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How To Create And Implement An Energy Budget For Your Business
Creating a budget and knowing how you will implement it into your everyday business practices is an important and effective way to keep your business energy costs low. Having a clear idea of how much you want to and can afford to spend on electricity and gas over a specific period of time (daily, weekly, monthly) will help you to ensure you are not overspending and provide you the perfect opportunity to implement energy saving solutions into your business.
Review previous energy bills and business finances
To start the process of creating your business “energy budget” you should be careful reviewing your company finances from years prior. Taking a close look at your average spending and your annual revenue will help you to seriously consider how much you should be spending on energy and identify periods where you may have been overspending.
Identify your energy usage trends
Once you have a good understanding of your past energy spending, you need to identify your energy usage trends. This means looking at your energy bills over time to see how your usage has changed. Are you using more energy during certain times of the year? Are there certain days of the week when you use more energy? Once you understand your trends, you can start to develop strategies to reduce your energy consumption.
Set realistic energy goals
Once you know your energy usage trends, you can start to set realistic energy goals. These goals should be specific, measurable, achievable, relevant, and time-bound, also known as SMART targets. For example, you might set a goal of reducing your energy consumption by 10% in the next year. At this point you can decide on a realistic figure for how much your company can spend on energy over the course of a time frame. Although it is not possible to predict the energy markets, this figure can be the maximum amount you plan to spend per year.
Look at ways to reduce your energy consumption
In order to keep within your budget, you should consider ways to reduce your energy consumption. There are a number of great and easy solutions for this that will help you. More tips and tricks for businesses can be found on our blog.
Plus, taking the time to review your budget regularly and pay close attention to your consumption will allow you greater control over your spending. A business smart meter is one of the best methods for monitoring energy usage. Find out more about the smart meter roll out here.
We take pride in our commitment to providing the most competitive rates for business electricity and gas. If you are seeking guidance on how to effectively reduce your business electricity and gas costs, or require assistance with a business energy switch, please call our dedicated Customer Services team at 0800 781 7626. We assure you that calls will be answered promptly within five rings or less!
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