Do businesses really save money when they switch supplier?

electric meter

Despite high switching statistics across the country, a staggering number of businesses in the UK have chosen not to shop the energy and water market.

Regulators and brokers encourage this to boost market competitiveness and secure savings for businesses, but do businesses really save money when they switch supplier? Leading brokers and industry experts, Smarter Business, highlight the different ways you save by switching supplier:

No business is stagnant

As time goes on and as your business grows, so too do your energy and water requirements – and this should be reflected in your contract. If your energy contract is coming up for renewal or you are moving or expanding premises, this is the ideal time to test the market on contracts that meet your needs. It is also important to avoid being put on to a deemed contract with suppliers when your contract ends or if you move premises as these rates can be exorbitant.

The new age of renewable supplies

Suppliers who offer sustainable, renewable options are becoming increasingly popular for businesses trying to reduce their environmental impact and embrace sustainability culture. Your energy broker should be able to provide quotes for these and look into implementing infrastructure for the generation of renewable energy. Depending on your business, you stand to benefit from not only reduced bills but government incentives too.

Letting a contract roll over triggers higher costs

Whether on fixed or variable tariffs, letting your contract roll over generally starts a new age of higher tariffs. By taking the time to compare quotes, it is likely you will discover cheaper rates for your business with a different or your existing supplier.

The market is competitive – and so are you

By conducting a full market comparison, you take advantage of one of the greatest benefits of the open water and energy markets – competitiveness. Taking the time to negotiate the best rate for water and energy for your business gets you better service and better rates. The effect on your bottom line in turn makes your enterprise more competitiveness, with additional resources which can be used in different areas of your business.

Time and timing

As with most things in business, time is of the essence – and we mean yours. If you partner with a broker, you stand to get cost-saving insights into your portfolios, as well as a notable time saving. According to the well-worn cliché, time is money so delegate yours as cleverly as possible. A broker is also able to give you advice on the timing for ideal market conditions for your switch.

Contact Smarter Business today for expert advice and to find out more about your business’s switching options.