Every business person knows that making a profit from an enterprise is not easy. Reducing expenses is among the best ways to ensure profitability. However, it requires identification of all your costs and expenses. One area of concern for most businesses is the ever-rising cost of electricity. Indeed, cheap business electricity is a factor that can make or break your business. We guide you through some of the best techniques that’ll help you to get the best electricity tariffs for your business.
Compare the prices
The electricity sector has many suppliers. Each one of them is in it to make money. The competition is stiff, and so every supplier continually looks for the best ways to beat the competition.
Also, the tariffs differ among different industry players. Hence, you should endeavor to compare the prices among various suppliers. In case you get another provider with the best deal, it’s time to switch.
Know when your contract ends
When the electricity contract expires, and you are not aware, it can automatically renew because such a contract requires formal termination. The worst case scenario is where the contract rolls-over to higher prices. Knowing when your contract ends provides you with the perfect opportunity to switch suppliers.
Consider using a broker
The process of finding the electricity supplier with the most competitive tariffs is tedious and time-consuming. As a business owner you have many other essential engagements hence it would be better to use an electricity broker.
Brokers deeply understand electricity matters. They know all the suppliers and the tariffs they offer. They may also know the secrets of the trade that you might not be aware of. To crown it all,brokers in most cases will not charge you for their service as they get a fee from the electricity partner you choose.
Discuss with your supplier
When your contract ends, it provides you with a stellar opportunity for negotiating with your current supplier for tariff reduction. Most suppliers won’t want to lose you as their customer, and so they may be willing to listen to you.
Even where you have a quote from other electricity suppliers or also using a broker, it does cost you anything to try and negotiate with your current supplier. When you call them, let them know that you are considering switching if they do not lower the tariffs. Also, at the time of contract renewal, you get the opportunity to request for discounts.
Many people don’t even know their existing electricity plan. It is an excellent idea to look at your electricity bill or contract to discover your plan. Your tariff could be based on a flat-rate, or it could vary depending on the amount of usage.
It is also possible that your tariff depends on the time of usage. Selecting the best tariff can enable you to save a lot in electricity bills. Negotiating with your supplier for a customized tariff is another excellent strategy for reducing your business electricity.