20 WAYS TO BE MORE PRODUCTIVE – Review Utility Costs Frequently

With energy prices rising every year, we probably do this in our own homes annually, and there is no reason why the same principle shouldn’t apply in your business.  There are many brokers in the market who, at no cost to the business consumer, will evaluate your current tariffs and put them out to the market to lower your energy bills.  These brokers may have dozens of smaller businesses who, when combined into a single body of consumers, can achieve significant reductions, that you probably wouldn’t achieve as a single entity.

Some of the best deals may involve signing up for 2 to 5 years to get the lowest possible rates.  When I’ve been shopping around, my experiences have shown a 2 or 3 year contract to be the most flexible.  For example, in the UK in 2015 we saw a significant downturn in the price of fuel following pressure by government for energy providers to reduce the tariffs in line with the reductions in worldwide oil prices.   Had I been on a 5 year tariff I would not have reaped the rewards of this decrease for maybe up to 4 years.

This is a bit like playing the stock market but can produce significant savings, which will boost your profit line.  In larger organisations the Accounts Department, Purchasing Manager or Operations Manager should be delegated these responsibilities of ensuring best value for money.