Having weathered the storm of the COVID crisis, small business owners are now facing the prospect of higher energy bills due to the ongoing conflict in Ukraine and seeing their day-to-day costs soar and customer spending flatline.
The Government has already offered a price cap safety net for UK consumers, and now Prime Minister Liz Truss has just released more details regarding its business support package, which is fixed for six months to help reduce business energy bills by around 50%.
In this blog, we would like to offer some tips and advice which we hope will help you plan and reduce the risk to your business in dealing with the ongoing energy crisis and become more energy efficient.
The government has been doing its best to ensure that energy supplies will not be affected. Naturally, businesses that have already endured nearly two years of shutdowns and lost revenue may be concerned.
Under the new Government scheme:
Liz Truss understood the "huge pressure businesses, charities, and public sector organisations face with their energy bills." "As we are doing for consumers, our new scheme will keep their energy bills down from October, providing certainty and peace of mind," she said. "At the same time, we are boosting Britain's homegrown energy supply, so we fix the root cause of the issues we are facing and ensure greater energy security for us all."
If you're worried you might not be able to pay your energy bills this coming winter, here are some precautions you can take:
What happens if my energy company goes bust?
Rising wholesale energy costs, gas shortages, and the collapse of the UK's smaller energy suppliers are producing a crisis in the UK's energy industry. If your energy business goes bankrupt, Ofgem is responsible for maintaining your energy supply and any credit on your account. If this occurs, they will move you to a new energy provider and tariff within a few days so you can maintain an unbroken gas and electricity supply.
You can find out more about Ofgem’s energy advice on their website.
Whilst Ofgem has been trying to calm small and medium-sized businesses' fears about rising wholesale prices and gas shortages, there is less of a guarantee about what this cost might eventually look like in six months or even a year. Is it prolonging the inevitable for some small businesses, or will this support package give enough business owners a fighting chance of survival?
On a more positive note, the advancement of AI tech and cloud accounting software means SMEs can use many efficiency-saving tools. Saving them time by streamlining their bill tracking and cashflow management processes so they can focus on the day-to-day running of their business, save money and thrive.
CoCredo’s time-saving automated credit reporting CRM solution eliminates the need for manual report production and communicates directly with your internal IT systems.
Additionally, we have expertise in working with clients to completely integrate credit data into their (CRM) or accounting software with the help of our IT team. Without the need for manual data entry, selected fields can be extracted from our manual reports data, which flow automatically into designated areas in your software.
We use XML Delivery. Through your IT infrastructure, we use this system to ‘dial in’ directly into our secure IT systems, where information is immediately transferred to confirm your access. We can provide this credit data integration software at no additional cost. Call us today at 01494 790600 or contact us via email.
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