If you’re finding it difficult to keep up with your business energy bills at the moment, you’re certainly not alone. The huge rise in the cost of energy has put an unprecedented strain on householders and businesses across the UK. The rising cost of energy coupled with declining consumer habits and high inflation is crippling many businesses. However, being proactive in acting at the first signs of trouble can make a huge difference in helping to keep your company afloat. So if you’re struggling to pay your business energy bills, here’s what you can do to help:
Contact Your Energy Supplier
If you’re worried about being unable to pay your business energy bills, your first step should be to contact your supplier. They may be able to agree a payment plan that you can afford more easily. This may involve giving you more time to pay, offering payment breaks or reductions, or signposting you towards access to hardship funds. It’s so important to be proactive in communicating with your supplier rather than missing payments. Burying your head in the sand, and delaying payments leaves you at risk of being disconnected, alongside the charges that come with this.
Check Finance Schemes & Grants
As we mentioned a second ago, if you communicate your concerns to your supplier, they may be able to notify you of grants and hardship funds that could help you to pay your business energy bills. You can also use the GOV.UK business finance and support finder to check for government funded help. The Energy Bill Relief Scheme is currently running from 1 October 2022 to 31 March 2023 to provide energy bill discounts for non-domestic customers.The government has set the following baseline energy prices known as the ‘government supported price’:
- £211 per megawatt-hour (MWh) for electricity
- £75 per MWh for gas
The discount will be automatically applied to business energy bills meaning you do not need to apply.
Monitor & Lower Your Usage
It might seem like an obvious point, however it’s really important to look at where you may be able to reduce your energy usage as well. Keeping a close eye on where your main costs are going can help you assess where you may be able to make savings. If you haven’t got one already, then it may be worth enquiring about a smart meter. These help you ensure you’re not using more energy than you need to. Simple changes, such as turning computers off overnight rather than putting them on standby can make all the difference as well.
Contact A Business Rescue Expert
If you’re struggling to pay your business energy bills, or any other debts then it’s important to seek professional support as early as possible. Contacting a business rescue expert at the first signs of trouble will provide your company with more options for recovering and moving forward. In a turbulent economic climate, a business rescue specialist can help you future proof your company, in order to help place it in the strongest position possible to combat challenging times.
Please don’t hesitate to get in touch with our experienced team at Ballard Business Recovery to discuss your requirements.
