Imagine the scene… your electricity contract’s end date is approaching fast and, as ever, you’re busy fighting fires around the business: energy isn’t your top priority right now. So, you take what seems to be the easiest option and renew with your current supplier. Job done, move on.
But have you really done the best thing for your business? Could you have found a better deal with another energy partner?
In 2015, 20% of small businesses switched suppliers. This is part of a continuing trend, as more firms discover the benefits of switching – including reduced costs, a more tailored solution, and changes in how they buy energy.
So, if you’re considering such a change, here’s a three-point checklist that should help:
When you make other business investments, it’s likely that you look at a range of options and offers.Treat buying your energy in the same way and shop around – speak to different suppliers and gather quotes.
Speak to businesses like yours (in terms of size and/or sector) and find out their experiences with different suppliers and products. You may be able to do this through a trade association, or a business group such as your local Chamber of Commerce.While these conversations will give you other perspectives, it’s important to find a solution that’s as tailored as possible to your needs, ambitions and budget.
Your current tariff or overall energy solution may not be ideal for your business. For example, have you considered the suitability of a fixed or flexible contract?With the former, you have a locked-in rate per unit of energy you use for an agreed term, to help protect you from energy price rises. With the latter, energy traders purchase your electricity directly from the market, at your request, so you can take advantage of fluctuations in market prices.If you’re interested in a flexible contract but only use a relatively small volume of electricity, it’s possible – usually with the help of a broker – to buy electricity as a group of businesses.
Our Haven Portfolio product allows the brokers we work with to create customer groups and increase their purchasing power. It gives these brokers flexibility too, by allowing them to offer a tailored solution to each individual customer.
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