Business Finance Advice
At CBHC we can provide businesses in the Chelmsford area with help and advice on finance and on a wide range of business issues. Here is a checklist for reducing your utility bills…
Almost every business pays more than it needs to in utility bills. Conducting a utility audit might seem like a time consuming distraction but you could be pleasantly surprised by how much it adds to your bottom line.
Use the checklist below to identify potential savings for your business:
|Have a member of staff responsible for checking all utility bills – Make sure they know how the bills are calculated, what tariffs are available, etc.|
|Carry out your own readings of all energy and water meters each month – Use the information to plot patterns of use|
|Check that all utility bills are accurate and that any estimates are reasonable – Even the largest utility companies make mistakes|
|Annually review the tariffs you use – Not only do your usage patterns change, your suppliers also change the deals they offer|
|Monitor overnight energy usage – Check if it is being used by essential equipment and if so that you have the best overnight tariff|
|Make the best use of cheap rate electricity – If you can arrange usage by water heaters etc so that 15% of total electricity usage occurs during off–peak hours, you might benefit from switching to a day/night tariff|
|If you are on a Maximum Demand tariff, review your supply capacity – If your declared supply capacity is more than 15% higher than your highest Maximum Demand, contact your supplier to have it lowered|
|Find ways to reduce usage during peak hours – Try rescheduling non–essential loads|
|If you are on a monthly tariff, check your power factor – Check that you are not being penalised for a poor power factor|
|Shop around for a cheaper electricity and/or gas supplier – Find out more at http://www.ukenergywatch.org/|
|If your site has more than one gas meter, make sure they are aggregated for billing purposes – This can reduce both standing and unit charges and could lead to a better rate|
|Make sure your water meter is the right size – Standing charges are calculated according to meter size – don’t pay for an unnecessarily large one|
If you are in the Chelmsford area and are looking for professional advice from an experienced team of accountants, contact CBHC.
For tailored advice on how to best manage your personal and business finances, get in touch with us today and find out about how CBHC can help you do more with your money.