Every business owner understands that every expense incurred for operation will impact the overall profit margins. It is essential to check the balance sheets in detail and finds ways to reduce some costs whenever possible. In areas such as utility bills, the UK market is competitive and allows consumers to switch from one supplier to another to enjoy cheaper rates. If your company has not already done this, then you are missing out on significant savings.
Finding the best rates is not always an easy process. Every company has unique needs and requirements that need to be met. To find the best business tariff rates and supplier for your company, consider the tips below.
Know how to compare prices
Do not take the rate offered by a supplier at face value. You need to know what goes into the price, and what fees were not declared when you asked for a quote. For starters, you can look at your current bill and check the breakdown of the cost you paid so that you know which section takes the most substantial chunk of your payment. By using this information, you can come up with an estimated annual company spending and benchmark the amount you feel is most reasonable to pay.
Make comparison websites your friend
Comparison websites are there for convenience, and you need to take advantage of them in finding the best business tariffs for your company. Some sites will allow you to accurately compare commercial electricity rates offered by the big six as well as other smaller suppliers. Do not disregard the benefits of choosing a smaller supplier, as their services are more personalised and you may benefit more from supporting another small enterprise than by signing an agreement with a big company.
Contact suppliers directly
Although you can hire a broker or complete a switch online, doing the work yourself is an excellent learning experience. You will get a feel of what it is like to speak to suppliers directly on the phone so that you can ask all the hard questions and learn a few new things at the same time. Do not be afraid to haggle with the supplier for a better rate, if you feel that it is reasonable.
Prepare all the necessary information needed for the switch
Remember that switching energy suppliers for businesses is not the same as residential consumers. Companies are typically tied to a contract for a specific time. Knowing when your deal is about to expire is your signal to start shopping around. It is also a good practice to be aware of the timeframe your current provider allows you to cancel a contract. Otherwise, if the time lapses and you were not able to cancel, you will end up getting rolled into a higher tariff for another year or so.
Be a well-informed consumer
Apart from checking the rates, it also helps to research the reputation of the supplier. Read consumer feedback and reviews from third-party websites and independent blogs. If the price is too low, what if it is too good to be true? Look for warning signs such as poor customer support or history of service interruptions. With this guide, there is no reason for your company not to enjoy better service at a lower price when you take the time to switch to a new supplier.