connect you. If your small business works with a Third Party Intermediary (TPI) or broker, please contact them directly to request your smart meter.
FAQs
What are the benefits of smart meters for my small business?
Smart meters can bring many benefits to small businesses, such as:
- They send your energy readings directly to your supplier, meaning accurate bills and an end to manual meter readings.
- Access to free and regular information on your energy use. Your energy supplier may provide this via an online platform, app, smart meter display or other data tools.
Whilst all energy suppliers may not supply an IHD, all small businesses with a smart meter or advanced meter do have access to free and regular information on their energy use. This could be via an app provided by your supplier, an online platform or other data tools.
How long does installation take?
Installations normally take about two hours and are arranged in advance so that you can make any necessary arrangements beforehand to ensure minimal disruption to your normal business operations.
You may also be interested in...
- Money saving tips for small businesses - our top tips to help your small business cut costs.
- The installation process - smart meters are available to many small businesses and installations are happening now. To find out if your small business is eligible, contact your energy supplier.
- How to request a smart meter - Find out how you can get a smart meter for your small business.
1Survey of 2,000 small business owners and decision-makers. Research carried out by OnePoll, 25th-29th July 2024.