Page last updated on 11th October 2024
Money saving tips for small businesses
Worried about your small business's bottom line? Smart meters can help your business keep track of your energy use, which could help you save!
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Get a smart meter
Most businesses receive estimated costs for their energy usage.
A great way to understand exactly how much energy you’re using and help you identify ways to reduce consumption is by getting a smart meter installed.
If you're interested in getting a smart meter, you can go to your supplier's smart meter page by typing your supplier into this search bar.
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Keep track of your ins and outs
To save money, you first need to know where it’s going and when it’s coming in. While there is some sophisticated software out there, sitting down with a simple spreadsheet to plot different financial scenarios can be just as effective too.
Keeping track of your finances allows you to see your expenses all in one place, which might help you highlight problem areas.
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Access financial support
If you're already in a financial strain, there is advice and support being offered. Go to the Government's financial support for your business page and look through the different loans, grants and support being offered around the UK.
Many business schools also offer free support through their networks, particularly those belonging to the Small Business Charter. There are also regular, free online events through Small Business Britain’s Facebook channels.
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Negotiate openly
If you are struggling, don’t suffer in silence.
Open up a conversation with everyone you can to see if it’s possible to arrange discounts or more manageable payment terms.
Speak to your accountant, or HMRC, about taking up the current offers to defer tax payments like VAT to aid cashflow.
You can also negotiate to see if you can get more out of your energy supplier, or if there’s a better deal out there for you. You could find a cheaper deal or one that charges less during times when you use a lot more energy.
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Use less energy
There are many sustainable things small business owners can do to cut costs. Some include: turning off appliances when they’re not in use, reducing the amount of energy used and going paperless.
Getting a smart meter is another solution that can make your business greener. Smart meters can show you when you are using your energy, which could help you find ways to cut down.
They also allow energy suppliers to rely more heavily on renewable energy which helps us use fewer fossil fuels.
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
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.
Is my smart meter accurate?
Smart meters are as accurate as traditional meters. By law, all smart meters have to be approved by and certified by the Office of Product Safety & Standards to prove their accuracy. If you believe that there's a fault with your smart meter you can report it to your energy supplier in the same way you do now.