Electricity is now the second highest cost for small to medium sized enterprises (SMEs) all over the UK, according to a survey of 1000 UK small businesses.
Almost half of UK SMEs are classed as in fuel poverty, or close to it, said British electricity provider E4B, who commissioned the research.
Keeping the lights on is a top concern for 25% of businesses.
E4B suggests that there are two simple things SMEs can do to help protect their profits, the first being to shop around for the best price for their electricity.
The second – and extremely crucial measure businesses need to undertake is to understand what they currently pay. E4B’s research uncovers the fact that customer inertia is half the problem. With 1 in 10 businesses never even looking at their bill and 20% of decision makers just paying the bills without question, businesses really need to be energy contract aware.
However, E4B sales and marketing director, Graham Paul, flags other problem areas highlighted by the recent research: “contract inertia results in over half of SMEs not even recognising they are bound into a contract. Literally thousands of businesses will be unable to switch supplier to get the cheapest price and take advantage of the savings made, because they don’t know their renewal date. With prices predicted to rise, this can only lead to problems for small business everywhere.”
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